The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-19
NEWS FAVORED BEARS
BULLS IN WHEAT CAUGHT IN
AWAREs, But NOT BADLY HURT.
Prices Closed Almost Unchanged,
with the Market Tending Lower
Coarse Grain and Provisions Firm.

| CHICAGO. Nov. 1s.-News affecting wheat to-
| day heavily against the bulls, but bears
| apparently too timid under existing local condi-
] tions to press the advantage and the result
! a fairly steady market Closing prices show SUBJ
| stantially change from yesterday. Corn, oats
and provisions ruled firm and closed at a shade
| better prices.
A rather weak tone shown by wheat at the
/ opening. Holders of wheat could find very little
encouraging news Reports from Liverpool
| ceived before the opening here showed sold de-
cline. Receipts at Minneapolis and Duluth footed
up 1,525 cars, compared with 1,S4O last week and
| LIPS year ago Argentine crop reports
very favorable and cutting expected to be
| general in northern provinces by Dec. 10. Some
| seaboard houses reported a fair demand, but
! others reported inquiry whatever. Mark Lane
wheat showed decline of Cd quarter since
| Wednesday. The smallness of the opening de-
cline in the face of this somewhat surprising.
| December started A@%c lower at 664c and May
1s614c lower at 655s665Ac The selling pressure
not very heavy and a moderate buying de-
mand, mostly from professionals, caused prices
| to advance slowly May getting up to &c and
December to 663sq6615c. For two hours after
ward the market was dull and in the main fairly
steady. Reports from New York that twenty-six
loads had been sold for shipment to Italy and that
| there demand for the United Kingdom
deferred snort Sellng chicago received 1oS cars,
| twenty OF contract grade. Primary receipts were
close to 1900 900 bushels, or about $50 900 more
| than year ago. Atlantic port cearances of
| wheat and flour amounted to $40 900 blu. An in
crease of about 1000 coo bushels in the visible
was looked for. The market became quite firm
for time after IL o'clock. Orders from the out
side either to buy or sell were few and far be-
| tween, but local traders rather inclined to
| favor the buying side especially regards De-
cember, and prices gradually worked up. Half an
| hour from the close December bringing 665sc
and May 66lsc. The strength was augmented by
reports from New York that seventy-five or
| eighty-fve boatloads had been taken for export.
But neither the New York Northwestern mar
kets were affected by this. The lack of local
cash demand, apparent all day, began to be appre
| ciated also and the bottom apparently dropped
out of the market, December declining to 66Ac
and May to 659sc The sudden break, however,
brought in plenty Of buyers and in the last few
minutes of trading prices advanced rapidly
as they had declined. May closed at 657sG66c and
| December at 6612@669sc.
Corn was fairly active. The market sold off
little at first the weak cables and in sympathy
with wheat but soon became steady and remained
so for the rest of the session. Local operators
were good buyers. Cash demand was fair, but the
business vas curtailed by higher vessel rates.
| Receipts 252 Country reports were
buIish, demand from feeders and distillers being
excellent. December was relatively stronger than
May. May ranged from 3314Q3S5sc to SS7sc and
| closed shade higher at 9S$c
Oats little higher, but not especially
| tive The firmness of corn helped oats. There
was a good shipping demand. Receipts 227
cars. Recent buyers were sellers in a small way
| to take profits May ranged from 25Ac to 2o5sc
| and closed a shade higher at 252sQ2512c.
The market for provisions, with the exception
| OF few minutes weakness around the opening
| due to sympathy with grain was firm, de-
cidedly dull. Operations confined almost
tirely to scalpers, packers doing very little and
| price fluctuations were narrow. Cash demand was
| fair and meat shipments large, which helped the
| speculative market. At the close January pork
was SC higher at s.. 49, January lard 2hc higher
| at $4.92h@4.95 and January ribs unchanged at
| $452k
Estimated receipts for to-morrow-Wheat 255
cars; corn, 217 cars oats, lis cars; hogs, 900.
Leading futures ranged follows: