The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-17
BULLS BADLY FLANKED
WHEAT NEWS WAS ALL AGAINST
THEM AND PRICES DECLINED 1asC.
Corn Weakened a Fraction on Break
ing of Observation-Disclosures Showed
Returning Strength.

CHICAGO, Sept. 16-The bulls in wheat
had favorable foreign crop advices and the
break in the drought to contend with to-
day and got severely hurt as a consequence,
December closing at decline of 19sc. Corn
was easier on account of the rain and
closed Ac lower Oats were unchanged at
the close, while provisions for the first
time in a week showed strength and closed
unchanged to 10c higher.
In wheat the Liverpool opening quota
tions did not produce the usual effect at
the start here. Notwithstanding an opening
advance of about sd at that market and
a small gain at Paris opening quotations
for December wheat here were at a con-
siderable decline. They ranged from $3.50 to
$3.50, compared WITH yesterdays closing
price of 9415Q945sc. 1t was for sale in large
quantities at those figures and continued to
be urged on buyers until within few min
utes from the start the price was forced to
93Ac. That proved the rallying point for a
1-cent upward movement. The crop in India
and Argentina was we'll spoken OF in to-
days advices and reports from those coun-
tries were influential in the early weakness.
An eXportable surplus of from 50,0000O to
Go 600 900 bushels was estimated for Argen-
tine notwithstanding reports of damage by
locusts while general rains in India had
improved the prospects for bountiful
crop. Chicago received 351 carloads of
wheat, 80 of which were of the grade OF
No. spring, and there was none other
of contract quality. Minneapolis and Duluth
received sol cars. against S32 the year be-
fore The total primary Western market
receipts for the day were /, 1872 $50 bushels,
against 996, 490 bushels the corresponding
day of the year before That comparison
with the smaller receipts last year was one
of the chief bear arguments. The Atlantic
port clearances amounted in wheat and
flour to $4,000 bushels. New York reported
of thirty boatloads This encouraged the
bulls and an advance to 94A Followed the
decline to 9312c. The fact that premiums
were being paid for cash wheat at Mime
apoliS and Duluth attracted attention and
helped to minimize the effect Of liberal re-
ceipts at these points. Closing cables re-
ported Liverpool I'D higher for September
and I'd lower for October. Traders watched
the operations of the bull clique brokers
the market f1uctuated rapidly on compar
atiVely small trade. After the advance to
94Ac. December declined to 93$sc and rose
again to 94c. Then what little support the
market had disappeared and by closing
time December had declined to 931sQ93Ac.
Corn was weak all day, affected by the
breaking of the drought rains being
ported in most Of the corn States There
was very heavy selling by the bear pro-
the putting of a large line early in the day.
evidently with view of hurrying along
the decline. There were predictions of
frosts in the West. on Friday and. this
caused some rally from the bottom. Allan
tic clearances were $4,000 bushels. Re-
ceipts here were $50 cars December ranged
from S1a4c to 31ssc, closing at 3113Q315sc,
decline of Ac.
Oats were very strong but steady. Cash
demand was not SO good as Wednesday,
but receipts were small 295 cars. Little
interest. was shown and fluctuations were
confined to 1scirange. Clearances were 522,-
600 bushels. December ranged from 21c to
211sc closing unchanged at the latter figure.
Provisions ruled firm after weak open
ing The yellow fever news got in it's usual
work at the beginning, helped by a weak
hog market. but packers were good buyers
on the break and continued to absorb the
offerings throughout the session. The mar
ket had apparently thoroughly lquidated in
the last few days and selling was left to
professional bears. At the close December
pork was 10c higher at 1925 December lard
715@10c higher at &5712Q460, and December
ribs unchanged at $460
Estimated receipts for Friday-Wheat,
260 cars; corn, 1926; oats, 275; hogs, 5000
head.
f,,&, Ell