The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-01
A SCRAMBLE BY SHORTS
HELPED MAINTAIN A STIFF WHEAT
MARKET AT CHICAGO.
Enormous Atlantic Port Clearances
Responsible for Starting
the Advance.

CHICAGO, Nov. 3O-Wheat rallied sharp
" to-day on the enormous days clearances
and closed steady at an advance of 12@%c
for May December was apparently held
down and showed only 1zc advance at the
close Weak cables and larger visible in
crease were bearish factors Other markets
were dull but firm at the close Corn was
unchanged oats 1saAc higher and pro-
visions about 21Ac higher.
Wheat started heavy and was on the
down grade for an hour and half. May.
which closed yesterday at 9012QSOssc,
opened to-day at 9OssQ9OlAc.
Enough buying was started at the slight
decline to advance the price temporarily to
9Oa4c, but it soon got down again to 9OAc.
December was even weaker, opening Ac
lower at 95s4c, selling at 96c, then declin-
ing to 95Ac. Weakness at Liverpool with
an opening decline of 5sd, was perhaps the
main reason for the decline. Northwestern
receipts, while heavy, and, compared with
those on the corresponding day of the year
before enormously so, yet compared with
movements a week ago were considerably
smaller and indicative of the commence
ment of their permanent radical decrease.
against 1905 last week, and S16 the year
before. Chicago receipts were 274 against
only s. cars last year The export clear
ances from Atlantic ports proved so con-
spicuously heavy that they drove out OF
mind the bearish features that had been
the guiding motives on the decline and
caused a speedy reversal of the previous
course of prices. The days exports of
wheat were 49,, 400 bushels and of -four Sl99
barrels, the total being equal to lbs 900
bushels, breaking all previous records for
one days exports from the Atlantic sea-
board, it was said. Quite a scramble by
shorts took place after the posting of these
figures, which resulted in sending the price
of May up to 91AQ91Ac and December to
96Ac The advance was well maintained I'M
til BradStreet reported that the worlds WIS.,
ible had increased 5000 900 bushels last
week, 100000 bushels of which increase
it in and afioat for Europe That Temporal
lily shook the f1rmness, and the price or
May receded to 905sc. The shorts had,
however been so severely jOlted by the rise
to 91K691Ac that they were rendered timid
by this time, and it took only a show or
buying to rush the price once more to 9l1sc.
The primary market receipts were three
times heavier than on the corresponding
day of the year before, the total amount
ing to 1103 900 bushels to-day. against only
3S3 900 bushels a year ago, but the bulk or
Duluth. The contract stock at Chicago in
creased $4,000 bushels for the week, max
ing the total 600 bushels. The market
toward the close was quet, but firm, May
winding up at 91sc. December, however,
was not quite so bouyant, closing at 95$4c.
Corn took it's cue from wheat, starting
weak and declining as long as wheat did,
and when the latter market changed from
weakness to strength, corn did the same.
The days movement of corn favored hold
ers, but this fact was disregarded until
wheat rallied. The principal part of the
days trading was changing December deals
over to May, though there was some liqui-
datiOn of December without any repurchaS-
ing of May. Price changes were very mar
row. Receipts were GAL coo bushels, much
below estimates. Atlantic clearanceS were
$4,000 bushels. May ranged from $3.50 29Ac
to 29c and closed unchanged at 291sc
There was very little to the oats market
except changing at 115T1$4c spread. Longs
sold December and there was moderate
commission house buying OF May whlch
made that delivery relatively firmer than
the nearer one The action of wheat had
some influence. Receipts were posted at 567
cars. Seaboard clearances were 783,OOO bush
els May ranged from 221sc TO 2ltsc, closing
BQAc higher at 221sc.
With the exception of a short time after
the opening provisions were firm. Heavy
receipts of hogs here and at Western points
caused some hesitation early. John Cudahy
was good buyer through brokers, pre-
sumably covering short lines and this buy
ing was responsible for the slight advances
in January products which marked the
close. December products were easier, re-
Sulting i'll slight widening of the spread.
At the close January pork was 212c higher
at $500 January lard was a shade higher
at $4.2212@425 and January ribs 212c higher
at $4.20.
Estimated receipts for Wednesday,
Wheat, 126 cars; corn SO2 cars; oats, AS
cars: hogs. 10000 head.
Leading futures ranged as follows: