The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-29
WHEAT WAS BUOYANT
SURPRISING INCREASE OF 5-Sc at
Chicago Yesterday.
Decrease in worlds Visible Supply
the Observation-Disclosures Stron-
ger in Sympathy.

CHICAGO, Sept. 2s.-Wheat furnished a
big surprises to-day, December closing 13sc
higher after an early decline of &c.
The decrease in the worlds visible was
entirely unexpected and started wild buy
ing movement, resulting in the advance.
Corn closed sc higher. oats &c higher and
provisions from &c lower to &c higher.
The suggestion of the early news regard
ing wheat was that it would probably see
lower prices at the close to-day than on
Saturday. The action of the market during
the first few minutes of the session justified
such a conclusion, for December, which had
closed Saturday worth 661sc, opened this
morning at 65$sc to 653sc. The bearsh early
news was about as follows: Chicago re-
ceipts, 252 cars, compared with 161 year
ago; Minneapolis and Duluth receipts, 557
cars, against ,10S on Monday a week ago;
Black sea shipments for the week, $3.50 900
bushels, suggesting total of about $780,
900 having been put afioat for Europe
from all ports last week. and foreign mar
kets apparently quite ready to sympa thize
with any weakness that might crop up here.
Advices from the Northwest also continued
to report the probability Of increased farm
ers deliveries at the Atlantic ports. Clear
ances since Saturday were only equal in
flour and wheat together to 900 bushels.
But in spite of this there was steady, per-
sistent buying by professionals who sat-
isfied that prices have not yet recorded a
high-water mark. Under it the effect of the
bearish news was soon overcome, Decem-
Der gradually advancing to 665sc. Later in
the session the visible supply statement
provided a sensation and provided strong
enough market to dispose of good deal
of the wheat bought earlier in the day to
support it. 1t showed decrease of 94l, 600
bushels instead of an increase OF about
], 250, 900 expected and compared With an
increase a year ago OF l. 1855, 900 That set
tied the matter for the day so far as the
eXtnguiShment was concerned. A regular
flood of covering orders poured in, ana De-
short space of time. There was weak
spot later, December decliElny to $3.50, but
heavy short buying soon shot prices up
ward, December closing firm at 61a4c.
Corn was weak early account of the
heavy receipts and the cold dry weather in
the West, which was expected, would has
ten the time of the moving of new crops.
Later when wheat became Slrong the shorts
took fright and began to clutch rather ner-
considerable rise considering the bearish
exhibition of figures for the day. May
opened 1sc lower at 251sc, declined to 25c
and advanced to 253sc, closing firm at 253sc.
Oats were rather quiet The firmneSS
which was displayed was influenced entirely
through sympathy with wheat and corn.
Prices closed about &c better all round than
Saturdays final quotations. May opened Il
shade lower at 1916 and advanced to 19l2c,
closing steady at 192sQ191zc: -, on s,,n
piled with selling orders at the opening and
prices were lower for Il while in conse-
quence. All that was changed when wheat
became very strong. and that appeard the
sole reason for an advance which followed.
January pork closed &c lower at $40; jan
uary lard, .05c higher at 4.15c; January ribs,
unchanged at 3.o212M355c.
Estimated receipts Tuesday-Wheat, 295
cars; corn, LOCO cars; oats, go cars; hogs,
Leading futures ranged as follows: