The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-10
WHEAT TRADE SLUMPS
BROKERS DO NOT LIKE THE WAR
TAX ON TRANSACTIONS.
DulIDess Sets In on Chicago Change
and Grain and Provision Prices
Take a Header.

CHICAGO, Oct. S-Board of Trade mer-
kets to-day were seriously affected by the
recent revenue department rulings taxing
scalping transactions. 1t caused, at times,
an almost entire cessation of trade, and the
dullness was one of the principal features
in the weakness shown by all markets.
Wheat and oats closed nc lower. corn a
shade under yesterdays prices, and pro-
visions 1G015c.
Wheat showed weakness at the opening.
Liverpool failed to respond to the strength
shown by this market yesterday. On the
contrary it showed 1sQAd decline at the
close and this small decline was reflected
by 1s@Ac loss in the December price here.
that option starting at 623sQ627sc. Slight
selling pressure from longs was sufficient
to clip another small fraction from the
prices a few minutes after the opening,
December selling at 629sQ62a4c This was in
put prices, and some buying, to protect
those privileges, gave a firmer tone to the
market and resulted in slow recovery to
63c. Most of the trading of the day was
confined to the first hour. After that the
transactions were few and far between The
recent internal revenue department ruling
that scalpers and others must pay taxes
on all trade transfers appeared to paralyze
trading. The dullness that resulted had a
depressing effect on prices, and during the
last hour December dragged around 62ac.
The ordinary news of the day did not re-
ceive much attention. Minneapolis and Du-
luth receipts were ,112 cars, compared with
1927 last year, and l. LA year ago. Chicago
receipts were 200 cars. is of which were of
contract grade. Primary receipts for the
week made total of 10,SO0O00 bushels, the
largest on record. Clearances were light,
amounting to only $4,000 bushels. Brad
street reported the weeks clearances of
wheat and flour from both coasts at 5,S9 900
bushels, about 100000 bushels over last
years figures. Brokers who work shipping
business here and at the seaboard, reported
bids too low for business. The market con-
trading in December was 62s4c.
Corn was burGened by the war tax, the
same as wheat, and business was reduced
thereby to extremely slender proportions.
The days fluctuations were confined to a
narrow range, but the sentiment among
traders rather favored the selling side. Re-
ceipts were large, 6S1 cars or considerably
over the estimates. December started un-
changed to &c lower, at 29SsQ29%c and
kept within &c range, closing at zS9sc'
buyers.
Oats suffered with the same affection as
the other grains, experiencing hardly sum
cient trade TO establish quotations Receipts
were 416 cars. May began 1sc down, at 223sc,
and declined to 229sc bid the closing price.
Disturbing yellow FEVER rumOrS from the
South, in addition to the stamping out of
the scalping element by the government
tax. depressed provisions Selling, in a
small way, of ribs and pork. by packers,
caused some concession in prices. Meat
shipments for the week were 1878 600
pounds, and shipments of lards 1895 900.
January pork started sc to 71ac, lower, at
So 85MS.S 712, sold off to $S.S212 and closed at
$S.S2l2qS.S5. The range in lard and ribs was
inconsequential.
Estimated receipts for Monday-Wheat,
400 cars: corn los cars; oats, SOB cars
hogs 81 600 head
Toadiro fut,1reS ropCad follows.