The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-08
ALL MARKETS SLUMPED
NO BACKBONE To WHEAT AND DE-
GENDER WENT OFF A CENT.
other Grain Was Sympathe ticaIIy
Weaker, While Provisions Fell
Heavily, Pork Losing zoe.

CHICAGO, Oct. 7-Indifference to ex-
tremely bullish news and caution in opera
tons of all kinds characterized the wheat
trade to-day. The market had its intervals
of strength, but the weakness of coarse
grains and belief that the drought will soon
be broken caused heavy closing and lie
decline from yesterday. Corn and oats were
weak from the start and closed at declines
of a@Bc. respectively. Provisions closed 10
Q2Oc lower.
Considerable disappointment was shown
by traders at the opening in wheat over the
Liverpool and Paris cables, the advances in
these markets amounting to only about half
Of the gain here yesterday. Trade also took
cognizance of the fact that the price here
has advanced sc in the last three days and
it seemed to be the general opinion among
spectators that reaction was due. They
had the courage of their belief. December,
which closed yesterday at 92c, opened to-
day at 91bQ92c, ana under persistent ham
mering soon sold down to 9115c The ar
rivals at Duluth and Minneapolis were 1046
cars, against 1,019 week ago and 1150 last
year. The figures contradict yesterdays ad-
vances of falling off in farmers deliveries.
Chicago receipts were 331 cars. December
rallied to 9234c on the statement of wheat
and flour in the United Kingdom. These
showed wheat stocks Oct. of only 519 900
quarters, against stocks July l of 100000
quarters, and flour stocks of only 245000
sacks Oct. l, against $4,000 sacks July l.
This ACCOMPANIED by reports of good eX-
port buying kept the market firm for some
time. There was no break in the drought
in the winter wheat section and cfear
weather was predicted for the next thirty
six hours. There were signs, however, for
a breaking up of the prolonged dry spell
and the market during the latter part of the
session was remarkable for conservatism of
traders, apparently from nothing more than
these vague fears of rain Cincinnati Price
Current estimated a light acreage seeded
on account of the drought. Argentine re-
ports were more discouragng than hereto
fore and predicted no eXportable surplus.
Exports were large at $4,000 bu for the
day. Primary market receipts were smaller
at ,060 900 bu, against 5000 bu a year ago.
There was a good business reported in cash
wheat. Duluth told of sales of 100000 bu,
while there were local charters OF vessel
room for 300 900 bu with a probability of
500, 900 bu more here in the near future. The
market was very quiet and heavy toward
the close. The weakness in corn, which con-
tinued even when wheat showed strength,
had depressing effect on traders ana
helped in the gradual decline which TOOK
place December finally sold down TO 9l12c
and closed at $3.50.
Corn was quite weak. Elevator people
were liberal sellers, indicating an increasing
country movement and there was apparent
ly no Improvement in the demand. Large
SPECTATORS IOllOWeu the elcNdtOl PcOplC III
the selling while the only demand came
from shorts. Receipts were 479 cars Clear
ances were 47S00O blu. The continuance OF
the drought seemed to be entirely ignored.
December ranged from 297sc to 29Ac' clos
ing %Q7sc lower at 29Ac.
Speculative trade in oats was small ana ana
for the most part fluctuations followed the
lead of corn Elevator people, who were the
principal sellers reported increased offerings
in Illinois and Iowa. New York operators
bought some December. Receipts amounted
to 1894 cars. Clearances were 5000 bu. The
market was at it's weakest toward the
close. December ranged from 1880 to 1880,
closing &c lower at 1880
Provisions were weak from the start;
There was Zoe decline in yard prices and
yellow fever news of a more Jerious
character That started the market lower
and liberal selling by English longs and local
professionals kept the market on the de-
Cline. The declines revived the demand for ,
cash meats. At the close December pork
was 171bG2Oc lower at $7.S5; December lard
1Oc lower at $4.2715, and December ribs lOc
lower at $4.5212. 90
Estimated Receipts for Friday-Wheat, 20O
cars; corn, $40 cars; OATS $50 cars; nogs,
24000 head.
Leading futures ranged as follows: