The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-22
GRAIN PRICES SLUMPED
DISAPPEARANCE OF EUROPEAN WAR
SCARE EXPLAINS THE DROP.
Both Wheat and Corn scored Marked
DecTines-No Sustaining News
for Provisions.

CHICAGO. oct. 2i.-Though the disappearance
Of TIE European the ostensible
leading influence in wheat to-day, the action Of
the market here indicated that the trade had been
pretty well water-Iogged by the enormous quaint
tics sold during the last few days. Prices slumped
sharply the end. December wheat closed
1Isc lower Corn lost 1m1isc and oats declined
&c. Pork. lard and ribs each left off 1oc lower.
The disappearance Of the European rumors
and cable advces that the continental markets
were entirely indifferent to the excitement raised
yesterday caused a concession in the inflated
prices of wheat here at the opening. English
consols had also recovered yesterdays decline and
wheat at Liverpool declined 1k01Ad lower than
last night. With such an array Of conditions
fronting them. even the most radical bulls con-
sidered it prudent at least to wait for reaction
i'm prices. The fact that the Northwest receipts
amounted to 1190 carloads, as compared with $50
for the corresponding day last year, and total
primary markets were liberal, did not increase
the bull courage. Nevertheless the seaboard re-
ported export business early and had the total
up to seventy boatloads long before In
addition to that there sales here Of 100000
bushels of cash wheat at the lower level of prices
and the Northwest weather news was disauetng
on account Of the serious damage to the crop in
Manitoba Export clearings from the Atlantic
ports were equal to 52l 600 bushels and Chicago
receipts only amounted to- 237 cars. against 247
for the same day last week. Primary market
receipts were 1885 600 bu. against LOAF, GOO year
ago. and the trade counting increase
of 1880 600 bu for the week in the visible supply.
There was a good general trade and it under
Nnose conditions that December wheat, which
opened s4d1c lower at 67m6714c. ranged between
667sc and 6711c during the forenoon with the price
most of the time at 67Ac. AS the session neared
the close il was evident that the offerings of the
last two days more than the market could
absorb and December sold off to $3.50 and closed
at 66%c. May kept precisely 1c premium and
closed at. s7S4c
Better weather. lower cables and disappear
ance of the Nile incident counted against corn
at the start There was generous selling of long
corn by large interests and despite heavy covering
by the shorts there quite backset in prices.
Kansas city told of liberal acceptances of round
lots Of cash corn there by foreign buyers, but
that was ignored entirely and prices ham,
mered down and the market closed weak near the
bottom figure for the day. December opened Ia
sac lower at 32@S2ic declined to S1izc and closed
at Sl1z@31ssc.
oats weaker ed with the other grain markets
and in influential selling. both TO take profits and
for the short account May began 1sGAc lower at
24hm24ssc declined to 237sc, then rallied to 24c.
the closing figure.
Large receipts Of hogs everywhere. the weakness
in grain and liberal sales by English houses, es-
pecially of lard, unfavorably affected provisions.
Nevertheless the market absorbed the offerings
better than the case lin grain and the price
did not suffer SO badly. weak turn in the grain
market at the close sent the provision market
down to the lowest figure of the session. January
pork opened PFC down at 50 20. advanced to $3.50
then dropped to 80 22lz buyers, at the close. jan
uary lard began &c lower at s5.i2h, held steady at
that figure and finally declined to $5.071s at the
close January ribs started sc off at S4.S2,. and
sold off to s47719, buyers, at the close
Estimated receipts o-morrow-Wheat, 200 cars;
corn, 400 cars: oats, 100 cars; hogs, 600
Leading futures RANGED follows: