The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-30
WHEAT AGAIN HIGHER
STRENGTH IN FOREIGN MARK EFT
CAUSED AN ADVANCE OF 1 1-SC.
Rapid Fluctuations, the Leading Ce.
real at One Time Touching 13 lie
Pork Unchanged.

CHICAGO, Oct. 29-The exceeding great
strength of the foreign wheat markets at
their opening to-day and again as they
were closing caused advance in wheat
of about 1kc per bu. The gain at one
time 21ac per bu, but money in New
York, which was frightened to the very
verge of stranguation caused the reaction.
Corn. oats and provisions were dull with
out material change in value
The bdllish whirl which wheat expert
enced yesterday afternoon was the mere
raising of the dust by the preliminary
gusts of wind which precede a hurricane.
The 2Ac rise of the previous day was in
creased in the course of the first fifteen
minutes to-day by the addition Of another
2Ac. December, which closed on the day
before at 70$4G707sc. sold as high as 73c
in the time named. The rush of the buy
ers at the start was such that sellers easily
secured from 71ssc to re at the first brush
in the pit, and many got at least sc above
the lower of those two prices In ten min
utes the price had risen to 73c, and
after reacting to 72lac, it rose to 73Ac.
From the latter point there was a more
serious decline than the first The sudden
bulge led to some suspicion that the hand
of the manipulation was on the lever which
controlled the movement. But there Were
other considerations which had much in
fiuence. The Liverpool cable was higher.
There were private cablegramS confirm
ing the bad crop situation in India and
Australia and noting additional sales of
cargoeS to go TO those countries. New
York wired that foreigners were active
buyers there at the opening and that the
exporting houses which had large accept
buying freely. But the pace got too hot.
Realizing started, and the accumulated
bearish news, which had been lost sight of
in the general hlIrrah hogan TO have its eff
feet. Minneapolis and Duluth received
1221 carloads of wheat. compared with l.
go Thursday last and 1,136 cars year ago.
That kind of movement repeated from day
to day is rather unsettling to the small
The &c ohef Sad ror
nothing In common with the Northwestern
movement. 1t was tight money in New
York that did it. Reports from there in
quick succession quoted call money 10 per
cent Is per cent, 20 and SO per cent.
bid. and wheat was offered Tor sale In
rate for money in New York the strength
such that buying again became gen
eral. and another jump to 721sc resulted.
return of the money scare seized the
ton to 17sc took place. The latest trad
ing at that figure
Business in corn very quiet, the ac-
tVity of wheat absorbing the interest OF
traders. The advance in wheat and firm
cables were helping influences, but liberal
vance. May ranged from 2S4a2s9sc to
2S5sc opening about &c higher at 2S146
2Sasc and closed easy at 2eAG2Sasc.
Cots were quiet. with prices firm
early, but reacted later and closed with
a slight loss at the close. Fluctuations
were confined to a narrow range and in
fuenced entirely through sympathy with
wheat and corn May opened a shade
higher, at 215sc, ranged between 21Ac and
2lssc and closed steady at 211ac.
Provisions were dull within a narrow
range The continued large hog re-
ceipts again exercised a depressing in
f1uence and caused slight decline soon
after the opening This was recovered
later in sympathy with the advance in
wheat January pork closed unchanged at
81 30. January lard Csc lower at 4.45c; jan
uary ribs .O5c lower at 3.S212c.
Estimated receipts for F'riday--Wheat,
165 cars; corn, $50 cars; oats. 800 cars; hogs,
$4,000 head. t~f --"
T % liinor futures ranged as follows: