The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-16
BETTER WHEAT PRICES
RENEWED TALK OF DROUGHT
SERVED TO sTIFFEN QUOTATIONS.
Small Advances Also Scored in Corn
and Oats, While Provisions Were
Firm and Higher.

CHICAGO, Oct. 15.-It was a day of ac-
ton and reaction in wheat, with the bulls
having the better of it in the end to the
extent of a 7sc advance. A feature of the
days news was the renewal of drought re-
ports which, coming so late in the session,
had no small influence in the closing
strength. Covering by shorts caused adj
vances of about 14c in corn and oats. Pro-
visions were dull, but firm and closed so
l21ac higher.
Wheat opened firm, December starting at
from 905sc to 907sc, as compared with yes
terday's closing price of 9O1aQ9O5sc,
with buyers decidedly in the major
ity Liverpool opened at declines of only
1sGAd. New York's report that the export
engagements there yesterday had aggre-
gated 10000 bushels and at outports had
reached 24S 600 bushels, was rath-
er unexpected, as yesterdays re-
ports indicated falling off from
the phenomenal figures Of the day
before. Drought damage reports, especially
from Kansas were once more in evidence.
Hot winds were reported throughout the
Southwest, accompanied by dust storms,
stopping seeding entirely. These reports
served to keep the market firm during the
early morning on a narrow amount of trad
ing and the market within an hour from
the opening had advanced to SIG for De-
cember. The Northwest receipts were lib
eral at 1912 cars, against 1126 the CORE
spending day last week and 9S3 last year
Chicago receipts were 1872 cars A prominent
Northwestern milling man was quoted as
saying that he did not believe there was
enough wheat left in the Northwest to
keep the mills running the remainder of
the year. 1t is estimated that Duluth stocks
during the current week have increased
20 1If~ I
bushels This increase Of 1000 600 at the
Northwest points is expected to be largely
olISet by good decreases here and at the
Seaboard and 1T is estimated that the Wis
lble supply increase for the week will not
exceed 10000, against 100000 bushels for
the corresponding week last year. Primary
market receipts for the day were l. 203 900
bushels, against $780, 600 bushels for the cor
responding day last year. Extreme dullness
prevailed IN wheat during the greater part
of the forenoon. This interim the trade be-
came quite bearish, being largely influenced
part OF the public. Directly before noon
there was a sharp and sudden break. De-
cenber cropping from S0l@@9O?sc to which
price it had gradually declined to 9O09Olsc
me rumor was current that the Modern
Miller, which issued a particularly bullish
summary of the situation last week had
greatly modified its views since the recent
rains This was given as one of the reasons
OF the sudden slump. When the report came
bullish as week ago and the reaction was
sharp and sudden. New York reported ex-
pOTC engagements OF ~ DOatIOadS, with
more working. The days clearings were
equal to $4,000 bushels. December was
bringing 9l3sQ9S1hc at the close.
Corn started weak and at a 1s0I3sc decline
because of the decline in Liverpool and the
large local receiptS-900 cars. The weakness
was extremely short lived, as the large
shorts began buying freely and it was evil
dent that the market had been largely over
sold during yesterdays decline large
amount of changing December contracts to
May was done during the day. Reports
were current of large cash sales at yes
terday's decline. Shorts were active bidders
all day and the market was firm to the
end. Cables were 15G1d lower. December
ranged from &c to 2614c and closed Ac high
er at 267sc.
The oats market in its essential features
was very similar to corn. 1t started weak
through sympathy with that market but
the cash market turned the market in the
opposite direction and kept it that way
Trading no time was heavy Receipts
were 30 cars. Cash business amounted TO
10000 bushels. December ranged from 1881
glSasc to lS4c, closing AQ3sc higher at 1888
Q1Sssc.
In provisions. continued good buying by
a strong 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. There was a little December
selling by local packers. At the close De-
cember pork was 1212c higher at $7S71%:
December lard, sc higher at ST. 3215 and De-
ce1nber ribs about &c higher at $4.60
Estimated receipts for Saturday: Wheat
zoo cars; corn, $40 cars; oats, 800 cars; hogs
5000 head.
Leading futures ranged as follows: