The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-20
BIG RUN OF BULL NEWS
CHICAGO WHEAT ONLY SLIGHTLY
AFFECTED AND ROSE 3-sC.
Foreign Prices Failed to Sag After
Thursdays Decline Here, and
Shorts Became Alarmed.

CHICAGO, Nov. 19.-There was enough
bullish news in wheat to-day to have adj
vanced the price &c per blu, but the close
showed gains of only &c for December and
5sQ%c for May. Top prices were made on
the announcement of French purchases of
100000 bu of wheat off coast at London.
Corn was slow and closed 1sc lower for De-
cember, but unchanged for MAY. There
was an irregular market in oats December
declining 5sc, and May was unchanged.
Prov isions declined about PIC
Wheat got a good start for higher prices
at the opening by the strong tone of the
foreign market. Liverpool, instead of de-
clining in sympathy with the loss of 7kc per
blu here yesterday, opened I'd higher. Paris
was also reported strong and higher. An
other matter of foreign origin gave encour-
agement to the bulls. Liverpool Corn Trade
News telegraphed that crop estimates from
the Russian minister fully confirmed previ-
GUS bad reports. The minister gave the
wheat crop as 100000 blu below last year
in Russia proper. This was somewhat
spoiled by another report, which gave the
shortage at ten million bushels for the whole
empire The heaviness of the Northwest
receipts also had a tendency to keep the
market back. The latter, in fact, was the
only strongly bearish feature of the days
trading. Opening prices for May ranged
from 9O15c to 905sc, with sale or two at
9OssQ901ac. Under the influence of the
strong cables the price soon got up to 91c
but it sagged again. and all morning hung
around 90Ac. Receipts to-day, at the two
big Northwest receiving centers, numbered,
LIS cars, against S21 week ago and 991
the corresponding day of the year before.
IL was expected that Minneapolis and Du-
luth stocks of wheat would show an in
crease for the week of about 1000 900 bu
but dispatches from there estimate an in
crease at only half that At Duluth an in
crease OF 100000 bu was expected, and Min
neapoliS stocks an increase of from $780,
600 to 100000 blu. Chicago receipts were 81
cars, against 112 last year. Another bearish
Item or news was that a cargo of American
wheat had been reshipped at Buenos Ayres
because Argentina expected to have plenty
of her own. Primary Western receipts were
large again. $4,000 bu, compared with
er by from I'D to 13sd than it closed the
day before. The reason given forl such an
unexpectedly heavy advance was that L.
100000 bu of wheat destined for ports of
call off coast in the United Kingdom have
been ordered to France. Even with this as
an INCENTIVE, the price of May went up very
unwillingly. 1t finally advanced to 91ssc,
but when the Modern Miller report was re-
ceived, declaring the wheat area up to the
average, and promising an increase, the
price went off again in a hurry. May was
selling at 9OAQ9O7sc at the close.
(OIu WAS uull, the 6XSFllOn OF the preVl-
Gus two days having apparently taken all
the life out of traders. Business consisted
chiefly of changing from December to May
at 3asQ312c spread. The market was fairly
steady, helped by the early firmness of
wheat and oats and the moderate receipts
294 cars. Seaboard clearances were S57, 900
blu. Gables were 1s@Ad higher. May ranged
from 304301sc to 29s4c, and closed unchanged
at 29s4@297sc.
The crowd in oats was large all day, and
a nervous feeling existed throughout the
session. At the opening, and for time
after, there was heavy buying by the people
who were prominent on the buying side.
Later they turned and sold heavily of De-
cember, and the spread, which had mar
rowed to 3sc, widened to 1c. The switch
ing was so continuous that traders became
somewhat beWildered. The heavy selling on
December, however, resulted in &c decline
in that option. Cash demand continued
urgent, and sales of 100000 blu were reported
Receipts were 301 cars. May ranged from
229s@ 22s4c to 22AQ22ssc, closing unchanged
at 224sc.
Provisions were again very dull. The
market was barely steady, with the range
of prices less than sc in everything. Hog
receipts overran estimates, which may ac-
count for the easy feeling. Packers were
fair buyers around the opening, but after
that there were more sellers than bidders
AT the close January pork was 2l2c lower,
at $S271a; January lard 2lac lower, at $780,
and January ribs 21Ac lower at $4.25
Estimated Receipts for Saturday-Wheat
105 cars; corn, 800 cars; oats, 300 cars; hogs
900 head
o.,