The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-11
WHEAT CLOSED &C DOWN
BULLS FEAR HIGH PRICES WILL
SWAMP THE CHICAGO MARKET.
No Little Effort Experienced in Drop
ping the Cash Article from
81.O7 to SI.03 at the Close.

CHICAGO, Dec. 10.-After considerable
efforts the bull clique in the wheat market
succeeded to-day in closing the lid on the
boiling December shorts and getting the
price down to point that does not so
openly invite all the contract wheat in the
country to Chicago. December closed at
$1.O3, a decline for the day of cents, while
May showed about lie decline at the close.
Corn and oats were governed by the
changes in wheat, but showed very little
change al the close. Provisions also closed
substantially unchanged.
Wheat at the opening was a very uncer-
tain quantity. 1t was generally conceded
that it was to the interest of the bull clique
to allow the December price to settle down
to a point where it would be less attrac-
i've for country holders to send all their
wheat of contract grade to Chicago, but be-
cause this was so palpable many others ex-
pected the opposite course, and the result
was a nervous market. There was some
disappointment over the poor response of
Liverpool to the advance, which had some
effect on the opening prices. The early
course of December was downward and
very soon it became strong again and took
only two skips in recovering from $1.06A to
$1.0S It opened al $107, or the same figures
as at the close the day before. 1t soon be-
came evident that the price went up, not
because of any manipulation by the clique,
but in spite of the efforts to keep it down.
They tried it again, however. later in the
session and had more success, the Decem-
Der selling on that occasion at $.O5. May
was largely influenced by the course of De-
cember. It opened &c lower at 921sQ9214c
Trade was very quiet for the first forty
minutes, during which May Kept within the
range of 9214c and 91Bc. At the end of that
time some few buying orders came In to-
gether, the crowd in the meantime having
got short and a rapid rise to 931Ac occurred
in consequence The bull turn thus given
to the market did not last long. 1t worked
some rather bullsh items of legitimate
market information. The ordinary market
news was principally of a bulish character,
but because New York exporters did not
report an active demand for export, the en-
enlargement from elsewhere was forgot
minute afterward, when Liverpool advances
confirmed reports of rains in Argentine.
There will be practically no wheat to ship
from this years Australian crop and San
Francisco reported the purchase for ship
ment to Cape Town, South AFRICA, or three
cargoes of wheat, giving confederation to
the news of a continuation of last years
dearth in Australia. The Northwest receipts
were LIBERAL but smaller than last week,
being 62S cars to-day. 795 a week ago and
537 the corresponding day of 1896. Liverpool
expects 100000 bushels Chicago clique
wheat sent to them, feeling easy aDout
supplies in consequence. That market closed
3sc lower for futures, but I'D higher for
No. / Northern spring on the spot. The AT
inclusive of 900 barrels of the latter from
Newport News, were equal to $4,000 BUSH
els. Continental markets showed moderate
strength and slightly lower prices Inc
market became quite weak toward the end
The reports that wheat was being started
for Chicago from all over the West on ac-
count of the high prices prevailing here
were circulated and made it very easy for
the clique to keep the price down. Decem-
Der got down to $1.03 and closed at that
price, while May declined to 913s@9115c and
wound UP at 9115c.
Trading in corn was unimportant
throughout. Up to the late decline in wheat
however, the market held firm and at
slight advance, but this was lost when
wheat sold off. ScalperS had the market to
themselves for the greater part of the time
and even they were not disposed to do
much. There was little covering by shorts
in the morning. The market was entirely
sympathetic one: no Important independent
and clearances $1,000 bushels. May ranged
from 2S7s@29c to 2S9sct' 'cfesing &c lower at
the latter price. fi3ntG
The aggregate business in oats was quite
heavy and the tone of the market distinct
ly firm the closing unchanged. Outsiders
and local shorts were both good buyers
during the morning and prices are I'M
changed for December and May. During the
afternoon realizing was more pronounced,
especially during the decline in wheat Cash
demand was very dull. Receipts were 379
cars. May ranged from 2234M22Bc to 223sGD
22Rc and closed at 2212c.
With the exception of pork. there were
almost no fluctuations in provisions. Offer
ings outside of a little selling by packers
at the start were very light and continued
so until wheat gave way when they became
too heavy for the extremely limited de-
mand, resulting in a slight decline all
around. Trading was entirely professional
At the close January pork was a shade
lower at $S.25. January lard a shade lower
at $4.9219 and January ribs shade lower
at a. 20ff4.22
E,Stinoated receinfs Ga turdav-Wheat
cars; corn, 1896; oats 800; hogs, q, 900 head
Leading futures ranged as follows: