The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-14
LIVELY WHEAT MARKET
FRESH DEMAND RESULTED IN HIGH
Err CHICAGO PRICES.
All of Tuesdays Loss Won Back and
the Strength Extended to other
Grain and Provisions.

CHICAGO, Oct. 13.-Wheat to-day re-
gained almost precisely what it lost yester-
day, December closing at an advance of
1isc. Large sales of wheat for export and
a revision by well-known English author
ity of the surprising visible increase figures
given out by Bradstreet yesterday were the
principal stimulating Influences Corn was
very weak at the outset and the strength
of wheat only served to drag the market
back to yesterdays figures. Oats closed 1sc
higher and provisions under good support
advanced 215Q1212c.
News affecting the wheat market was
about evenly divided at the opening Liver
pool cables were slightly lower at the out
set. There was also London Times cable
saying that rains had practically assured
the Argentine harvest and that $1,000, 900
bushels would be exported from the crop.
December, which closed yesterday at 90Ac
opened to-day at 90AQ90ssc There was
quite influential selling for time influ-
enced mostly by the breaking of the Argen-
tine drought and slow decline to S924c re-
suited. BY II o'clock, however the COM
plexion Of the market had changed. Presi-
dent Hill, of the Great Northern road, es-
timated that his line would not have over
10000, 600 bushels of wheat to carry this year
whereas 60,C00000 bushels had been figured
on. The estimate was based on harvesting
returns, which were very poor in some To-
calities. Northwest receipts were moder-
ate. Minneapolis and Duluth reported 962
cars, against 1,003 last year and S6l year
ago. Chicago receipts were 1913 cars. 1t de-
veloped as the day advanced that the local
crowd had sold too much wheat. An at
tempt on the part of brokers for some OF
the local shorts to cover brought OUT the
fact that offerings were very scanty. This
put the trade in very good condition to re-
cceive the report of export engagements a 6Se at
New York and outports of 100000 bushels.
One of the most bullish items to-day was
the Beerbohm estimate that the worlds
available supply had only increased $780,
000 bushels during last week. This was
100000 bushels less than Bradstreet had
figured it. A New York exporting hrm re-
ported that it had bought over 100000 bush
els of wheat in the last thirty days. OF
fetal clOsingS at Liverpool, Antwerp and
Paris were lower, but 1t was reported later
that the curb market in Paris was up "A
showed more strength and activity than 1t
has shown for some time. December wheat
by l o'clock had advanced to 9l12c and 1t
was bringing 1850 at the close.
Corn started very weak. The A41sd de-
cline at Liverpool coupled with the fact
that there are now nearly 23,0OOOO0 bushels
in public and private houses here caused
liquidation which was heavy at times
Shorts covered freely when wheat turned
strong, but the incubus of the enormous
local stocks made the market so soggy that
only a slight rally resulted. Clearances
were light, 900 bushels, and receipts We're
$50 cars. Cash demand was uDsatlsfactory
December ranged from csc to 2l7sc, closing
unchanged at 277sc.
oats were firm at the opening, but the de-
cline in corn caused a disposition to sell
and values deprecated considerably. There
was an excellent export demand and TINS
with the wheat advance caused rally TO
the best point of the day; RECEIPTS were
1853 cars Charters reported for 100000 bush
els. December ranged from 1Slsc to lSAc
closing &c higher at 1870 go
ID. rs-f,, tow tad
q 5610c lower hog market at the yards.
There. was, a continuation early Of the re- re-
grain markets began going up the whole
temper of the market changed; The Eng s
lish houses began to reinstate properly re-
Gently sold and there was good buying by
professionals Prices were at the heb highest hes
121bc higher at $77215, December lard 21sc
higher at S4.25 and December ribs TIC high
Estimated receipts for Thursday-Wheat,
1856 cars; corn, $50; oats, $50; hogs, zS'OOo
head.
r iodine. f,1t1,rac ranoad q follows: