The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-03
WEAKER WHEAT MARKET
GENERAL SENTIMENT BEARIsH AND
ALL PRICES DECLINED.
Receipts in Northwest Too Heavy to
Encourage Bsying mt Chicago
provisions Dull.

CHICAGO, Dec. 1.-The local talent in
the wheat pit spread itself to-day. and. be-
irg against the market, prices broke There
d strongly marked undercurrent of
bearish feeling permeating the crowd and
although some of the days statistical de-
Velopments were of more bullish charac-
ter than have been recently forthcoming
they had little effect in turning sentiment
from its bearish predictions, and the mar
ket closed at loss of 1sc per bushel in
May but of nc in December. Corn and
oats were also weak, closing 1ac and &c
lower, respectively. Provisions were very
dull and closed substantially unchanged.
Wheat had weak opening, principally
because Liverpool fully reflected the decline
of the day before at Chicago. 1t opened at
from sd to I'd decline. Paris, at the same
time, was reported somewhat higher for the
day. Northwest receipts were still too
heavy to encourage buying. The most i'm
portant consideration for the time, however
was the hostile attitude toward the market
assumed by some of the heaviest Of the local
scalpers That was important because of
the almost total absence of orders to COM
mission houses from outside. The opening
price for May was 90A@90ssc, a decline of
&c from Yesterday, ana it declined to 90c
before it showed any signs of Improvement
December was much weaker, opening 1sc
lower, at $3.50 and declining 10 y55sc with
hardly a sign of support Chicago receipts
were 2l9 cars, against twenty-four the cor
responding day of the previous year the
outward inspection was 81, 1S4 bushels. Min
neapOliS and Duluth reported 1853 cars
against 800 the like day of 1896 The Attain
tic port clearanceS amounted in wheat and
flour to 5000 bushels $4,000 bushels of
which was in the shape of wheat. The
primary market receipts were for the first
day in some months substantially below the
100000 bushel mark, the quantity for the
day being S5S,C00 bushels, but for the same
day last year the total was only 425 900
bushels. A cablegram from Argentine was
reported saying that crop prospects were
less favorable, but another was received
stating that the harvest in more northern
sections of the country was progressing ia
vorably. A temporary squirt was caused by
the heaviness of the Atlantic port clear
anceS of wheat and flour and the much
smaller total in the Western primary mar
ket receipts than the recent average. May
advanced on this to 905sc. But local bears
soon disposed of the large clearances by the
claim that they would swamp the people,
and they were going to. Report from Min
neapolis to the effect that the yards there
were filling up with cars which would be
loaded with wheat for Chicago caused great
weakness late in the day, May selling as
low S912c. New Yorl's report of sixty
leads for export and some help from the
December bulls caused a reaction TO SOC
near the close, May winding up at $4,000.
December, however, got no support, and
closed nc lower, at 95c.
closing at 12c decline. Country offerings
were reported to be liberal, and shipping
business was made difficult by the irregular
rates. The action of wheat and lower
cables were also factors, and selling at
times was quite pronounced led by elevator
and receiving interests. The demand was
limited and confined chiefly to shorts. Clear
ances were 900 bushels. Receipts were
1863 cars. May ranged from 291sc to 2S1ac
and closed at 2S1a02S5sc.
Oats were weaker and closed almost at
the bottom, with a Ac loss. There was q
fair trade. The market was affected espe-
cially by the weak break, and there was
also selling against purchases of corn. Some
holders who went long In anticipation of a
rally after Dec l liquidated, adding to the
weakness. The buying was principally by
commission houses and shorts. Receipts
were 36S cars. Seaboard clearances were
36S,G00 bushels. May ranged from 22bc to
214M217sc, closing at 217sc.
Provisions were dull, and did not move
over sc in either direction from yesterdays
closing quotations. There was some dsap-
pointment, over stock figures showing less
decrease than expected, but the hog mar
ket, had a steadyng influence. Demand for
cash products was only fair. At the close
January pork was unchanged, at $S.15; jan
uary lard unchanged, at $4.2212, and jan
uary ribs 212c lower, at salty
Estimated receipts for Friday-Wheat, 1870
cars; corn, 41O cars; oats, $50 cars; hogs,
5000 head.
Leading futures ranged as follows: