The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-22
HEAVY WHEAT RECEIPTS
SETTLED FATE OF CHICAGO MAR
KET AND THE PRICE sLUMPED.
In the Face of Wheat's Loss of 1 1-2c
visions Fell on Quickly.

CHICAGO, Sept. I-Heayy receipts of
wheat in the Northwest this morning set
tied the fate of the wheat market for the
day. The December option closed at de-
cline of 1ss611sc, about where it started.
Corn was surprisingly firm, considering the
wheat weakness, and closed 14c higher.
Oats were unchanged. Provisions were af-
fected by more alarming yellow fever re-
ports and closed at declines ranging from
Tee to 171ac.'
Declines of 11s0115c marked the opening
in wheat. December which closed steady
yesterday at 927sc, opened to-day at from
91Ac to 912sc. and was quoted at 9lAc al
most Immediately after. This was the nat
ural result of the enormous receipts at
Chicago and at the Northwest points and
the weakness of cables. Minneapolis and
Duluth received 1924 cars, against 691 Tues
day a week ago and SOB the corresponding
day of the year ago. Chicago received 5S3
cars against 337 a week ago and 55S the cor
responding day of the previous year. OF
to-Gays receipts at Chicago only five car
loads were deliverable on contracts for De-
cember that have been entered into since
the exclusion of No. 2 spring wheat from
the regular speculative grade That was
about the only feature of the situation to
restrain short selling, that would otherwise
in the temper of the crowd have been
heavy.
Liverpool opened .4d lower, and Ivy 2:3O
p. IN. it had got down to 1Ad below the
price it closed at yesterday. Paris was 10
centimes lower at the start, and Tie news
from London was generally very discour-
aging to the prospect Of an immediate ad-
vance in price. a cab!egram from there
said that French grain dealers were re-
selling American wheat in the English mar
ket and replacing it with Indian wheat for
spring shipment. Another cablegram said
wheat for spring shipment from India was
offered at As per quarter, or 12c per bushel
below figures now current. The London
Mark Lane Express says that, although
the crop of Russia is very deficient, there
will still be 600 quarters (6400O,OO0 bush
els) for shipment from that country. After
the opening decline the tendency for
while was toward a mild recovery. The
opening was below put" prices, and
good many buyers came in VINO had those
privileges for protection, which caused a
rally to 91S4M9l7sc, when a new batch OF
yellow fever rumors, coupled with the re-
ports from London of reseling of American
wheat to buy futures OF India wheat. start
ed the market on regular toboGgan, De-
cember selling down to 909sc before halt
was called. During the decline some stop
loss orders were reached, and the market
exhibited the only real activity or the SeS-
sion. A rally then ensued on covering by
scalpers. December advancing to 9l9sW9l12c,
at which price it was quoted at the close.
Corn was weak around the opening in
sympathy with wheat, but soon recovered
in response to the bullish influences imme-
diately affecting corn. Receipts were 1858
cars more than one hundred cars below
the estimate, and much smaller receipts
We're expected tomorrow. Heavy froStS
last night were said to have severely dam
aged late corn in some localities Clear
ances were 100000 bushels Country offer
ings were light. The yellow fever rumors
caused the market to hesitate toward the
end, but, nevertheless, it closed at the top.
Shorts covered generally. December opened
1sc lower, at 301sc, sold to 3O34c and closed
steady al the price. Oats were firm, espe
eially so for September, but trade was dull.
There was a good export demand, 10000
bushels being reported sold. Prices de-
wheat but this was recovered later. The
strength of corn was a factor. Receipts
were 435 cars. December ranged between
205sc and l03sQ2019c, closing unchanged at
205sc.
Provisions were weak and dull, what lit
tie demand developed coming from shorts.
Sensational rumors of yellow fever at st.
Louis caused free selling late in the day.
Cash products were pressed, which also
weakened the market. The hog market
was firm and higher. At the close Decem-
Der pork was 1712c lower, at SS3715; Decem-
Der lard, 10c lower at $4.671a, and Deem
Der ribs TIC lower, at $49212
Estimated receipts for Wednesday,
cars. Hogs, %, 900 head.
LEADING futures ranged follows