The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-29
GRAIN MARKET WEAKER
BIG INCREASE IN WHEAT SUPPLY
CAUSED A L 3-SC DECLINE.
other Grain Was Sympathetically De-
pressed and Provisions Went
of on Liquidations.

CHICAGO. Sept. 2S-Speculative futures
in wheat were all weak to-day, chiefly
through sympathy with the big break in
the cash market That market was upset
by a 600 000-b ushel increase in the contract
spring wheat. December closed at 1AG13sc
decline. Corn, under heavy liquidation,
touched the lowest point of the present
decline, closing sc lower Oats declined
5sc and provisions closed 10c lower.
Wheat was easy at the opening. the heav-
mess of the Northwest receipts having a
depressing effect. The number of cars re-
ported at Minneapolis and Duluth was
1872, compared with 1924 a week ago. A
year ago, however but 1852 cars were re-
ceived. The effect of this was an opening
decline of $sc. December, which closed yes
terday at 915sQ91Ac started to-day at
91ss@9115c. For a few minutes after the
opening the market showed symptoms of
a recovery. The weather west and south
was still very dry and farmers were re-
ported to be greatly discouraged on ac-
count of their inability to do their fall
blowing. Reports of damage by drought
and frost in Argentina were also plentiful.
This caused an advance in December to
915sc. 1t held only for a moment or two,
and for the remainder of the session the
market ruled weak. There was but one in
terruption in the decline and that came
when the closing Liverpool cabIes were
posted, showing BQAd advance. Deem
Der had previously worked down to 901sc,
but it recovered then to 90ssc. Chicago re-
ceived ASA cars, not one of which was de-
liverable on December contracts. There
were however, As cars of No. spring in
Spected into regular elevators twenty
eight which local irregular
houses. The quantity of spring wheat in
stock a week ago was only 5l2 600 bushels,
and is now 1,3l5OJ0 bushels, showing 623-
coo bushels additional for the week, nearly
all of which on it's arrival from the coun-
try inspected as No. or lower AS
No. 2 spring will not be regular after Sept.
80 this was a good deal of a bearish factor.
Exports from Atlantic ports amounted in
wheat and flour to $40 900 bushels. CONT
mental cables were irregular, Antwerp re-
porting 1912 centimeS decline, while Paris
showed a10-centime advance in September,
with later deliveries unchanged One fea-
ture of the trading was heavy selling of
December by one or two private-wire con-
&c n, esl m bly, TO- a prom nent ST. Louis
operator. The market as a rule, however,
was very dull, with an almost total alb
sence of outside support. December was
selling at 903sc at the close
Corn opened easy and became very weak
as the session advanced Receipts were
$50 cars nearly 200 under estimates. but
there We're already heavier stocks than
could be handled at previously prevailing
weakest feature Of the situation was that
cash corn was offered &c below December
price There was very free selling by bear
professionals. The shipping demand was
only fair Exports amounted to 26S,242
bushels. December opened hc lower. at
29A @297sc, sold down to 29Bc, closing at
291sG29Ac.
There was little doing in oats. The mar
ket was weak from the start principally
through sympathy with corn. Longs sold
freely during the decline. but the greater
portion of the days business was scattered.
Cash demand continued urgent and readily
absorbed all offerings. Receipts were 6S1
cars cemb~r ranged from 20Ac to 1880,
closing 5sc lower, at 1890.
Provisions were steady at the opening.
The market soon became weak on free
offerings of ribs by packers generally. and
of iar3 and pork by Cudahy. Yesterdays
advance also brought outside realizing
sales, and, as the market lacked support,
a decline was inevitable. At the close De-
cember pork was 1Oc lower. at $500; De-
cember lard about 10c lower at $44712, and
December ribs Ice lower, at $4.75.
Estimated receipts for Wednesday
Wheat 300 cars: corn, $50 cars; oats, 375
cars; hogs, 600 head.
Leading futures ranged follows: