The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-24
WHEAT RECEIVERS 2 SIC
STRONG CABLES ENCOURAGE THE
BULLS TO STOCK Up AGAIN.
Firn,ness Extended to the Markets
for Other Grain. Corn Advancing
a Cent-Pork Is Higher.

CHICAGO, Oct. 23.-Wheat to-day recov-
cred from the panicky condition which
characterized it yesterday. and closed with
the very comfortable advance of 25sc. I'm
expectedly strong cables and evidences that
the money market was easing were the
main causes of the strength. Corn and
oats were proportionately strong, closing 1c
up and sc higher, respectively. Provisions
advanced 5Q121ac.
Wheat opened at quite a material adj
vance from the closing figures of yester-
day. This was no surprise to many of the
experienced spectators who expected a
natural reaction after such an unnatural
decline as one trader put it. The tone of
the early cables did not show the weak
ness that was anticipated. Liverpool re-
ported a decline of 11zd per GENITAL. or the
equivalent of 1%c per blu for futures of red
American wheat at the opening and short
ly afterward cablegrams of a later time of
day reported d recovery of more than one
half Of the decline it began with. This
caused the early strength. December, which
at the end of Tuesdays session was bring
ing only 7012c, was wanted as soon as the
trading commenced at from 12c to 72Ssc.
These prices satisfied the first batch of
buyers. But enough selling orders were put
on the market to cause an immediate re-
action to 711ac. The early advices from
New York were strong. That city reported
that last nights cabled offers of wheat and
flour to the other side had been largely in
excess of orders to sell. AS these reports
came in there was a sharp upturn to prices,
Fluctuations of this kind were frequent all
day. The discount on spot wheat at Min
neapolis compared with the price for De-
cember had again widened TO 4c per bu IN
dicating continued Stringency in the money
market. In the local market. however. No.
8 spring sold at safe discount. against so
Toe Yesterday and ted some easing of
the money stringency. Atlantic port clear
ances of wheat were very small, or rather
Flour. however, was shipped to the extent
of 1852 barrels, making the wheat and
was a sharp. nervous squirt during. the last
fifteen minutes on late higher cables and
reported export business, and December
sold to 731ac. TIL closing was firm at 731sc:
Corn shared in the strength which. ruled
in wheat and was also helped by the some
what higher cables. When the upward
trend became apparent there was a disposi-
ton on the part of shorts to cover and this
demand was d strengthening factor. The
export demand was also encouragingly
liberal, but the full advance was not sus-
tanned. May corn opened re higher; at 2Sc;
s sIoae6 up er to 2 y ssisa sss selit' Tell TO zS'sc ana
Oats were firm and higher and a good
business was transacted. While the action
of wheat was mainly responsible for the
strength there was considerable indepen-
dence to the market. The opening strength
was a surprise to SPECTATORS, and shorts
soon started buying. The strength was well
maintained to the end. May opened about
Ac higher at 21asc, advanced to &c. eased
off to 211zc and closed steady at 217c.-
The provision market was firm and not
having a weak wheat market to contend
with as it had yesterday the prices ad-
vanced. There was also a noticeable abb
sence of offerings. but on the other hand
demand was limited and a narrow range of
prices resulted. AT the close January pork
was 1212c higher at s7.s712; january lard
.05c higher at 4. 45c; January ribs Csc higher
at 3.S21ac.
Ectinootad receints nm Sat,,rda v-Nbeat
$50 cars; corn, $50 cars; oats, $40 cars; hogs,
q. 600 head.