The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-27
WHEAT MARKET DOWN
FOREIGN DEPRESSION CAUSES FUR
THEIR CHICAGO DECLINES.
Futures Have a Setback Amounting
to L 1-Sc-CrOp Damage Stories
an Aid to Corn.

CHICAGO, Oct. 26.-Depression in foreign
wheat markets to-day and liberal domestic
receipts caused heavy liquidation here.
Prices experienced a severe setback. Decem-
Der closed 11sc lower. Corn is unchanged.
Oats advanced 1sc. Pork and lard are I'M
changed. Ribs declined 21zc.
The early Liverpool cables showed that
the wheat market there had gone TO smash,
as December had lost equal to Sac a bushel
since yesterdays close. Paris was also
lower while British consols were strong
at an advance of 11-16d, which of them
selves told the story of the Improvement
in the disturbed situation abroad. The
opening price of wheat here was from $4c
to 1c bushel lower for December than yes
terday's closing quotations. Traders had a
lurking apprehension that the foreign calm
might be only the precursor of another
storm. When later in the session a further
advance in consols was announced and there
was an addition of Id to the opening heavy
decline in wheat at Liverpool the feeling
here became more pronouncedly bearish,
and prices of wheat dropped through the
barrier of puts that had previously been
stopping the way. Domestic receipts were
liberal in the aggregate. although Chicago
got only ninety-one cars, against 160 eX-
pected. Minneapolis and Duluth received
| 9l6 carloads, compared with 766 the corre-
spending day year ago. The total pri-
mary Western market receipts amounted to
1,5S7,OOO bushels, against 100000 bushels the
corresponding day last year. Atlantic port
clearances of wheat and flour We're equal to
sol 900 bushels. The market ruled heavy
the greater part of the session, but had
numerous slight reactions, due to taking
profits by shorts. New York reported some
acceptances of last nights offers from this
side, Notwithstanding the depression in the
foreign markets. Prices rallied in the last
ten minutes, due largely to prudential pur-
chases by shorts. VINO had profited. Various
other reasons were assigned, such as the
taking of some wheat in New York for
Russian shipment. December opened %@1c
lower. at 6714Q67lac, improved to S79sc, de-
clined to 66isQ669sc, then rallied to 67hQ
67i4c, the closing figure.
The weather considerations developed a
decidedly firm undertone in corn. The
severe storms throughout the West re-
stricted the interior movement, and every
where receipts were light. only TAT cars be-
ing inspected here. Continued wet weather
also gave rise to q great deal of talk of
further damage to the crop by rotting. This
caused great buying for the investment ac-
count by prominent professionals, and, as
the offerings were limited, prices were
forced up. "A good cash business also helped
to maintain better prices, but the market
finally yielded to the weakness in wheat
and the advance was nearly all lost. De-
cember began 44c lower, at S1%qS2c, adj
vanced to 32AQ323sc, then reacted to 32sQ
S21Ac sellers, the closing price.
Oats acted Independently, prices ruling
higher on light offerings and scattered buy
ing by the crowd generally. There was a
soft spot early. but at no time was there
any appreciate decline. Receipts were 126
cars. May opened 1sQAc lower, at 241sV
z414c, advanced to 2412uz4ssc and closed at
z4ssM2412c.
PROVISIONS were barely steady, suffering
a very small decline in view OF grain weak
ness and lack of speculation. January pork
opened 212c lower, at $40, rose to Sy.I5, de-
cIined to S9.O112, then rose to SSlz12 buyers,
the closing price. The fluctuations were of
the narrowest kind in lard and ribs.
ESTIMATED receipts for Thursday-Wheat,
1S5 cars; corn, go cars; oats, 172 cars; hogs,
81, 900 head.
Leading futures ranged as follows: