The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-02
GOOD NEWS FOR BEARS
SUPPORT TO WHEAT MARKET LOST
AND PRICES DECLINED.
Weakness in Leading Cereal Helped
Depress other Grain-PrOvisiOns
Scored Small Advances.

CHICAGO, Nov diminishing; receipts
and the drought, which has been the main
support of wheat for several days, both
went by the board to-day and the result
was a decline of 15c in December A heavy
increase in the visible added to the discom-
fort of the bulls. Corn and oats were
shade easier Provisions We're firm and adj
vanced 71z@121zc.
Wheat had 10 encounter a great number
of discouragements to begin with and they
were added by the several extremely
bearish features that developed during the
day. The breaking of the drought through
out Illinois, Indiana, Ohio, Tennessee and
Kentucky, very heavy receipts of wheat
in the Northwest, lower quotations from
Liverpool worlds shipments for the week
heavier than expected, and further in
crease in the amount on ocean passage, all
made a too formidable array of opposing
forces for the bulls to stand up against,
and consequently the opening of the days
proceedings was at decline of about l cent
a bushel December ranged from 961a to
97c at the opening, with a few sales imme-
diately after at $3.50. Offerings were not
SO heavy as expected, and for this reason
a slow recovery to SIC ensued, which was
the highest point of the day. After that
prices sagged, the weakness becoming very
decided when the figures on the visible were
announced, showing an increase of 2345, 900
bushels This was a complete surprise,
and showed how little can be learned of
the changes in stocks in regular elevators
of the country by taking the published
daily receipts at the principal markets. Liv
erpool showed a Esd decline at the opening
here, but recovered this later. Chicago re-
ceiptS were ISL cars, forty-three of them
No l Northern spring. Minneapolis re-
ported 1850 carloads and Duluth 1856, or 1856
at the two cities, compared with 1,640 on
the preceding week and 1,447 the CORE
spending week of the year before. Besides
the rail receipts as mentioned for Chicago
1880 bushels were received by canal, but
the latter was understood to be from a
clearing house on the canal in the neigh
borhood of Chicago. The quantity of ocean
passage showed an increase of 1,120,000
bushels and the English visible an increase
of 1.2S9,O00 bushels. The total primary mar
ket receipts to-day were 1,S61,0 coo bushels,
against 1,196,000 bushels a year ago. The
statistical news for the day was bullish in
only one particular, and that was the guam
tity of wheat and -four cleared for export
from Atlantic ports since Saturday, which
was equal to 900 bushels. By about u
o'clock December had declined to 96c, and
May. which had started at 941s@941Hc was
selling at 9Ss4c. During the afternoon the
market showed signs of strength.
break of over 12c was tempting enough to
many shorts, who improved the opportunity
to take profits The buying caused a rally
in December to 96Ac. where it closed. May
in the meantime recovered to and closed at
931Ac.
Corn was barely steady, closing at
slight recession from Saturdays price 1t
was due entire to sympathy with wheat
rather strong statistical news preventing
more than 1sc decline. Local stockes de-
creased 1872. 900 bushels. Receipts were mod
crate $50 cars, and the rains were expected
to cause a further falling of. Clearings were
252,0e0 bushels. The visible supply in
creased !, 1S9, 600 bushels Business was very
moderate in volume; December ranged from
&c to 26c, then closed at 2634c.
Oats were quiet, with an easy feeling
apparent, and prices off a trihe in sympa-
thy with corn. Only a limited business was
transacted and nothing in the way of flu
lures developed. The visible decreased 5O4-
900 busels. Local stock fell off 651 900 bush
els last week, which steadied the market
somewhat. Receipts were 315 cars. Decem-
Der ranged from 1890 to 1880 and closed a
shade lower, at 1910
Provisions were quiet all day. Hog re-
ceipts were lighter than expected and
freezing weather was reported from the vel
ow-fever districts. Expectations of a heavy
decrease in stocks for the month also
caused some buying. Cash demand f1rmed
up and {. slow, but steady, advance ensued
AT the close December pork was 1215c high
er. at $l.65; December lard TIC higher. at
42212, and December ribs 10c higher, at
$780,
Estimated receipts for Tuesday-Wheat
1870 cars; corn, $780, oats, $40; hogs, 20, 900
head.
LOADING f,1t,1res, ,.onorod &c eo11oz