The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-02
WEAK FOREIGN PRICES
OFFSET EARLY STRENGTH IN WHEAT
AND 1T CLOSED Csc LOWER.
Drought News Did Not Prevent Heavy
Liquidation and the Slump Ex-
tended to All Markets.

CHICAGO, Oct. Wheat made a great
showing of strength during the early hours
of he session to-day. but gradually changed
around and closed at 1ad5sc decline. Drought
news was again the pronfaent bullish fac
tor, but weak Liverpool cables and anxiety
to realize ultimately wiped out the advance
occasioned by the dry weather, Corn fol-
lowed wheat, starting strong and closing
weak and 1sc lower. Oats declined Ac and
provisions closed sc lower all around.
Wheat opened easy, at a slight decline,
December, which closed yesterday at 9O5sd
9Os4c, starting to-day at 9O9s@9O15c. This
was because Of the weaker English mar
kets. The weakness was especially pro-
nouneed at Liverpool which market started
at an advance of 5s07sd, but before the
opening here had declined to from 14d to Ad
below yesterdays closing prices. All the
offerings at the opening prices here were
readily absorbed. however, and an imme-
date change of direction was impaired to
the market. The dry weather condition re-
asserted it's influence and the slight decline
at the start was soon wiped out and an
advance inaugurated The price reached
91Ac very qickly and after fiuctuating for a
short time between that and 9O%c it took
another squirt to 91ssc. The influence Of the
drought news was intensified by the fact
that no change in the prevailing conditions
was anticipated for at least thirty-six hours.
The advance to 915sc satisfied the bulls and
they took their profits. That price, in fact,
proved the turning point of the day. Various
theories were given 10 account for the Liv-
erpoOl decline. One was that 1T was partially
due to selling against the No. spring
wheat for which shipping engagements were
made here yesterday. The Chicago receipts
were 206 cars; Minneapolis and Duluth got
lO96, against LOCI week ago and 1136 on
the corresponding day of 1856. The Atlantic
port clearances were only moderate at the
equivalent in wheat and flour Of 253 900 bu.
Continental markets were from steady to
firm, Paris being unchanged and Antwerp
1872 confines higher. More No. 2 spring
wheat that had been delivered on September
contracts was being sent forward to Liver
pool. The quantity was said to be about
as much as was arranged for yesterday,
about 2J0 900 blu. The market grew quite
weak late in the session. There was a good
deal of disappointment over the weakness
at Liverpool in the face of yesterdays
strength here and the advance OF the morn
ing. Closing prices at LIVERPOOL were A@
I'D lower. Many of the early buyers resold
and the market reached the lowest point of
the day on the decline, December selling
at 901sc. That price bid at the close.
Corn, during the morning, was in good
demand from the shorts on account of the
dry weather and the consequent. enforced
feeding of stock, which they claimed was
more of factor in using up the crop than
any export demand. Prices advanced quite
sharply in the first two hours Then the
market began to feel the effect of free SELL
ing by longs and gradually declined. Expec-
tations of heavy receipts tomorrow helped
along the weakness Receipts were SAT cars,
Atlantic clearances were 375,0J0 blu. Decem-
Der sold at 297sG30c and 291sq29Ac, closing
&c lower, at the bottom.
Oats were weak and lower, prices declining
about Ac all around The late heaviness
of corn was an influential factor and SELL
ing was heavy on the break in that market.
The early firmness was due to the drought
reports. Receipts were SIT cars. Clearances
were 26S. 600 bu December sold at 201sc and
1885, closing &c lower, at 1880.
Provisions were easy, showing but little
strength even when the grain markets were
strong Buyers were discouraged by the
more serious aspect to the yellow-fever stu
ation and considerable short selling was
done on this account. The market closed
near the bottom December pork was sc
lower, at $S.22h; December lard sc lower, at
$4.52h and December ribs sc lower, at
81. 7212G4.75.
Estimated receipts for Saturday-Wheat
300 cars; corn, S25 cars; oats, 500 cars; hogs,
Is 900 head.
&c