The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-13
THE BOTTOM FELL OUT
WEAK CABLES AND LARGE IN
CREASE SENT WHEAT DOWN.
Corn and Oats Followed the slump in
the Leader, and yellow Fever
News Depressed Pork.

CHICAGO, Oct. 12-It was a day of
liquidation in the grain and provision
markets. The government crop report was
especially prominent. Weak cables and a
large visible increase also affected wheat,
which closed at a 1isQ114c decline. Corn
lost &c, oats CSC and provisions, which had
discouraging yellow fever news to contend
with, declined zoe for pork and 5Ql0c for
lard and ribs.
Wheat was quite weak at the opening
December, which closed yesterday at $3.50
slice, started to-day at 905s@907sc. The gov
eminent statement in it's October report
that the estimate of area and condition of
wheat was withheld pending special inves-
tigation was given a bearish construction
by the trade.
1t was taken as notice that the previous
estimate of area was to be increased. This
and the weaker tone at Liverpool, which
market opened 5s@s4d lower and the local
decline in corn made the trade bearish.
Despite the weakness in Liverpool the
French markets were frmer and there were
indications of continued French buying at
the seaboard. The Northwestern receipts
showed marked falling off Duluth and
Minneapolis received ,2e7 cars, against 1859
cars week ago and ], 433 cars the CORE
spending day last year. Notwithstanding
the bearish temper of trade, the market de-
clined very slowly. 1t even sold up a trife
shortly after the opening, December adj
vancing to 907sq91c. BY IL o'clock it was
selling around soc. AS the day advanced,
however, it became decidedly unpleasant
for holders of wheat. The Bradstreet state
ment showed an increase in the worlds
visible of $4,000 bushels for the week,
where an increase of not over 3,GO00 900 was
expected. This caused renewed selling De-
cember declining to S99sc under decidedly
free liquidation. The Liverpool closing was
AQ1d lower than yesterday and the
tinental markets, which had been strong
at the outset, closed at slight declines.
There was nothing in the days record of
wheat movement to discourage a holder.
Primary markets received 1,319,000 bushels,
against $4,000 bushels a year ago. The
Atlantic exports equaled 10000 bushels.
New York reported export engagements of
fifty boatloads. After the effect Of the
Bradstreet statement had been spent the
tenor of the news seemed to change. There
were denials that the Argentine drought
had been broken and renewals of assertions
of damage by locusts. Very strong local
buying attended these bullish reports
and gradual recovery in prices ensued.
December was bringing 9014c at the close
eminent crop report. This indicated a total
yield of 1,S2o, 0000 900 bushels fully 100, Co.,
700 bushels more than trade had estimated
1t and severe liquidation was the conse-
quence The shipping demand showed no
Improvement Notwithstanding the break in
prices. Liverpool cables were 12Q4d lower
an additional depressing factor. Receipts
were ST. cars. There was a partial rally
late in the session in sympathy with wheat.
December ranged flom 2o12c to 27$4c, clos
ing &c lower at 277sQ2Sc.
In oats the government report was the
most influential feature and was mainly
sponsible for the decline in prices. A yield
of 722 600 bushels is expected, or 10000, 900
bushels more than indicated in September
That, together with the weakness of wheat
and corn, caused liberal selling by profess
SIGNALS. Offerings were quite readily alb
sorbed. The market experienced slight
rally when wheat made it's final recovery.
Receipts were AIT cars. December ranged
from 1910 to 1Ss4c and closed &c lower, at
19c bid.
Provisions started strong in sympathy
with an advance in hvs ....~cs. The slight
advance disappeared once under free
selling by English houses, who found it diff
ficult to dispose of their offerings. Dis
couraging yellow fever news and the eX-
IRENE weakness of the grain markets
caused the market to rule weak until near
the close, when the price recovered little.
December lard sc lower at $42212 and De-
cember ribs E12Q10c lower at $40.
Estimated Receipts on Wednesday,
Wheat, Us cars, corn, 475; oats 275; hogs,
80, 600 head.
leading futures ranged as follows: