The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-13
WHEAT LOST STRENGTH
FLOOD OF BULL NEWS OVERCOME
AND THE CLOSE WAS LOWER.
The slump Had influence on All other
Markets and Resulted in
Heavy Falling Of.

during the last hour of the session to-day
overcame an avalanche of bullish news
from all directions and caused a decided
slump in wheat. December. after an adj
vance of &c, closed A@2sc lower. Corn left
off unchanged. Oats lost &c Pork ad-
vanced 712c, lard declined PIC and ribs are
up 21ac
Opening transactions in wheat were on a
larger scale than the pit has seen in a
month Strength at Liverpool and the enor-
nous cash grain business done here yester-
day were the all-important considerations.
The Liverpool advance was nearly twice
as great as the rally here yesterday and
the seaboard started in by reporting further
large export engagements. Before the open
ing crush had subsidized the trade was ap-
prised of fifty boatioads taken at New
York. TO add to the strength which the
market displayed there were English cables
reporting it probable that Russia would
prohibit exports of cereals. Though these
were promptly denied, the trade had plenty
of other bullish news to stimulate it on the
buying side. Minneapolis put her sales of
flour yesterday at 1890 barrels. Broomhall
cabled that the Australian crop had been
damaged by drought, and there was wet
weather in the Northwest, which promised
to cut off, to some extent, the arrivals in
that quarter. With all of this the temper
of the trade was skeptical. Some of the i'm
portant interests here seemed ranged on the
selling side and there was fairly free sell
ing from st. Louis. Local exporterA. were
bearish and claimed that the advances here
had carried them out of line so far as ex-
ports from Chicago were concerned. The
actual clearings for the day were 477.OOO
I.,C1, Dr~iv, Ai,Nfc
bushels, against 1850 bushels a year ago.
Arrivals here were 159 cars, against 163 cars
last year. and Minneapolis and Duluth re-
ceived lbs cars, as compared with 1,010
cars last week and 800 cars a year ago.
Though sales of December were made early
around CSC to 653sc, an advance over last
nights close of as@%c, there was backset
to 645sQ64%c before noon. Directly after
that time reports of 80 loads of wheat and
81 of corn, taken for export at New York,
started the price up to 653sc again. The
weekly well as the daily calls were in
this vicinity and considerable opposition
was experienced. During the closing hour
the reports of export business at New
York were swelled to 100 loads, with an ac-
companying sale of 112 loads of corn. The
resulting excitement was intense enough to
carry December wheat up to 6512c, where
IL was met by the OHer1ngS OF numerous
people who had good profits and were will
ing to take them. Though the New York
stories were supplemented with reports of
$50, COO bushels cash wheat and over 100000
bushels of cash corn disposed of here, it
did not tighten the load of those on whom
the property had been dumped, and in their
efforts TO shift the weight the market was
sumped down to 64Ac for December and
the close was at 66AG66ssc. Another de-
pressing feature near the close de-
day ana &c In the past three Gays.
An enormous export business and higher
the opening There was a temporary weak
spot early. however. on account of very lib
eral sales by those who had profits in sight.
New York reported thirty boatloads en-
gagged for export before the opening hour
and this total was sweiled to IL loads IN
fn erow IN 6n and gpe G
veloped a strong market which continued
until wheat came to disaster. when corn
trayersed the same road December began
Mdssc higher, at SO5s@907sc, declined to
301ac, advanced to 30B@31c then reacted
to 3O1sc the closing figure to-day.
A scattered demand from ScalperS and
shorts improved oats early. December was
comparatively very much stronger than
May. the spread being narrowed by &c.
cash prices showed as much of an advance
as did December. The market finally yield
ed; however with the slump in wheat. Re,
ceipts were N4 cars May opened unchanged
to Mc higher at 231s@2S14c. rose to 2S3sc, then
fell of to % at the close.
the South and an advance in the price of
hogs at the yards strengthened provisions
at the start. There Were large receipts of
some disposition on the part of packers to
SELL but prices were advanced on heavy
buying of ribs by houses with European
market felt the decline in wheat and the
advance was nearly all lost. January pork
started unchanged at $685., declined to
s. e21z then rose to 500 and settled back
to $9021k at the close. The range in lard
and ribs was narrow.
Estimated receipts for to-mcrrow-Wheat,
1870 oars; corn, 615 cars; oats, 285 cars; hogs,
20. 900 head.
Leading futures ranged as follows: