The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-23
WHEAT CLOSED EXCITED
THE LEADING CEREAL AT CHICAGO
SCORED A sc ADVANCE.
Drought Reports and Heavy Foreign
Demand Inspired Tradfng-Oth-
er Grain and Pork Higher.

CHICAGO, Oct. 22.-Sensational advances
marked to-day's session in wheat, Deem
Der closing sc higher and May at Sa3ssc adj
vance The advance, which was attended
by the heaviest trading in several weeks.
was caused principally by the huge export
engagements. Sensational reports as to the
drought condition east of the Mississippi
cut no small figure in the advance. Corn
was also active, and advanced 1d1Ac.
helped by wheat and good shipping de-
mand. Oats advanced s4c and provisions
closed 21ac higher for lard to 1712c higher
for pork
Wheat traders were surprised at the
opening at the frmness in Liverpool, that
market showing a 15Q5sd advance when
trading opened here, Notwithstanding yes
terdays weakness The result of the unex-
pected strength abroad was a firm opening
here and a further immediate advance, that
put prices within a small fraction of yes
terday's highest figure. December, which
closed yesterday at 911sc started at 91A@
91Bc and advanced to 921sc, while May,
which was perhaps the more active of the
two futures, opened ssc higher at 903sc and
advanced to Gle Buying orders for May
wheat from the United Kingdom were in
the hands of several commission houses
at Chicago at the opening. and their exc
cution in the pit caused a further lessening
of the premium at which December is SELL
ing over May. What are styled in the
provision trade here the English houses had
good share of those buying or
ders for May wheat. Very early in the
session New York wired that twenty-five
boatloads had been taken for export, and
claims were made a little later in the day
that 100000 blu had been sold Strong ca
bes were not the only factor in the early
strength. Reports from the winter-wheat
districts east of the Mississippi showed
decidedly gloomy, not to say sensational,
state of affairs on account of the drought.
The falling off in the domestic receipts also
attracted attention Chicago got IA cars,
against 244 a year ago Minneapolis and
Duluth reported $50 carloads, compared
with 1O72 a week ago and 1927 the CORE
spending day of the year before. The to-
tai receipts of Western primary markets
were 100000 blu, against 1,131 coo bu a year
ago. Later in the session there was brief
period of reaction. There was some disap-
pontment at the comparative weakness in
the Paris market, the consequence be-
ing that December which had mean
While advanced to $3.50, declined to 921sC,
while May eaSed off from $3.50 to 911sc. The
reaction lasted only few minutes, and was
succeeded by brisker demand than at any
period of the day. Although it could not
be ascertained with any degree of accu-
racy whether the sales of wheat made at
New York for export were 100000 bu, as
claimed, or only forty boatloads (32OOOO bu),
according to other reports, 1t was not doubt
ed by any that the export demand was
good and fortified with that conviction, all
the old local bulls took a hand in buying.
About fifteen minutes from the end of the
session the market began spinning around
in an excited whirl that caught up Decem-
Der to 94kc and May 20 $3.50, and these
were the closing figures.
Corn was active and strong. Some or the
heaviest shorts We're the most conspicuous
buyers. The shipping inquiry was again
good. which was one reason for shorts be-
ing anxious to cover, and the extraordinary
strength of wheat did the rest Clearances
We're $4,000 bu. Receipts were posted at
$40 cars. Gables were 1sMssd higher. De
cember ranged from 26$4Q267s to 25s4c.
closing at the top figures, an advance of
1G11kc.
Oats were firm and higher. The advance
was in sympathy with wheat and corn and
Also had a good deal to do with helping
the price. The export demand was good,
about 800 900 bu being sold here for that
purpose. Receipts were 215 cars. December
ranged from 1881 d1S7sc to 1S1sc and closed
&c higher at 1S%@1S7sc
In provisions reports that frost had oc-
Cured in the yellow fever district last night
helped to make strong market. The
strength of wheat and corn was, of course,
a feature. Offerings were very light and
close December pork was 1712c higher at $S
December lard 21s@5c higher at $4.42hQ445
and December ribs TIC higher at Sac.
Estimated receipts for Saturday-Wheat
$50 cars; corn 575 cars; oats, 230 cars; hogs,
1900 head.
90 dino Futures ranged as follows.