The Indianapolis journal., 1898-12-15
A REACTION IN WHEAT
SCARCITY OF CARS FOR SHIPPERS
EMBARRASSED CHICAGO TRADE.
All Grain Fell Down After Fairly Adj
VunceS and Closed LOyver-PrO-
visions Easing OF.

CHICAGO, Dec. 14--Wheat, corn and oats all
suffered to-day from the inability Of shippers to
procure cars for the movement of grain. All three
closed b@Ac lower Provisions declined 2l5Q5c.
At the opening and after the noon hour wheat
showed good deal of firmness. Opening lac high
er at 661s 066Ac, with one or two small sales at
6eQ66bc, May advanced under good general buy
ing to 662sG661kc Here realizing and SELL
ing against calls resulted in reaction to 661s@
66Ac, but about hour from the opening buying
became very good again and May was again
hoisted to 66Ssc Early cables from Liverpool
were somewhat disappointing, but the Northwest
markets were strong and Minneapolis and Duluth
receipts continued to dwindle. the receipts at
those points to-day being put at 716 cars, COM
pared with 1,200 last week and 472 year ago.
Chicago receipts were 2l4 cars. twentyone of con-
tract grade. The reduction in the Northwest re-
ceipts was the feature of the mornings trading.
Shorts at times very good buyers, while
longs increased their gains and prominent outside
traders were in the market for wheat. The total
primary receipts We're large, ,O00 bushels.
Clearances were s6S, OO0 bushels. large enough to
be a bull factor. One decidedly unfavorable fea-
ture the inability of shippers to procure cars
from the railroads for new business In the
afternoon the market became weak positive
statements that Russia was offering wheat more
freely and that Russian supply for export
much larger than expected. The breaking of the
drought in California brought large quantities
Of long wheat on the market and sent prices
down rapidly the end of the session. Liver
pool reported serious damage to the Argentine
wheat crop, but this had effect in staying the
liquidation and the market was weak to the close.
May reacted to 65ss@65s4c and closed at 65%c.
Corn was rather dull. The market early was
helped by the wheat strength and higher cables
AS in wheat the shortage Of for shipments
seriously interfered with cash trading and this
in turn depressed the speculative market Tie
late weakness Of wheat also had an unfavorable
effect, considerable corn bought early being put
back on the market Receipts were 352 cars
Clearances were small, coo bushels. May
ranged from 34AQS4sso to 3lalc and closed Ac
lower at s4Mc
There was not enough trade in oats TO make an
independent market and prices followed corn
Receipts were 241 cars. May ranged from 26A@
26asc to 26Ssc and closed hQAc lower at 26A@
262sc.
market opened weak and lower, due to another
heavy run of hogs, but good local and outside
support soon caused prices to score a good ad-
vance. Packers were liberal sellers throughout
and when the early demand had been satisfied
the market lost all it's strength and prices slowly
declined again. The close was rather heavy, May
pork being 21kc lower at $9.621a, May lard 2h@5e
lower at $5.37hQ5.4O and May ribs 21zQ5c lower at
$4.S2AG4.S5.
Estimated receipts for to-morrow-Wheat, 165
cars; corn. 45o cars; oats. 2e5 cars hogs, $1,000.
Leading futures ranged as follows: