The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-23
WHEAT RATHER WILD
AFTER WIDE FLUCTUATIONS THE
CLOSE WAS 3-SC HIGHER.
Favorable Crop Weather I'm India
Broke the Liverpool Market for a
Time-Other Markets Strong.

CHICAGO. Nov. 2L-Rain i'm India unset
tied the wheat market. 1t went higher.
lower and higher again in rapid fiuctuation
like an engine without balance wheel
but in the end prices were about sc above
the point they closed at yesterday. Corn
and oats also made a little advance, did
also pork, lard and ribs
A sudden jump of &C per bu in the price
of wheat during the course of the first ten
minutes trading was great surprise Two
items of the early news were SO distinctly
bearish that an immediate heavy decline
would have seemed perfectly natural and
the crowd would have approved. Instead
of that December which closed yesterday
at 7512Q761sc, did not sell lower at the
opening than 75hc, and in ten minutes
thereafter was up TO 76Ac. A dispatch from
Bombay said that a good rain had fallen
there ard throughout the Deccan. and that
prices of grain were rapidly falling. Fur
ther details of the rain in India from ALA
habad describe the widespread area sue
cored by the rainfall and the prospect of it's
continuance and further extension. The
effect of that news on the Liverpool wheat
market was TO cause a decline of I'd per
Genital, or about 212c per bu, below the clos
ing price of the day before. Even with
these depressing features before them, trad
ers bought freely John Cudahy was a
good buyer, and as his trading always COM
mandS more or less of following the
buying was sufficiently heavy 10 cause the
advance. But the offerings grew the
price improved Both the Northwest and
foreigners were. heavy sellers, and in the
next nour and a hall the price of December
had dropped to i4sc. But there 1t rested.
The expectation OF decrease in the Wis
ible being shown on Monday TO have taken
place this week, with likelihood of a
steady decrease for the remainder of the
crop year, raade the traders pause In their
selling when December had got down to
that point. 1t gradually recovered again
until 1t once more reached a point asc high
er than yesterdays closing price, or l5sc,
where it closed. The excellent New York
bank statement was also lnfuentlal In
the closing strength.
Corn was fairly active, keeping within a
narrow range until near the close, when IL
sold up and closed 12c better tnan the close
yesterday. The acton of wheat was the
controlling influence. May opened a shade
lower at 2o3sc sold between 263sc and &c,
closing STEADY at 2osu2ic.
Offerings or oats were light, and quiet
session was passed. The market displayed
a firm tone and prices closed 1sQAc higher
than they did yesterday, mainly In SYM
| patty with wheat May opened unchanged
at 2l12c, and sold up to Zl44c, where Ii
| closed Na
Only a moderate business was done In
| provisions. The opening was at a slight
| advance on the better prices prevailing al
| the yards and much larger receipts OF hogs.
| Good support was given throughout and
prices closed at near the top ngures. jan
| uary pork closed l5c higher, at e. a5 Janu-
| airy lard, .05c higher at 3.y5c; January ribs,
.0l12c higher, at 3.7112c.
| IS cars; corn, $40 cars; oats, 20 cars; hogs,
| 80 900 head. III PEI