The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-24
TRICKED BY THE BULLS
SHORTS FORCED TO BID THE PRICE
OF WHEAT UP TO SO SIC.
After that Came Reaction and All
Markets Weakened, Both Grain
and Provisions Declining.

CHICAGO, Sept. 2S-The wheat market
seemed to have been played with by the
bull clique to-day. Shorts who started in
to cover had to bid prices up 1i4c before
they were followed up. Then heavy offer
ings broke the price to a point 12c below
yesterdays close. December closed at
hQAc decline. A weakening factor was
the widening of the May discount Corn
followed wheat and closed 9Sa1ac lower.
Oats closed a shade lower and provisions
declined 5Q71zc.
Wheat at the immediate opening was
easy. Curb prices were inclined to weak
ness on account of a rather sharp decline
at Paris. but the higher quotations from
Liverpool caused the market to turn strong
at once. December, which closed yesterday
at 9215c, opened to-day at from 9212c to
921sc. Shorts started for cover, but ran up
against a snag in the shape of scarcity of
offerings, the price being hoisted to 95lsc
before any wheat of consequence came on
the market. The Northwest receipts were
again heavy and that caused holders to
exercise caution SO that when the price
had risen to $3.50 plenty of wheat show
ing profit was unloaded. The receipts at
Minneapolis and Duluth were l,l33 cars,
compared with 901 a week ago and sos the
corresponding day of the year before
Those cities, however, are still paying to
215c premium for immediate delivery. Chi
cago receipts were 239 cars only 80 of which
were contract. The quantity inspected out
of store was 95 1S5 bushels. The previous
ly exploded rumor that Russia intended
prohibiting the export of wheat was re-
vived again about the time closing Paris
cables were received, showing u complete
recovery from the early decline. This sent
December skyward again, the price climb
ing with hardly a halt TO $3.50. AT that
price big trade was done, large quantities
of wheat being dumped on the market. The
offerings were readily absorbed for time,
but in the end their weight proved greater
than the market could bear, the market
becoming quite weak when explicit denla1s
were received. A noticeable feature dur
ing the advance was the refusal OIL May 10
respond except III an extremely unwilling
ana backward fashion When December
was readily bringing 93Ac the May dellV-
cry barely touched Sl7sc, and house with
close Liverpool connections said it had I'D
eral selling orders from the latter place
for May delivery. Export clearances of
wheat and -four from Atlantic ports We're
equal to 100000 bushels The receipts for
the day at the four principal OUTSIDE VIM
ter wheat markets-KansaS City st. Louis,
Toledo and Detroit-were only $4,000 bush
els out of the total primary market re-
ceipts, which amounted to l,276OOO bush
els. The latest trading in December wheat
was at 924Q923sc.
There was a smaller business in corn
The market averaged firm all afternoon,
starting 1sc higher on light receipts and
the steadiness of Liverpool cables, and en-
joying good support as long as wheat kept
strong Toward the end, however, when
wheat commenced to slip, corn followed
very willingly. Receipts were ass cars. Al
lantic exports were 343. 591 bushels. There
were claims of accumulation of stocks at
Eastern points. The shipping demand was
slow. December ranged from 3l$sc to 3O9sc,
closing ssG1ac lower, at 303sQS024c.
Oats were steady up to the last hour or
trading; then that market struck a slip
perry place. too, and dropped with the rest
OF the markets. There was an excellent
shipping demand, which was mainly re-
sponsible for the buoyancy displayed SYM
pathy with wheat and corn caused the de-
cline. Receipts were 305 cars charters were
for 635, 0O0 bushels. December ranged be-
tween 211sc and posse, closing about 7sc low
er at 20aac.
The incubus of the yellow fever epidemic
weighed down the provision market. Prices
started weak on that account and through
sympathy with weak hog market, the
market ruled heavy all day. Cash trade
was only moderate. There was very little
outside trading A moderate line of long
pork was liquidated. At the close July
pork was nc lower, at $S.321a; December
lard sc lower. at $462l2, and December ribs
sc lower at $3.50.
Estimated receipts for Friday: Wheat,
220 cars: corn, 600 cars; oats, 1926 cars; hogs,
81 00 head.