The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-04
STRUGGLE WITH BEARS
WHEAT MARKET OvERCOMES A
FLOOD OF DEPRESSING NEWS.
Continued Heavy Exports from Rus
Markets Quiet and Unchanged.

CHICAGO Oct. 3.-Wheat to-day success
fully contended against one of the most
formidable array of bear statistics that has
been posted for some time. Heavy worlds
shipments, large increases on passage,
heavy primary receipts and visible supply
increase all worked against the price, but
covering by shorts and some Eastern buy
ing orders were sufficient to cause the mar
ket to recover to point slightly above Sat
urday's final figures, December closing 1sc
higher. Corn, oats and provisions were very
dull and changed but little.
A decline of &c marked the opening trades
in wheat, December starting at 61A@6l7sc,
compared with Saturdays closing price Of
62@621sc. This slight break was soon fol-
lowed by further break to 625sG62s4c; then
for an hour and more the market kept
within Nc range. The news usually affect
ing the market was extraordinarily bearish,
and that prices did not decline further was
probably due to the almost utter lack of
interest displayed by traders, the pit at
times being duller even than Saturday, when
half of the brokers were absent Worlds
shipments of wheat and flour were very
heavy, amounting to 1886, 900 bushels, of
which Russia contributed 2536,0O0. This was
500 600 bushels in excess of Russia's ship
ments the week previous, and in view of
the many discouraging reports recently re-
ceved as to crop conditions in that coun-
try the figures were a diSagreeabe surprise
to bulls. The quantity on ocean passage in
creased coo bushels, compared with 4O0,-
900 bushels a year ago. Liverpool was $50
9sd lower, and London reported poor de-
mand for foreign wheat at cd decline Chi
cago receipts were 447 cars, twenty-six OF
contract grade. Receipts at Minneapolis and
Duluth for two days were 2,44S cars, COM
pared with 1858 last week and 1878 year
ago. Primary receipts exceeded all previous
records for a day. the total being 2,256,00O
bushels, compared with 1,914,0O0 bushels
year ago. TO add to the already heavy bur-
den for the bulls the visible supply showed
an increase of 1,995,OOO bushels, where not
more than 900 bushels increase was looked
for. Bulls derived grain of comfort from
the heavy rains in the Northwest, which
it was figured would lessen the receipts in
that quarter After the first hours trading
the market gradually grew weaker selling
increased in volume, though at no time did
it assume large proportions. News was al
together too bearish to allow of much buy
ing, and the slight demand resulted in
slow decline, December finally getting down
firmed up considerably Influenced by a re-
covery at St Louis and the receipt of some
fair sized buying orders from New YORK,
shorts and early sellers tried to cover, but
had good deal of difficulty in doing 50,
and December was finally bid up to $3.50
62Ac. The market held steady after that
and closed at 621s@62Ac for December
Corn was exceedingly dull. A visible in
crease of 1,574,O0O bushels, large receipts
1874 cars-and a poor cash demand made a
weak market early, and slight decline in
prices resulted Local shorts covered mod
erately toward the close and. the market
became steadier, prices recovering partially.
Trade was narrow throughout. December
ranged from 29c to 2914c and closed d shade
lower at 291sd29Ac.
The market for oats was almost without
incident of note. The market was steady
all day within Ac range on a narrow trade,
mostly of a local nature. Receipts were 600
cars. The visible increased $4,000 bushels:
May ranged from 224G222sc to 221ac and
closed unchanged at 223s@2215c
Provisions were as dull as grain. The
market early was steady because of larger
decreases in stocks than expected. Yellow
fever talk and liberal receipts resulted in
gradual weakening, the market closing easy
Packers sold moderately of ribs. At the
close January pork was &c lower, at $S.971s;
January lard 21ac lower, at $4S2lsQ4.So, and
January ribs PFC lower, at $4.65.
Estimated receipts for Tuesday-Wheat
425 cars; corn, LOO cars; oats, SIS cars; hogs,
rs 900 head.