The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-09
WHEAT WAS UNCHANGED
BULLS AND BEARS ENGAGED LARGE
LY IN EVENING UP TRADES.
Other Markets Weaker and Declined
provisions Slumped on Low
er Prices for Hogs.

CHICAGO, Oct. S.-Most of to-days trad
ing in wheat was confined to liquidation If
outstanding contracts. There will be no
session tomorrow Bulls We're afraid it
might rain before Monday and bears We're
afraid it would not and the result was that
both sides evened up as much as possible.
The market closed at precisely yesterdays
figures. Other markets, however, showed
more weakness for various reasons, corn
declining 1sc, oats closing a shade lower
and provisions declining 5Q10c.
Though the Liverpool market opened at
decline of sd and closed at a decline OF
12@7sd from yesterday, the local wheat mar
ket showed no such disposition. Opening
sales were at 1s@14c advance and soon after
the market was 12Q9sc above the previous
days closing price. There was a decided
tendency among the local traders to cover
up all open deals and remain even on the
market during the coming two days inter-
mission, both factions being little nervous
over the possible development in the drought
situation between now and Monday. Decem-
Der wheat, which closed yesterday at 915sc,
opened to-day at 91sz0917sc. The shorts got
in their work first, the result being an adj
vance to 921s@92Ac The price dropped to
JIG SIlOIlly dlbSlWoAu anu Luz SOA1lS liAhC
the market hung around that figure. The
worlds visible supply of wheat and flour
Oct. l showed a total equal to 81 100000 bu
of wheat against 81, 100000 bu Sept. 1, and
Isl, 800, 900 bu Oct. last year. The stocks in
store in the principal European countries
Oct. 1 were 31.9OO,OOO blu, against % 100000
blu month ago and 80, 10000 blu year ago.
Receipts for the day at Minneapolis and
cd 1
last week and 1,O46 last year. Chicago re-
ceipts were 202 cars. Primary market
ceipts were 1,57SOOO bu, against 10000 blu
year ago. New York reported export en-
gagements Of thirty-eight boatloads. The
Michigan crop report showed a total yield
of 24,925,OOO bu of wheat this year, against
Is, 10000 last year. This news apparently
had as little influence as did the easier
Liverpool market. An important announce
ment concerning the Hungarian wheat crop
was entirely lost. Beerbohm figured it at
SO,OOOO 900 bu, against 100000 blu as his pre-
vious estimate, and against 14s,0OO,0O0 bu as
the crop last year. The Liverpool weak
ness was explained by the fact that there
had been hedging sales there against the
No. spring wheat recently sent from Chi
cago. 1t is expected the visible supply
statement Monday will show an increase of
100000 blu, against $4,000 Increase a
year ago. The Modern Miller, which has
heretofore been quite bearish on the situa-
ton, was out in an extremely bullish state
ment regarding the unprecedented drought
and limited area seeded. The effect was to
check the decline late in the day and cause
a rally to 919sc. That was the price at the
close
Corn was weak and rather inactive most
of the session, with the trade good deal
on the evening-up order. Drought talk
seemed to have lost its influence for the
time being, as cash offerings were liberal.
The opening tone was firm, with wheat. An
easier tone developed later, the reaction In
wheat and indications of an early move
ment OF the new crop being among the pear
influences. Receipts were 536 cars. Exports
amounted to 217,OO0 blu. Gables were 1ad
lower. December ranged from 29ssc to $3.50
29c, closing 7sc lower, at 291sc.
Oats were dull and moved within an ex-
ceedingly narrow range, prices being 1nf1u-
enced almost entirely by the action of corn.
About the only feature was the purchase
of about 100000 blu December and May on
New York orders. The cash demand continued
good about 400, 900 bu being sold here for
shipment. Receipts were posted at 363 cars.
December ranged from 1870 to 1912c, closing
a shade lower, at 191aG19ssc.
Trading in provisions was light. The mar
ket opened weak because of the large re-
ceipts of hogs, and some decline followed
on renewed English selling. rally followed,
in sympathy with wheat, but the strength
was short-lived, and as soon as the strength
in grain began to disappear the market
again weakened. Closing prices were SUBJ
stantially at the bottom: December pork.
loo lower, at SITS; December lard, &c lower,
at $4221a, and December ribs, TIC lower, at
$4.45.
Estimated receipts for Saturday-Wheat,
235 cars; corn, $50 cars; oats, 4OO cars; hoss'
1900 head
T,eading futures ranged as follows:l