The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-30
CLOSE TO THE DOLLAR
CHICAGO WHEAT MAKES A QUICK
JUMP, AND THEN FALLS BACK.
shorts Covered Freely and There Was
ceipts--Pr0visiOns Fall on.

CHICAGO, Oct. 29.-Had there been any
demand for spot wheat to-day it is probable
that the speculative market would have
reached 81 again. AS it was December sold
up to 9S1sc, but had declined to 96s4c at the
close, or &c under yesterdays price. Shorts
covered very freely during the morning Re-
ports of poor crop prospects abroad and
light receipts were influential in the early
firmness. Corn followed wheat and closed
1s0Lc lower. Oats We're independently
strong, and showed a NC advance at the
close. Provisions scuffered from general
selling and declined 7lzQ1Oc for ribes to soc
for pork.
There was little hesitation at the OPEN
ing in wheat on account of the weakness at
Paris as shown by the early cables. Wheat
was quoted 10 confines lower and flour 200
20 confines lower. Outside of that news
was all in favor of higher prices. The re-
suit was that December, which left off yes
terday at 97Ac started to-day at from 97Ac
to 973sc, was advanced to 9S1ac in the first
half hours trading. Liverpool was Id higher
to begin with and advanced I'D more dur
ing the day, the latter rise doubtless be-
cause of the additional advance here this
forenoon. The weather throughout the win
ter wheat country was still suffering from
drought and reports were quite unanimous
as to the i'll effects of the dry weather. The
domestic receipts at Chicago and in the
Northwest were again much heavier. Chi
cago got 140 cars, against lat last year. Inc
number of cars of contract grade in to-day
inspection was sixteen and of these SIX
were from local cleaning houses. The guam
tity withdrawn from store was 2l2OOO pu;
MINNEAPOLIS and Duluth together received
S73 cars, against Lie a year ago: Dulutn
alone, on the corresponding day or 1880, got
61S cars; to-day Duluth receipts were oniy
100 cars. New York reported liberal accept
ances of cable offers made to the continent
last night and 100000 blu were reported nav
ing been bought for shipments TO France
early in the session Clearances from AL
lantic ports, including some flour from New
Orleans amounted to 520,OO0 bu. AFTER the
advance to 9S1hc the market commenced 10
decline. Holders took profits to CONSIDER
able extent and the market yielded 10 the
pressure of such sales. The decline wl ted
brought out short sellers and the Market
gradually grew very weak The snort sell
ers were encouraged by working on an
other 100000 blu Duluth wheat for Shipment
to Chicago and by the fact that offerings
of No. Kansas hard continue to De presse9
from Kansas City in practically nnlnr .,ueu
prices laid down here; Good accounts 90, Oh
winter wheat in the fields from Kentucky
and Nebraska. likewise, aided IN creatLl,s
the weakness that developed in the after
noon December dropped in a very irregular
way to 965sc and closed at 96%c.
Corn ruled high early in sympathy WIN
wheat on the small receipts of $50 cars ana
on the strong cash position. Shorts COW
cred freely and there was fair investment
buying. When wheat commenced to weak
en- general realizing occurred several good
sized long lines being liquidated and all the
early advance was lost and a small frac-
ton besides There was considerable cnang-
ing DONE buying of May and selling OF o Le-
cember, the spread at times being 59 Sc
Cables were I'D higher. Clearances, I oe,V
blu. December ranged from 2Ic TO zo12c,
closing 3-16c lower at 2619c.
Oats were firm right up to the close, not
withstanding the break in the other gram
markets A feature was the buying OF
prominent commission house firm Its Dur
chascs amounting to about MI on busnels:
The bulge in the price was the result OF
this The market sagged somewhat late IN
the session following wheat and corn CaSm a
market continued strong. RecelpIs were ~
cars. December ranged from 1850 TO 1913
6719c and closed &c higher at 1870.
A fairly good business was done IN pro-
visions but the feeling was weak PACKERS
were credited with selling freely ana stop
loss orders assisted materially in weakening
the market. Heavy hog receipts ana a
probable continuance of the same next week
was a weakening factor. At the close De-
cember pork was 30c lower at STATE; De-
cember lard 10fI12i@c lower at $4l212 anu
December ribs 71b010c lower at SAC.
Estimated Receipts for Saturday-Wheat.
40 cars; corn, 400 cars; oats, 22o cars; nogs,
% 600 head.
T IfT1tV