The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-21
MARKET STILL RISING
WHEAT FLUCTUATED OVER also
AT CHICAGO YESTERDAY.
Recovered the CONGRATULATIONS
Closed at Low Figures.

CHICAGO. Oct. 0.-Afte ruling easy and
lower nearly all day, wheat suddenly de-
veloped strength and advanced SIC from
the low point, closing 1c higher than yes
terday's close. The rally was started on
New York sales of wheat to Spain. All
the other markets were dull ard inclined
to weakness, corn closing &c lower, oats
unchanged and provisions 21aG10c lower.
Enough of the strength of Yesterdays
curb was carried over to-day to cause an
opening advance in the price of December
wheat of from Bc to Rc. This in spite of
the bearishness of the early news, but the
slight Improvement was of short duration.
The first transactions in December wheat
were from 77Tc to 771ac, but before II
O'Clock 1T had declined to 7712c. The change in
speculative sentiment at Liverpool was the
main cause of weakness which developed
there, but not the only reason. The pub
lie and private Liverpool cables received
before the opening did not agree as to the
decline in that market. Private cables
showed a decline of from 11ad to Cd. The
crowd appeared to believe this report to be
the correct one, albeit the worst, and sold
wheat literally on it. Later cables con-
firmed their good judgment. The North
western receipts were again oppressively
heavy. Minneapolis and Duluth reported
1,55l cars, compared with 1,433 on the SIM
liar day a week before and 1,436 on the cor
responding day of the previous year. The
Chicago receipts were 277 cars, but with
drawals from store were only 0,0O0 bu.
The export c~learances from the Atlantic
seaports amounted In wheat and flour to
339, 600 blu. Liverpool advised a continuance
of the demand for wheat for India, and
corn and oats were wanted also for the
same destination. The market looked dur
ing the forenoon as if headed for a long
bear turn. How deceptive are the appear
ances put on by the action of the pit trad
ing was mplided during the latter half
of the session, when from being very weak
the market turned round and became ex-
~ceedingiy strong. During the forenoon it
worked gradually down, until after numer-
Gus Vlclss1tudes and quick reactions, it
struck 1880. for an Instant. That was the
turning point, and after 1t had gradually
worked its way up again to around 761ac it
performed one of those bullish feats of
legerdemain which it has been practicing
for the last two months. New York re-
ported the sale of 300,O 900 blu OF wheat to
Spain. This appeared to open up a new
field for the disposal of American wheat,
hours time an advance of 31sc took place.
the price of December shooting up to 78slc.
scalpers We're slow to realize what a good
scalping risk such a quick advance was.
but when they did. they let wheat go in
chunks for about five minutes and in that
time it dropped &c to 77Ac: That proved to
be only the middle of its little closing turn,
however, for in another five minutes it
was. up again to 7S14c, and 1850 was the
closing price. Only a few of the light
ming change artists among the scalpers
got anything out of the short bear turn.
Corn opened heavy, Trough practically
unchanged. depressed by lower cables. AS
long as wheat was willing it kept with If
on the down grade. AS soon as the latter
began to pick Itself up, however. near the
close, corn rose with a great deal of en-
ergy, and got back to about the opening
price. May started at 2919c. declined to
2SRG289sc, and closed easy at 29Hc.
oats, While active to a degree. did not
attract any special attention. The market
was nervous and unsettled. following the
actlon OF corn, but it received better sup
port than that cereal and showed more
trength. During the first part of the day
the feeling was easy and prices declined
Inc market advanced and closed a shade
hlgher than yesterdays final ouotations
after q second drop. May opened IN,
hanged at about 221sc. %fiuctuated between
Zlz2022i4c. and closed steady at 221sc.
provisions showed very little activity.
me opening was easy and at slightly
lower prices on somewhat free packers, az
fer1ngs.. The market firmed I'D moderately
on buying orders, then declined again in
absence of support. Near the close nearly
all or the loss was recovered. Januarv
pork closed 10c lower at S7.97B; .Janrary
lsrd, .021ac lower at 4.571ac; January ribs
.05c lower at 3.95c. 4D9'
stimate receipts for Wednesday
Wheat, Sl2 cars: corn, $40 cars; oats. ia
Leading futures ranged as foIIors.