The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-05
UNDER BEAR INFLUENCE
OCTOBER WHEAT LOSES IT'S PRE-
MUM AND FUTURES DECLINE.
Yellow Fever Reports Depressed Pro-
visions, While Corn and Oats
Scored Small Gains.

CHICAGO, Oct. 4.-Meat and provisions
were weak to-day. while corn and oats were
firm. Wheat was influenced by the enor-
nous visible increase, heavy primary re-
ceipts and a disappearance of the October
premium and closed 3sQ1ac lever for De-
cember. Corn was firm, principally on bull
ish husking returns and advanced Nc Oats
were helped by corn and closed 1sGAc high
err Yellow fever reports. among other
things, depressed provisions, that market
closing 7HQ10c lower.
Wheat started weak. A report received
before the opening that Minneapolis and
Duluth receipts footed up 1927 cars, of
which 1,4S7 were credited to Duluth, was
body blow to the bulls, and started the mar
ket at a decline, December opening at 61%
Q617sc compared with yesterdays closing
price of 621sQ62Ac. Sellers during the first
few minutes trading were largely in the
majority. Offerings were not heavy. but the
demand was SO slack that prices sagged
still further, December selling at 61sG6l%c
shortly after the opening. The fact that
Liverpool showed small opening decline
and showed disposition to go still further
down the ladder was by no means lost sight
of by the bears. Shortly after the opening,
however, Northwest receipts were cor
total, compared with 1O76 last week and
16O7 a year ago. put a somewhat different
phase on the situation and started cover
ing in a moderate way, the price under the
improved demand slowly advancing to
621sc. This was the high point for the day.
After IL o'clock the market began to sag
again under news as bearish as that re-
ceived yesterday. Bradstreets figures on the
worlds visible showed 1866 900 bushels in
crease in this country and 4250,000 bushels
increase in and afOat for Europe a total
OF 1l65.OOO bushels and more. than double
the increase last year. 1t was far more than
was looked for and effectually settled the
hope of the bulls for a turn in the market.
more influential factor still was the total
disappearance during the day of the Oc-
tober premium over December The primary
receipts were again enormous and helped
10 undermine the slight bullish feeling that
had struggled to find expression during the
early trading. The total for the day was
1,S6S,OOO bushels. Atlantic port clearances
were fairly good, 45S,O0O bushels, but not
suff1cient to counteract the effect of the
primary receipts. During the last hours
trading the selling pressure let up some
what and December which had declined
to 61$sd611ac recovered TO 61%@61Bc Snow
was reported in the Dakotas, auguring. de-
the market slightly. The closing feeling
was distinctly weak. however. December
closed at 61%c.
Corn was firm in the face of the heaviness
of wheat. Receipts of 1896 cars, though
heavy, were much under estimates. Liver
pool was higher. Country reports of husk-
ings were bullish in tone. Clearances were
liberal, being Gil, 900 bushels. There was
considerable buying for the long account
and for a time active covering by shorts.
December ranged from 29Ac to 291hc, and
closed 14c higher, at 293s@291ac.
There was a fair trade in oats. The mar
ket was helped by corn and advanced
slightly, holding its strength to the close.
Cash demand was good, being a bull infiu-
ence Shorts were good buyers of December.
The visible increased 100000 bushels. May
ranged from 2212c to 225sQ22%c and closed
1sGGHc higher, at 225sc.
Provisions were heavy. Continued preva-
lence of yellow fever in the South, dsap-
pointment the small decrease in
worlds lard stocks and liberal hog re-
ceipts were all bear influences. Longs were
sellers and stop orders were reached. Pack
ers also sold. Shipping demand was quite
active. At the close January pork was 10c
lower, at $S.S719; January lard, 10c lower,
at &.7212 and January ribs TIC lower, at
$.5715.
Estimated receipts for o-morrow-Wheat,
300 cars; corn, 73O cars; oats. $50 cars; hogs,
$500 head.