The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-14
WHEAT STILL RISING
DECEMBER III TOUCHED
30 1-sC AT CHICAGO YESTERDAY.
All Foreign News Indicates Large
Demand for American Crop-rro-
vision Some Lower.

CHICAGO, Oct. 13.-Wheat to-day sold to
the best price Of the year. December touch
ing 07sc at one time. To the surprising
strength Shown by the Liverpool market
was due most OF the advance. Heavy real
izing created a reaction later. but the De-
cember option scored a 11sc advance on the
day. Corn and oats both shared in the pre-
vailinG prosperity and advanced sc each.
Provisions were the only commodities to de-
cline, pork, lard and ribs showing reduc-
tons Of 2l2Gg5c.
Wheat started with a jump of about lac
per bushel, but to the disgust of many of
the bulls who had sold their long wheat
yesterday. The sudden advance was prin-
cipaIly because of the strength with which
the Liverpool market had started. Both
wheat and corn in Liverpool opened at Id
advance on yesterdays closing prices. This
rise indicated independent reasons for high
er prices, which was partially explained by
a cablegram saying it was due to specula-
ton. To the news of yesterday, too, was
due part of the strength. With an ac-
knowledged shrinkage in our own crop of
nearly $4,000, Goo bushels from last year, an
admitted shrinkage in Russia of 57,00o,-
coo and over 20, 0C0,C coo in Argentine.
with the news of disaster to the wheat
crops of India and Australia, there is no
longer room for reasonable doubt that
America will be called on for larger con-
tributions than usual to the worlds supply,
with the ability to respond less than usual.
The range of prices at the opening was a
wide one. December sold at from 70$sc to
70Bc delivery, sparingly at the extremes,
but heavily at from iGasc to wac. me CLOS
ing price yesterday was 69lsc. The figures
given marked almost the entire range OF
the forenoon's tiuctuation, the only excep-
ton being u dip to 104c as the cuininatlng
point of a gradual reaction which set IN
after the opening splurse, but sat was fol-
lowed by a second rise to 70Hsc before II
O'clock. The principal bearish factor was
again the heaviness of the domestic re-
ceipts. Chicago got 347 cars and Minneap-
oils and Duluth together 1,433 cars, against
1853 a week ago ana 1,446 on the correspond
ing day of the year before. Bradstreets
visible supply statement showed an increase
in the worlds stocks of 6,3GS,OO0 bushels.
This was heavier than expected and caused
a temporary slight depression in the mar
ket. The effect OF that was aispelied by
the strength of the closing cables, and en-
couraged by that strength there were piena
of December had numerous fluctuations be-
tween 10ssc and 704c, and finally rested at
selling Of some g., 0U0 bushels taken some
days ago for export created a slightly
easier feeling at the close,
Corn got a good send Off from the
strength of the Liverpool market, which
opened Id higher than it closed yesterday;
The first few minutes of the session showed
a rise of lc in the price of May, but sellers
became too numerous for such a consider
1DIc anu SUuuSu adNdlCe u IOld. lie dd-
vance in lake freights also helped to arrest
the advance. The under current, however,
was bullish all day. May opened irregular
and about 3sc higher, at from 2S14c to 289sc,
advanced to 2S7sc and declined to 2S12c.
where it closed. u
Oats opened firm, grew very strong and
advanced considerably in prices. For a
time the strength was held, but when wheat
reacted oats did likewise. but only slightly,
and the market closed with but d portion of
the advance lost. Demand was very good,
shorts especially being active buyers. May
nnann6 about .6n hiODpFLD mt t1oSm 91ISr. 2d-
vanced to 215sc and closed steady at 21c:
Provisions opened with a strong bullish
feeling due to the stronger hog market and
the firmness developed in grain, and prices
advanced rapidly. But enormous offerings
by packers and English houses caused a de-
cided reaction, and the close was at slightly
lower prices. January pork closed sc lower,
at 50. 10; January lard .t5c lower. at 4.61l2c;
January ribs .o2lac lower at 4.0712c.
Estimated receipts for Wednesday
Wheat. 270 cars; corn, $50 cars; oats, $50
cars; hogs, "a, coo head.
Leading futures ranged as follows: