The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-22
THE GAME OF SEE-SAW
HOW 1T IS NOW BEING PLAYED IN
CHICAGO WHEAT MARKET.
Leading Cereal Loses a Fraction Near
the Close, Dragging Down other
Grain-PrOvisiOns Higher.

CHICAGO. Oct. 21.-Wheat to-day kept
I'd it's little game of see-saw which it has
been INDUCING in all week. the December
option closing at a 3sG1ac decline. 1t was
sc above yesterdays final prices for a time,
but liquidation and weakness which de-
veloped in October dragged the market
down. Corn followed wheat and closed NC
lower. Oats did likewise. Provisions were
independently strong and closed about 712c
higher all around.
Wheat maintained the firmness of tone
al the opening that characterized it at yes
terday's close It added from lac to 12c
per bushel 10 the previous days closing
price as soon as trading commenced, and
during the two following hours it refused
to sell substantially lower, notwithstand-
ing a good deal of profit-taking by the
smaller class of longs. Principal holders
apparently did not believe 92c to be the linn
it of the present advances and took but
little part in the selling. Conditions were
generally more favorable to holders. Ca
bies were all strong and higher Liverpool
showing an advance equal to lac per bushel
ard Paris was 5sc per bushel higher. The
denial of the statement attributed to the
Corn Trade News that the continent would
require So, 000,0 600 bushels less than hereto
fore calculated on also helped the price.
The Nebraska State crop report said the
winter wheat area would be reduced one
third by the drought. The only fly in the
ointment was the statement of the Price
Current that the recent rains had material
ly improved the winter wheat prospects.
Not much attention was paid to this, how
ever. Business during the morning was
more influenced by the fact that foreigners
We're buyers of wheat both covering of
-las,rf
New York wired TO that effect and that
was the case in Chicago also. December
opened at from 91aiQ92c, as compared with
yesterdays closing price of 9l12qyl3sc. 1t
sold at 915sQ9l%c, then turned and by IL
o'clock had advanced to 92Ac. Chicago re-
ceived 1913 cars against 325 estimated and
and Duluth reported S54 cars, against 7S1
last Thursday and 1,090 the corresponding
day of the previous year. Atlantic port
clearances We're 615,660 bushels for the last
week. The demand here from local millerS
for low grades of spring wheat caused
1c per bushel advance in the price of No.
spring. One lot of $1,000 bushels of No.
spring was sold to go East. The market
broke badly during the afternoon. october
became very weak on selling by elevator
people, and interest in December died out,
the crowd doing most of its trading in May.
Some of the buyers of the morning sold
out and there was a decline in December
to 91M91sc. There was practically no rally,
December closing at 91M9lAc asked.
Corn was firm early, partly with wheat,
partly on covering Dy SnOrIS, out mostly
on the greatly improved demand. there be-
ing an out inspection of $4,000 bushels.
Trading was only moderate, but prices were
we'll maintained until wheat turned down.
when corn showed it's sympathy with the
movement Offerings became quite free at
the decline and continued to the close. Re-
ceipts were 626 cars. Cables were H6D1ad
higher. December ranged from 261s026Ac
to 255s0254c and closed Ac lower, at 25slc
There was very quiet session in oats.
The market followed corn, being steady at
a Slight advance during the morning, but
moving off later. Cash department was
also quiet, very little fresh business being
reported. Receipts were 24S cars and sea-
board clearances 225,00O bushels. December
ranged from 1S12c to 18c, closing Ac lower
at 1Sc.
Provisions were firm and higher, closing
near the top prices of the day in spite of
weakness in grain. Better reports about
yellow fever had something to do with the
strength but the cash demand said to
be excellent from all points outside of
fever-afilicted districts in the South. A fea-
ture was the buying of lard and ribs by
Armour. AT the close December pork was
TIC higher at $7S71a; December lard 7l5c
higher, at 81 40, and December ribs TIC
higher, at $4.5712.
Estimated receipts for Friday-Wheat
1870 cars; corn, $40 cars; oats, 800 cars; hogs
$4,000 head.