The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-16
WHEAT, CORN and OATS UP
Orouth Reports sad Covering By
Shorts l'rlucipal Cause.
ne AvYENGAGEMEN1s FOR EXPORT.
Northwest Receipts Were Liberal,
but the Hot winds IN the
Southwest Overcame Them.

Chicago. October Kit was day Of &C.
ton and reaction In wheat. and the bulls
had the better OF II, A feature OF the
days news was the renewal Of drouth re-
ports, which. coming 90 late in the sea-
son, had no small influence in the closing
strength Covering by shorts caused an
advance OF about NC IN corn and oats.
Provisions were dull.
Wheat opened Arm. December starting
at 9ss@so5s. a. compared with yesterdays
closing prices Of se,k@9oss. with buyers
decidedly In the urajoriay. Liverpool OPEN
ed at declines OF only haT%c. New York
renorted export engagements there yes-
terday had aggregated 10000 bushels and
outrorts had reached 24s0oo bushels which
was rather unexpected, as yesterdays re-
ports indicated falling OF from tho phe-
nomenal figures OF the day before
Drouth damage reports. especially from
Kansas. were once more In evidence. Hot
wjrds were reported throughout the
Southwest. accompanied by dust storms.
preventing seediug. These reports served
to keep the market firm during the early
moridng on a narrow amount OF trading,
and the market within a half hour from
the opening had advanced TO gin for De-
censber
The Northwestern receipts were liberal
l072 nrs, against 11e6 the corresponding
day last week and sSS last year. Chicago
receipts were ls2 cars. A prominent North
western ns1lling man was reported as say"
ing that he did not believe there was
enough wheat left In the Northwest TO
keen the mills running the remainder or
the year. 1t is estimated that Duluth
stocks during the current week have In
creased 10000 bushels and Minneapolis
l.0o1.00o. This Increase of about 2.VoWO
bushels at Northwestern points Is expect
ed to be largely offset by good decreases
here and at the scaboard.
Extreme dizziness prevailed In wheat
during the greater part of the forenoon.
In this fnterim the trade became quite
bearsh. beirg largely Influenced by nb-
sence of general buying on the part OF the
pubic. directly before noon there was
sharp and sudden break. December drop.
ped from Sotaayoss--to which price It had
gradually decl5ned-to 9Ois. The rurllor
was current that the Northwestern Miiler,
which issued particularly buliish sum
mary of the situation last week. lad
greatly modified Its views since the recent
rams. This was given as one of the rea-
sons of the sudden slump. When the report
came out It's purport was as buhsh as a
week ago and the reaction WAS sharp. De-
ceinber was bringing M%U9i1g at the close.
Corn started at Mussc decline, because
Of the decline In Liverpool and large local
receipts-90o cars. The weakness was ex.
tremely. short avcd. as the large shorts
began buying freely and it was evident
that the market had been largely oversold
during yesterdays decline. large amount
OF changing contracts TO May was done
during the day. Shorts were active bid
ders all day and the market was firm TO
the end. December ranged from n to 26l.
and closed t4c higher at 255A y
Inc market for oats In It's essential
features was very similar to corn. 1t
started weak. through sympathy with
that market, but buying by shorts and the
| firmress of the cash market turned the
market IN the opposite direction and kept
y that way. Cash business amounted 10
100000 bushels December ranged from
iSs4NlSs to iSA. closing Au9sc higher at
| lSssIlS%. ~,
Continued good buying by brokers rep
| resentlng English houses made a strong
provision market early and was a feature
| throughout. Outside of this buying there
was little OF interest to the market. Hog
| receipts were less than expected and yard
! prices higher Thvre was a little Decem-
Der selling by local packers. At the close
December pork was 12lac higher at 18TH,
December lard &c HIGHER at 4.S2ta. and De.
cember ribs about SC higher at 4.60.
| Estimated receipts tomorrow--Wheat 200
| 001 head ~
INC leading futures ranged as follows: