The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-04
THE BEARS in CONTROL
UNACCOUNTABLY WEAK FOREIGN
MARKETS HELPED DECLINE.
Moderate Strength In wheat at the
Opening, but a Reaction Resulted
in Nearly a Cent Loss.

CHICAGO. Oct. 1.-The bears ran the
wheat to-day in spite of the help the bulls
received from the drought. Paris was I'M
accountably very weak and this encouraged
the selling which resulted in a decline OF
a4Q7sc in December. Corn was firm ana
advanced 1sGAc. Oats were unchanged at
the close and provisions 2lac lower to 2l2q5c
higher.
There was a moderate degree of strength
in the wheat pit at the opening, December
starting at 90Ac as compared with yester-
days closing price of 901sc, and advancing
to 903sc at once. The frmness was due in
a great measure to the continuance OF the
drought in the West, which is daily grow
ing more serious, with no immediate pros
pect of rain. The Liverpool cables showed
unexpected steadiness, considering the drop
here yesterday, and were also factor. But
the little bulge with which traders COM
menced was soon obliterated under flood
of selling, which was participated IN by
many of the biggest operators on the floor
The fact that some of the outside markets
were at the time relatively much weaker
than Chicago helped along the decline
which carried the price of December down
to S93sc almost without stop. The statls-
ties of the day were by no means bearish,
but traders were determined to sell, never
theless, and sell they did. The Liver
pool market was quoted 18d lower
for December and I'd higher for May. Chi
cago received 263 carloads. Minneapolis
and Duluth reported 1888, against 1856
week ago and LIZA the similar day OF the
year before. Chicago receipts for the week
were 1885 $50 bu, and the shipments 7OS2R
bu The weeks shipments from both coasts
were 1924, 900 bu against 5.SOS000 bu the week
previous and 900 bu year ago, The
general expectation regarding the visible is
that it will show 100000 blu increase Mon
day. The decline to S9ssc was followed by
a rally to SOC. Covering by shorts started
the recovery, and when New YORK reported
a liberal foreign demand at the decline the
market grew quite strong temporarily me
closing weakness of continental markets mar 4Is
was the later influence and rounded up the
session decisvely in favor of the bears.
Paris reported a decline in near deliveries
equal to PIC per Blu, and in more remote
deliveries the weakness was much more
pronounced, the decline being at the rate
of 512c per bu for January-Aprll term:
Antwerp reduced quotations the equivalent
of from CSC to 1lAc per blu. The surprising
break at Paris fairly took the breath away
from the bulls and knocked the props from
the market in a hurry. December nnaIly
sold down to S912c and closed at osAgSSS4c
bid.
With the exception of a short time in the
morning corn was irresponsible to the
weakness of wheat The market averaged
firm and closed at M0Ac advance: There
was no break in the drought and this fact
caused general covering by shorts The ne
market was helped also by the absence OF
shipments from Argentine, which country
was exporting heavily year ago ana an by oy
some reports of the inferior quality OF new
corn. Local receipts were 6S6 cars: Clear
ances for the week were 2,53S,0OO blu. De-
cember ranged from 2912Q299sc to 29c, clos
ing at 293sc bid.
Oats were dull both in the cash and spec
uative markets. No Independent features
of interest developed, the market following
the fluctuations of corn, but within Ia mar
rover range Receipts amounted to 574 cars.
Charters were for 10000 bu. December
ranged between 1890 and 1910, closing UNI
changed at 1880 asked
Provisions were dull. The decrease in
stocks was better than expected and this
had the effect of causing the market to
recover from an early decline, due to yell
low fever news. There was especial pres
sure on pork. Outside speculative orders
were light. At the close December pork
was 215c lower at $500; December lard 21a0
sc lower at $4.55045713, and December ribs
about unchanged at $4.75.
Estimated receipts for Monday-Wheat,
275 cars; corn, 635; oats Az; hogs, $4,000
head
Leading futures ranged as follows: