The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-20
a WILD WHEAT MARKET
ANOTHER BIG JUMP At CHICAGO,
CLOSING BEING 4 1-2C HIGHER.
Liverpool Reported Advance EGuiya-
lent to &c on This Side, but a Sus-
picious Element Was at Work.

CHICAGO. Oct. 19.-After oscilliating be-
tween Saturdays closing price of 757sc to
79&c. the wheat market closed to-day at
718sc, or 11sc above Saturdays closing fig
ures. The unprecedented advance at Liver
pool was the cause of the strength. The
aggregate amount of business was some
thing enormous and was characterized by
wild excitement and frequent and violent
fluctuations. Corn and oats displayed con-
siderable strength for a time, but tiattened
badly later, each closing about sc lower.
| Provisions Jared equally as bad, losing
about 21ac in values.
Liverpool opened the ball for the Chicago
wheat market. Early cablegrarns from
there quoted wheat I'D per GENITAL higher
| than it had closed Saturday, the equiva-
lent of 6 cents per bushel. That was
enough to start everything on the jump,
but, strange to say, the s cents per bushel
rise at Liverpool was only responded to
by a Scent advance here to begin with.
In fact Minneapolis was the only home
market to come anywhere near being as
strong as the markets abroad. The alb
sence of shorts in the Chicago deal ac-
counted for the hesitating response to the
big jump at Liverpool. The average pro-
fessional Spectator looks for buyers to
unload on such a market as to-day's II he
happens to be long on wheat and as the
present spectators are almost entirely
composed OF that class, large numbers of
them had wheat for sale as soon as the
market opened. For all that, the start was
very wild, sales taking place Simultaneous
~ in different parts of the pit at 7Slac and
7912c and at every fractional &c in between.
Notwithstanding the immense quantities
for sale at the opening there We're buyers
enough to take care OF it for the time be-
ing and on a. subsequent reaction to 7S14c
q mother arNu6 nf h I1VprS req PhpG nrW2 r6
and sent the price climbing once more. 1t
only stopped when it reached 19Ac. From
the latter price there was again a gradual
decline and 1t got down 10 't24c by ABOUT
1915 o'clock. The pit was kept in q per-
feet boil by the statistical news, but after
every violent decline there was a more evil
dent reaction and the trend of the market
was upward until the receipt of the worlds
visible supply figures. They showed an in
cause of the decline to TAG. That was the
turning point. The fact of India having
shipped $4,000 bushels of wheat to Europe
last night caused considerable comment in
connection with the fact of so much buy
and rather shook the confidence of trad
crs in their belief OF a total failure or the
wheat crop of that country. The worlds
shipments to Europe appeared to be about
$500. coo bushels, or about one million BUSH
els less than on the week before. The eS-
ti1nated weekly requirements of Europe FOR
the present season are seven million BUSH
els. So it is evident that depleted stocks
there are being gradually replenished.
northwest ISSSlDlS = cAIIeIIIC1A a u.
though showing a falling off both from
last week and last year. Minneapolis and
Duluth reported receipts of 1.6i2 cars of
wheat. compared with LOO cars a week
ago and 1.S77 on the corresponding day of
the year before. After the break to T!Ac
the price worked up again to 19c, but that
was its expiring Jump; 1t was again
dropped before the close to 17isc with 11asc
bid as the closing price of the market.
The Liverpool market for corn was al
most as excited as it was for wheat. First
quotations from there We're at an advance
Of liz per Genital. That and the Wild rise
in wheat gave corn here an advance of
!sc to 1850 per bushel at the first jump.
The highest price Of the day was made
right then and 1t got to the lowest edge
OF the days range about the close. Realiz-
ing was INDUCED in on an extremely large
scale and when wheat showed signs of
about 11sc higher. at from 3012c to 30%c,
touched Sic. then declined to 293sc, clos
ing easy at 29l2c.
Oats followed wheat and corn. The early
disposition to sell, prices being held high
err by a fairly good demand. But when
cotton and wheat reacted oats did likewise
and to Il greater degree than expected,
closing figures being slightly under Satur-
days close. May opened about &c higher.
at 221au223lc, sold to 23c, declined to 2l&c
and closed at 22kc.
Hog products opened firmer and higher,
but during the early part of the session
weakened materially. The opening strength
was due to sympathy with the grain mar
advance was shortlived. Heavy realizing
and selling by packers soon started prices
on the down grade. closing about the low
est OF the day. January pork closed 215c
changed at 4.55c; January ribs. .2212c low
er. timat receipts on> Tuesday-Wheat,
3l2 cars; corn, LOO; oats, 49, cars; hogs,
%. 900 head.
T eading futures RANGED n c follows.