The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-30
WHEAT WAS HAMMERED
ENORMOUS VISIBLE INCREASE SENT
PRICES DOWN TO IS 5-sC.
Weakness Started After an Early
show OF Strength, Causing Loss
on the Day of L 3-Sc.

CHICAGO, Sept. 29.-Wheat after climb
ing cent during the morning, went all to
pieces on the enormous visible increase fig
ures to-day and closed at a decline of 1A@
1870. The belief that the proposition to
make No. 2 spring wheat contract grade
would be defeated, which belief was sub
seQuenty shown to be well founded was
the bull factor, but it was completely lost
sight of when Bradstreet's figures were re-
ceived. Other grain and provision markets
trailed after wheat, corn declining zee, oats
SIC and provisions closing unchanged to 2lac
lower.
Wheat started firm December, which
closed yesterday az 903sc, opened to-day at
9O13@905sc and, after a little dip to 90$sc,
started on gradual though steady climb,
which carried it TO 1880 about two hours
from the opening. Better cables than ex-
pected from Liverpool and Paris con-
tributed to the strength. 1t was principally
due, however, to the general belief in the
defeat of the amendment to the rules being
balloted on to reinstate No. 2 spring as one
of the descriptions of wheat delivered on
speculative contracts. Some part of the
firmness may have been due to a falling
off in the Northwest receipts. Minneapolis
and Duluth reported SPA carloads, against
S53 the corresponding day of the week be-
fore and S31 a year ago. The Chicago re-
ceipts were ZIG cars, of which twelve were
No. 2 spring, but there was not a car of
wheat that could be delivered to fill a sale
for the December delivery. Baltimore re-
ported acceptances from London of good
quantities of flour offered yesterday by
cable, and sale of cargo of No red
wheat to France was reported from st.
CleardnCDS Atlantic
seabOards were 229,653 bushels of wheat and
523 barrels of flour. Two circumstances
that came TO light about IL o clock knocked
the under pinning from the market and
caused it to come down with crash on
the heads of its previous supporters. The
first was the closing quotations from con-
tinental markets Paris was found to be 40
cenitmes lower for September and 10 CEN
tees lower for November February and
Antwerp % centimes lower for all descrip-
tions of American wheat. That started the
decline, and Bradstreets figures of the
worlds visible increase, making it 100000
bushels, gave its coup de grace. The market
subsidized to 90l2c on cables, but twenty min
utes after the posting of the visible figures
December had been driven down to SS9sc.
Then the market steadied again. The belief
that there was a bug in the Bradstreet
figures somewhere grew rapidly. Shorts,
too, seized the opportunity to cover, and the
market slowly recovered from its fright
December was bringing 89QS91sc at the
close The vote on the amendment to the
rules which was announced after the close
the proposition.
There was very little to corn, except SYM
patty with wheat. The market showed
strength early, affected by the dry weather
and the falling off in receipts, but after that
it followed the fluctuations of the major
market The dullness of trade prevented
more than a 12c decline, however when
wheat made its first sensational dive. Re-
ceipts were APO cars The visible showed an
increase of 2,22S000 bushels. December
ranged from 2912c to 2S12c, closing 4ac lower
at 2S9sQ2Ss4c.
Oats were in sympathy with wheat and
corn; liquidation and larger offerings gem
orally We're the causes of the weakness and
lower prices in oats Business was quite
large. but of no Importance as regards in
dividuality. Receipts were 1853 cars. The
visible increased 297 900 bushels. December
ranged from 1880 to 1916 closing ssc lower,
at 19Ac
Provisions were very dull and prices ruled
a shade lower, due to sympathy with grain.
There was some October liquidation, but
as d rule the trade was merely changing
Cudahy continued to sell January products
Shipping demand was fair. AT the close
December pork was 212c lower, at $S.17l3
December lard unchanged, at &4112, and
December ribs 212c lower. at $4.7212.
Estimated receipts for Thursday-Wheat
290 cars corn, 375 cars; oats, $50 cars; hogs
%. 900 head