The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-13
DEPRESSION IN WHEAT
EARLY WEAKNESS PRONOUNCED
AND LOSS PARTLY RECOVERED.
Corn and Oats Figured Lightly in the
Dealings at ChicaEO-PrOvis-
ions Scored Declines.

CHICAGO, Nov. 12-Wheat started weak
to-day but closed with an appearance of
strength and activity May being &c lower
and December CSC higher The December
option was helped by the fact that some of
the Duluth wheat being shipped here is
missing grade. Reports that farmers de-
liveries from the Northwest were falling off
was the bull factor in May toward the close.
Corn closed a shade lower and oats bc
higher Provisions were weaker and closed
212@712c lower.
Wheat started with sellers of May at from
Gle down to 9OAc, and very little changed
hands at over 907sc. This compared with
yesterdays closing price of 91Ac. The fail
ure of the Liverpool market to respond to
the bullish tone with which this market
closed the day before was chiefly RESPONSE
BILE for the sc decline. That market opened
at but 1s@Ad advance and had even lost
this by the time trading commenced here.
Northwest receipts were large compared
with last years figures, Minneapolis and
Duluth reporting S21 cars, against $40 week
ago and asa last year. Chicago got "a cars
to-day, 144 a week ago, and 40 the similar
day last year. New York wired shortly
after the opening that it had selling orders
from the continent for December wheat,
but other New York messages said private
cablegrams from the continent were firm in
their tone. The price gradually sank and
touched 90ssc. 1t had, however, recovered
to 9lAc by about II o'clock without receiv-
ing anything strikingly encouraging in the
way Of additional information. The Atlantic
and gulf ports returned clearances for the
day of $4,000 bushels wheat and flour to-
gether. The total receipts for the day at
primary Western markets amounted to
1,052OOO bu, against 541, 600 blu a year ago.
Minneapolis stocks of wheat for the week
are expected to show an increase of 1000
900 blu and Duluth an increase of 600 bu.
The general guesSes here on the changes in
the weeks visible ran from 100000 bu to
25OOO00 blu increase. The weekly review of
the situation by the Modern Miller was
rather bearish, but on a tip that preceded
its details that it would be bullish in tone,
around 9Oalc to S1Ac After receipt of the
Modern Miller report the price sagged back
to 901hc, but near the end of the session
assurances from most reliable sources from
the Northwest were received to the effect
that there was marked falling off in farm
ers deliveries and they were to-day net over
half what they were a week ago. This in
formation and the fact that some Duluth
wheat which had been shipped here lately
is missing a grade caused sudden revival
of the markets previously waning strength.
December which was hanging neglectedly
around 9312c, responded to the bidding for
limited Quantity for a sudden squirt to 1880,
and May, from around 901ac, rose to Gle.
Closing trades were at 94Ac for December
and 9034c for May.
Corn was weak during the morning. large
ly through sympathy with wheat. There
was some selling of December by elevator
people, which resulted in slight widening
of the spread. Later in the day the market
was supported by the urgency of the ship
ping demand, one cargo selling 12c over De-
cember Gables were HM3sd higher. Re
ceipts were 372 cars. May ranged between
SO3sc and 3Oc and closed a shade lower at
30A G303sc.
During most of the session oats were dull
and easier in sympathy with wheat and
corn. The Corn Trade News cable report
ing Russian oats poor and an advance at
New York started shorts covering and con-
siderable outside support also developed,
which put prices fractionally above. yester--
days close Cash department was firm ana
sales at slightly better prices. Receipts
were 264 cars May ranged between Zz1sc
and 217sc, closing &c higher at 221sc.
Provisions were decidedly dull and weak.
Prices were slightly higher at the opening
on account of the higher prices OF hogs.
There were moderate offerings at the ad-
vance but the market was too narrow 10
take care even of this and prices slowly
declined At the close January pork was
5d71bc lower at $S.35 January lard 2lac lower
at 81 32lb@4.35, and January ribs DC lower
at 81 3219@14.35-
Estimated Receipts on Saturday-Wheat,
70 cars; corn, 43O cars; oats, 800 cars; hogs,
10000 head. ..,,.