The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-27
WHEAT CLIQUE FOOLED
EXPECTED DECLINE NOT FORTH
COMING. AND SHORTS BOUGHT.
Chicago Elevator Fire Helped the Adj
vance-Corn Market Dull and
Provisions Higher.

CHICAGO. Oct. 26-After a number of
nervous fluctuations over a considerable
range the price of December wheat closed
to-day with an advance of 1c. The burn
ing of two big local elevators had consid-
cradle influence in maintaining prices to-
ward the close. Other markets were ex-
tremely dull but steady, corn advancing
1Ec; oats about the same and provisions
214M5c.
Wheat was decidedly nervous throughout
the session, and spectators were evidently
at sea as to whether it was better to buy
or sell wheat. Weak foreign markets and
heavy Northwestern receipts favored lower
prices; the sensational decline of last week
of nearly lie per bushel suggested a cuff
ficient reason to expect recovery of part
of that at least. Each of those factors
alternated in their influence over a range
of about &c per bushel during the first two
hours of the session. The first trades in
December We're over a simultaneous range
in different parts of the pit of from $3.50
to 70Hc as compared with Saturdays clos
ing price of 69s4c. Shorts Immediately
manifested a desire to cover, and their
efforts the price up rapidly to 711sc.
Second cables from Liverpool quoted Ad
decline in addition to I'D lower prices
quoted at the start. This created i've
minute stampede, resulting in decline to
69A. In d minute after the latter quotation
was current the price was back to 691sc,
from all OF which it can be seen how I'M
settled We're the ideas of the ,specuiators.
Saturday wheat in Chicago declined SAC
per bushel, and it was expected that Liver
pool would show corresponding decline,
but it did nothing of the sort. 1t opened
I'D higher for futures. Later in the day,
however, the closing quotations from there
revealed a slightly easier feeling. Cont
mental markets were rather weaker than
the English. Minneapolis and Duluth re-
ported receipts of ,s3e carloads against
he or
responding day of last year. The domestic
visible supply increased 2,aT, o oo bushels ,
els the similar week last year.
A fire in the Pacific elevators, which was
said to have destroyed over !, 1000 bushels
of wheat, lent its aid to the bulls in the
last hour of the session. and had turned
sentiment so strongly in their favor as to
about ten minutes from the close after
many decided fluctuations between the linn
price for December was 70a7os4 Q7O7sc.
1t was the duhest day in the corn pit
that has been seen there for a month AL
though dull the market was by no means
weak. The firmness of cables was of sub
stantial benefit, as was also the. strength
opened at 2o1ac, or &c higher than it closed
Saturday. 1t sold at 2oSsc, and as high,
near the end. as 2S1hq2S9sc as the last
Oats were quiet. but firm undertone was
manifested, prices being almost entirely
and there was but little disposition to buy.
May opened at about 1sc higher at 211A@
213sc, sold at 212sc, advanced to 21Ac, and
was offered at 215sc at the close.
Provisions were as DUH as the corn mar
ket and about par with the latter in
the matter of their frmness. The market
showed some firmness early and advanced
somewhat, but most of this was lost later.
The closing was steady at a slight adj
vance. January pork closed 21ac higher at
$780, January lard. csc higher at 4521ac;
January ribs, .021ac higher at 390c.
Estimated receipts for Tuesday-Wh
3l5 cars; corn, 1000; oats $50; hogs, $4,000
head