The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-18
"A REACTION IN WHEAT
GENERAL BEARIsH NEWS CAUSED &c
DECLINE IN DECEMBER.
Big SeabOard Clearnnces Served to
Sustain the Market for Time
Other Grain Lower.

CHICAGO, Dec. 17.-There was what
might be termed a natural reaction in wheat
to-day from the advance yesterday, May
closing 15c lower and December lie lower.
Big, seabcard clearances sustained the mar
l1et for while. Other markets were easier.
Corn and cats declined about &c each, and
provisions closed 5G715c lower.
1t was the dullest wheat market for
weeks. Prices opened a shade easier be-
cause of the heavy snowfall and the failure
of Liverpool to respond to the advance
here yesterday. May started 7s@Ac lower
at 92c, with one or two sales Immediately
after at 91M692c. Trade was excessively
nay@bw and few covering orders which
came in shortly after were sufficient to
cause an advance to 923sc, but this little
demand was satisfied, prices sank again to
92G921sc. 1t was prevented from going lower
during the forenoon by some help from the
bull clique, presumably caused by the
enormous clearanceS from Atlantic and gulf
ports, which included $1,000 barrels of flour
from Newport News, amounted to 1,O33,6l3
bushels. This is much the heaviest aggre-
gate for one day in the past two weeks.
Northwest receipts were fairly liberal. The
number of cars received to-day at Mime
apolis and Duluth was 695 cars, against 62S
cars last Friday and 636 the corresponding
Cay of 1896. Chicago receipts were 279 cars,
compared with 40 a year ago, and 300
bushels and lis carloads of No. Northern
spring were transferred from unlicensed to
regular houses. Liverpool opened Ssd higher
than it closed yesterday, but lost ali but
led of that before the session commenced.
Later it lost the last sd of its early gain:
Paris was firm and noted advances of 40
centimes in flour and from Is centimes rise
in near deliveries of wheat to confines
for the March-May term. Liverpool &C
ceptances from abroad of wheat offers
cabled from the Seaboard yesterday were
reported, and near the end of the session
here the quantity taken was reported to be
twenty-seVen boatloads. general desire
to let loose scalping lines of long wheat
characterized the trading in the last half
hour and prices broke fresh ground on the
underside of the previous lowest limit of the
range. That was all there was in the clos
ing decline which dragged May down to
915sc and closed 1t at 91as491%c. December
wheat was very sparingly traded in at $1.O1,
chiefly, but at the close it was quoted at
99l5c. The elevator people delivered after
siby 1,50C, 900 bushels wheat on December
contracts. Most Of it came from Armour
e. Co.
Corn. during the morning. was quite ac-
tive and prices were firm under the demand.
Elevator people took no part in the selling
indicating small country offerings. Clear
helped. Later in the day interest died away
greatly and the selling pressure increasing
when wheat turned downward. the market
became weak. May ranged from 2914c to
2Saz 0I29c, closing at 29c
Oats were irregular December was steady
all day and closed at a slight advance
helped by the steady cash market. There
an inclination to realize on long lines
in May and this with some short selling
pressure produced the weakness. Offerings
were fairly well absorbed and the declines
were small. May ranged from 2212c to 22ssc
and closed 1sc lower at 223sc.
Provisions were active to-day. There was
some firmness shown early the higher
by packers, principally. Commission houses
did the best buying At the close May pork
was 1715c lower at $S.77ib. May lard sc lower
04.59.
Estimated Receipts for Saturday-Wheat,
$50 cars; corn 220,cars oats, 210 cars; hogs,
24000 head