The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-02
LARGE WHEAT INCREASE
VISIBLE SUPPLY SHOWS UP HEAVY
AND PRICES DEPRESSED.
Cable News Arrived with an Early
Advance, Which Was Not Main
tained-PrOvisiOns Lower.

CHICAGO, Nov. IA large increase in the
visible supply Of wheat as reported by Bradstreet
to-day caused a sharp decline in prices near the
end of the session. After an early advance the
sudden rise at Liverpool. December closed CSC
lower. Corn left off at a decline of HGssc. Oats
are unchanged. Pork lost 15c lard TIC and ribs
5G71kc.
Liverpool started with an advance of Id for
spot wheat and 2hd for futures. while the next
quotation for December showed a rise of 1ssd.
The closing cable reduced the last previous quota
tion from Id to lad. The effect of the bullish
irregularity abroad speculative sentiment here
was to start December wheat at about last night s
prices for calls. Business, however, by no
means animated and the opening advance fol-
lower by long interval of dullness. with the
tendency toward slight downward reaction. The
sudden rally at Liverpool said to be due to
small stocks and the unsettled political aspect.
New York sent bulish dispatches, one of which
said 'the continent accepting wheat offerings last
night notwithstanding the holiday prevailing"
Shipping houses here also reported heavy accept
ances from the United Kingdom. London threw
cold water on the bullish news however by quot
ing better inquiry for cargoes passage, but
at prices 3d3Ad lower. The clearances of wheat
and flour from Atlantic and gulf ports again
enormous, amounting to 100000 bu. Primary
Western market receipts, all told, 1,S5s, 600
year. Chicago receipts AIS cars, against 217
for the same day year ago, and the Northwest
receipts 1,725 cars, compared with 1402 the
similar day a week ago and 1,O4s the year before.
Bradstreet's report made wheat stocks east of the
Rockies show 2,SSS,0O0 bushels increase. The
amount afoat for and in Europe showed an in
of $500, 600 bu making total of 62S2 600,
against 5.21O00O blu increase the corresponding
week of last year. Owing to the Bradstreet re-
port and absence of anything more warike for
Europe than already received. the market
slumped off, closing weak at the lowest price of
the day. December opened 1k@9sc higher at GA
Q673sc, held steady at 67asc, declined to 671sc,
rose to 6714c, then dropped to 663sc, the closing
price.
Stronger cables and a decrease in stocks at
Liverpool, together with the upturn in wheat,
started corn higher. The early strength gave
place to much easier feeling, however, on ac-
count of the slackness of the shipping demand.
The declining tendency of wheat in the last half
hour had a depressing effect and caused selling
of corn, which left off at the lowest price of the
session. Receipts were sol cars. December began
&c higher at S29sqS22c held steady at S224c, then
declined quickly to 32Ac, buyers, the closing
figure.
An excellent demand developed considerable
strength in oats. There was a large business
transacted, with heavy buying by professionals.
Receipts were S41 cars. May started 1sc up at
24%Q244c declined to 245scs advanced to 245sQ25c.
then reacted to 245s@24Ac at the close.
Provisions ruled slow and easy. Receipts of
hogs were large and prices at the yards weaker.
The demand was limited. Moderate selling of
lard by houses with English connections carried
the whole list downward. Shipments were large,
4,S57,OOO lbs of meats and 4,2Ss,OOO lbs of lard.
January pork opened 5Q71zc lower at sS.97hQ9
and declined to $3.50. buyers the closing. Lard
began a shade lower at $4.92k and declined to
AS712 at the close. January ribs started 2l2c
lower, declined to $4.57lA and closed at s4571s@
4.6O, buyers.
cars; corn, $40 cars oats. 24O cars hogs. 5000.
Leading futures ranged follows