The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-10
GOOD DAY FOR THE BEARS
CHICAGO WHEAT STARTED WEAK
AND SCORED A LOSS OF 1 3-SC.
Fine Crop Reports from the Western
Wheat Belt and Large Visible In
crease Helped the Decline.

CHICAGO. Nov. "a decline of 1ssc
marked to-day's trading in wheat This
was the result of very choice collection
of bear news, including weak cables. ia
vorable state crop reports and a large Wis
ible increase. Corn was sustained by
good cash demand and closed unchanged.
Oats declined about nc. Provisions were
weak from the start and closed 100000
lower.
Wheat started at 1a@s4c below the price
it closed at yesterday. Copious rains had
been falling since the previous session, and
it was still wet when trading commenced.
Crop prospects in Nebraska and Kansas, in
consequence of recent rains, were said to be
the brightest in years. The Liverpool mar
ket was I'd lower than it closed the day
before when it was first heard from here,
although the record showed that it had
opened at a trifiing Improvement. Chicago,
which was expected to receive 40 cars, had
217 inspected into store, besides another
cargo from Duluth of $4,000 bushels No. 1
Northern spring. Minneapolis and Duluth
reported 1,136 cars. against 1O4S week ago
and TAG the corresponding day of the year
before. The Michigan state crop report
showed a condition of Sc per cent, and said
that the seeded area was per cent. greater
than last year. May wheat opened at $3.50
S9Ac, against yesterdays closing price of
9O4 @90ssc, and gradually declined to S9Ac.
Later in the day there was a little outcrop-
ping of bullish items that stayed the hands
of the sellers for time. Clearances from
Atlantic ports amounted in wheat and flour
to $4,000 bushels. There was a slight re-
covery in Liverpool reduction, the net de-
cline in futures for the day being 12d per
Genital, and following that the taking of 300
600 bushels of Manitoba wheat at New York
for the continent. Freezing weather was
predicted throughout the West for to-mor-
row. Bradstreet's report on the worlds
visible supply showed an increase of 5,2l0OOO
bushels. This item increased the selling
pressure, and May which in the meantime
had rallied to 901sc, declined to S9Ac again.
Paris quotations came low er for both wheat
and -four There was an increase OF 4O3 goo
bushels in Chicago contract wheat. The
total now is $4,000 bushels, including 6150O0
bushels No. 2 Northern and 219000 bushels
No. 2 red. Receipts at primary points were
1926, GA bushels, against 722, 900 bushels last
year. The market became very weak near
the close, although there was no increase
in the volume of trade. May finally sold
down to SSs4c and closed at 887s6G89c.
Corn was firm, in spite, of the weakness
in wheat. The continued rains, small in
terror offerings, and the stronger position
of the cash market was largely responsible
for the sentiment. Cables were firm. as
were outside markets. Contract stocks
showed % decrease of 4SS,0OO bushels. Trad
ing very quiet consisting mostly of
changing or scalping. The extreme weak
ness of wheat had a little influence toward
the close. May ranged from 301Ac to 297sc,
closing about unchanged al 297sG30c.
Oats were somewhat easier at a slight de-
cline Receipts were liberal, being AT cars.
and larger receipts are talked. This and
the weakness of wheat caused moderate
selling. The visible increased 81, 900 bushels.
Contract stocks decreased 800 900 bushels.
which had a good influence. The shipping
demand was good May ranged from 217sc
Q22c to 215sq21%c and closed SaAc lower,
at 21Ac
Provisions were very heavy. The feature
was the Unexpectedly heavy run of hogs,
about 5000 more than estimates. This
caused a weak opening. and was resDon-
sible for moderate liquidation, which con-
tinued all day. The weakness of wheat was
an incident that helped the bears. AT the
close January pork was zoe lower at $40;
January lard 10G121ac lower. at $3.50. and
January ribs 10d121Rc lower, at $4.371s.
Estimated receipts for Wednesday,
Wheat, % ears; corn, 295 cars; oats, 200
cars; hogs. 43,CH9 head.
Leading futures ranged as follows: