The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-17
BEARS PUT TO FLIGHT
Chicago Wheat Market Captured
by Bulls Towards the Close.
Prices Went Off 3-4c to lie at the Open
ing, but Rallied and Advanced
7-8c to 1 1-4c-Corn Higher.

CHICAGO, Oct ia complete change Of
feeling in the wheat pit late in the session
was the feature of trade to-day. Dispatches
reported thirty boatloads worked for ex-
port at New York. The absence of any
thing like liquidation after an early extraor-
binary rush of selling caused the shorts
to become good buyers. A great lot Of
wheat was recovered. 1t was a bull market
the last hour and the final quotations were
1sQAc over Saturdays close. Corn was well
bought at somewhat lower prices at the
start and closed with a net gain of sc.
Provisions are about unchanged.
Wheat, at the opening, was weak, and
prices a441c lower, advanced about sc
above opening figures, then ruled easy again
and prices declined &c, f1uctuated some
and then advanced 1AQ13sc, held quite
steady, and the closing was Bc higher for
December and &c higher for May than the
closing figures of Saturday. For a while
the feeling was very unsettled. 1t was
claimed that about five million bushels of
long wheat was closed out. The trade
started in with a panicky feeling on weak
and lower cables, prospect of an increased
visible supply of wheat and the very heavy
Northwestern arrivals On the curb, previ-
Gus to the opening this morning, Partridge
lent his influence to depress prices, and he
was a liberal seller at the opening of the
regular market. The heavy long line of
wheat held for Wall street seems to have
been principally in the minds eye of some
people but Schwartz, Dupee & Co, Bald
win, Farnum, Milmine, Bodman d Co., Nor
ton burlington, +. j. Logan & Co., and
other prominent houses with close New
York connections, were good buyers. In
addition came the announcement that Chi
cago stocks decreased nearly 100000 for the
week. The lakes came in with decrease
of $4,000 bushels. Eight primary wheat
points had 100000 bushels for the day, but
this was light compared with 1,S1,0OO BUSH
els on the same day year ago. When the
visible stocks were all in, the increase was
under 1900, 600 instead of the predicted 1000
600 and but little more than half the Ssh
600 increase "a year ago.
Corn at first was rather easy in SYM
pathy with the weakness in other mar
kets, and prices ruled 3sQ13c lower. AT the
decline there was quite a good generai oe
mand, a portion of which was credited TO
the short interest in the Southwest. This,
in conjunction with the small increase in
. the visible, impaired little more strength,
session gradually advanced 7sg1ac and the
appreciation was fairly well supported to
the close.
The oats market was held up principally
by the firmness of corn and was fairly act
i've. Holders did not seem anxious TO sell
and shorts were covering to some ex-
tent. Prices had 1bc range and closed 80
Ac higher than Saturday.
Provisions were dull. Prices fell off lit
tie as a result of the slump In wheat, but
reacted later, following the rally in that
cereal.
Freights were dull, with fair offering of
vessel room at &c for wheat and 1$4c for
corn to Buffalo. The estimated receipts for
tomorrow are: Wheat, 600 cars; corn, 1850
cars; oats, $50 cars; hogs, 1000 head. The
leading futures ranged as follows: