The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-14
WHEAT ON A TOBOGGAN
THE CASH ARTICLE QUICKLY TUM-
BLEED &c AND CLOSED AT 90 1-2C.
Heavy Arrivals and Sales by Armour
and Letter Caused the Break
other Markets Quiet.

CHICAGO, Dec. 13.-The wheat bulls be-
gan to feel to-day the effect of the prices
which they permitted last week The in
spection sheet showed there had been a
rush of grain in this direction from every
quarter, as much, probably, as 100000 bu
contract grain in the forty-eight hours. A
little inquiry showed that the inspection
sheet did not begin to show all the arrivals.
One elevator concern had cargoes aggre-
eating 100000 blu in the river. not bushel of
which had been inspected. Armour and
Weare had cargoes in, and the car lot
showed jump. The majority Of the grain
was to fill shorts made months ago. Some of
it had evidently been brought, however, to
get the benefit of the Chicago December
price. There was a scattering December
selling, largely by elevator people, against
new receipts of this sort. Armour was
credited with more of it than any other in
terest. The December bulls themselves
sold more or less December in order to
hasten it's decline There was a remarkable
drop in price, 7c but it was accompanied
by no corresponding excitement and by
no great trade. December opened at $1.05,
sold between $1.05 and 971ac and closed at
9912c. The January was influenced by the
May option, as it has been all along, drop
ping from 95c to 921Ac and closing at 93Ac.
The Letter party did to-day what their
friends thought they ought to have done
last week-let down the December. They
did not sell much because the market
would take much and because Armour was
selling enough to make the price weak but
they finally helped to break the price.
Everybody is still astonished that the De-
cember bulls permitted any such price as
ruled last week. To-day's receipts clearly
showed the result of the Chicago premiums.
Minneapolis advices were that the Letters
had been buying up there in order to in
crease the difficulty of bringing the Mime
apolis grain down here. The elevator peo-
pie are still keeping the December bulls in
the dark as to the amount of contract grain
they are to get. Practically no delivery has
been made by the big shorts Armour and
Weare. Darlington Hannah delivered out
100000 blu.
Up to about the noon hour wheat was
comparatively quiet and steady. May
opened shade higher than Saturdays
closing price at 91A@91asc, and during the
morning fiuctuated between that price and
919s@91%c. December, which broke loose
during the afternoon, opened Zee higher at
$1.O5, and up to Has o'clock had not sold
the announcement of the government crop
estimate before plunging too deeply into a
sensitive market. Inc general impression
was that the report would show d much
larger acreage harvested last summer than
the department has heretofore estimated,
and this had a bearish influence the
scalping sentiment, although a firm and
slightly higher opening at Liverpool caused
the price of May to advance somewhat at
first. The government report when finally
posted estimated the yield at 53OO ,OC0, or
from 100000 to 100000 bu larger than
statisticians have generally predicted. But
the report had been pretty well discounted
and followed, as it will be surprise in the
shape of a visible decrease of 100000 blu,
where an increase of 100000 had been ex-
pected, it had little or no effect. A feature
of the early market information was the
large quantity of contract wheat added
since Saturday morning to the stock in reg
ular Chicago houses. Krom unlicensed ele-
vators, or mixing cleaning houses as
they are sometimes called, there were
transferred 1877 carloads and SO 900 blu No.
Northern spring; by lake, 155SO0 blu No.
Northern spring and by rail. 119 carloads
No. l. Northern and No. 2 red winter,
total of about 425 900 bu. Nearly every
ceiving house in the trade was in receipt
of inquiries from country shippers who had
The uncertainty of it's grading.
however, made commission men aVerSe
to selling in advance of its arrival and in
specticn. Northwest receipts were liberal
Minneapolis and Duluth reported l 284 cars,
against 1,315 week ago, and $40 the cor
responding day of 1885, The total receipts
by rail at Chicago were 81 cars, and, as
al ALREADY %en nno II of them ERE
heavy receipts of contract wheat here trade
for time, did not appear to have any doubt
care of all that could be brought in up to
the end of the month. About 80 a. m.
the price OF December began to weaken
under selling pressure, which was credited
to Armour. The decline was slow at first
but as the pressure increased and the fact
developed that December was receiving
slide off in way that was sensational in
its rapidity.
BY Il O'clock December had declined to
$1.02, where it remained for a short time.
Suddenly the market began to slip away
A@1ac at time and in fifteen minutes the
price had struck 971bc Then 1t rebounded
bringing 991ac at the close or sc under Satur-
days closing price. May was, of course.
901ac during the headlong plunge Of Decem-
Der. but by closing time had reacted to
9l1sc, a decline for the day of but &c. IN
doubtedly the large arrivals of contract
wheat had much to do with the decline.
especially in starting it, but Allen & Grier
the bull clique brokers, were mainly re-
sponsible for the break to 971Ac their offer
ings being especially heavy. 1t was regard
ed by many as move on the part of the
clique to prevent further heavy shipments
to this market which have been natural in
view of the much higher prices prevailing
here than in other markets. The market
was quiet, but rather nervous at the close
Corn. though quiet, was firm. Small coun-
try offerings and bad weather West were
helpful factors.
Oats were slow within an extremely mar
row range. Some strength developed in
provisions during the morning on the small
run of hogs and prices opened slightly high
er and improved to limited extent. The
rise in prices was taken advantage of by
packers to sell. but the offerings were fairly
well taken of until the smash came
in December wheat. This made buyers
timid and in the absence of support the
market lost it's advantage. At the close
May pork was 215c lower at $3.50. May lard
unchanged at A.521sc and May ribs un-
changed at $4.35
Estimated Receipts for Tuesday-Wheat
$40 cars; corn $50 cars; oats, 600 cars; hogs
10000 head.
Leading futures ranged as follows:
Open- High Low Clos
Articles. ing est. est ing
Wheat-Doo OH