The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-07
MARKETS CLOSED WEAK
WHEAT WENT OFF ON THE BIG M
CREASE IN WORLDS SUPPLY.
Coarse Grain Influenced by the Down
ward Observation-Disclosures Scored
Declines in All Lines.

CHICAGO, Dec. 6-Large receipts. a big in
crease of worlds stock of wheat and flour and
lack OF speculation the features in wheat
to-day. Compared with last night, prices show
a decline Of sc In May and Adssc in December.
with sc in corn, 14Q9sc in oats and 21sq7lzc in
provisions.
For two hours after the opening in wheat 1t
looked as If speculation in that commodity had
been abandoned. The range Of prices during that
time was scarcely more than lsc and trades OF
any kind very few and far between. There
absolutely outside interest, a little knot
Of local spectators doing all the little scalping
business that was transacted. The opening was
steady at &c over yesterdays closing price, May
starting at 66G66lsc, and there the price remained
until the close. In spite of the dullness the
market during the morning showed no indications
Of weakness. Gables showed a little advance at
Liverpool due, it was said, to reports OF crop
damage in Argentine on account OF unfavorable
weather. The increase in the visible was only
5000 bushels, about half Of what had been
expected. Both Northwest and local receipts were
heavy. Minneapolis and Duluth reported 1851
cars. compared with 2.O41 last week and 7S4 year
grade. Primary receipts were more than double
last year, being 2 200 600 bushels Worlds visible
increased 4,021, go bushels Worlds shipments for
last week, officially reported, were 9,S43. 900
bushels of which India contributed SS4 600 bu.
Broomhall sent reports of drought damage in
that country. One feature of trading the
liquidation in December which started rather
late, but which was heavy enough to put the dis
count to about cent under May. The closing
out of December holdings had some effect on
May trading late in the session, increasing the
slight selling pressure enough to a slight
decline from the price that had prevailed almost
unchanged from the start. There moderate
cash business here and the seaboard reported
about thirty-five loads taken for export. May de-
clined to 6594Q651so and closed heavy at that
price. An increase in worlds stocks of wheat
and flour for November OF 25 WV, 900 bushels was
factor the close.
Corn dull. but the lack of interest was not
so pronounced in wheat The market as a
whole weak, influenced by the cold weather,
the increasing receipts and lower cables. Another
factor was the appearance of new corn in local
receipts and break Of cent in No. 3. The
market weakest toward the close, when
wheat and oats were both declining Receipts
were 465 cars. May ranged from SS7sc to $3.50
5412c and closed CSC lower at 33%Q34c.
Oats decidedly weak. There was a good
deal of liquidation by prominent holders increas-
ing receipts apparently shaking the confidence of
bulls in higher prices. There were large buy
ers but small ones were numerous enough to take
most OF the offerings. The small export move
ment, ,O0O bushels, last week attracted atten-
ton. Receipts 523 cars. May ranged from
2574 Q257so to 26Ac and closed AQ%c lower at
25%@257sc.
Provisions though rather quiet, were firm most
Of the day at a slight advance. There wax good
general demand and as packers did not come into
the market to any great extent quotations ruled
somewhat higher. Late in the session, however,
the weakness in all the grain markets affected
provisions and prices slid off, the market being
heavy at the close. May pork closed TIC lower
at $3.50, May lard 211Q5c lower at S. 27kQ59 30 and
May ribs &c lower at $477k.
No estimated receipts wheat, corn and oats.
Estimated receipts for Wednesday--Hogs, $4,000
Leading futures ranged as follows.