The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-11
BETTER WHEAT PRICES
SMART BULGE IN LONDON STARTED
CHICAGO SHORTS COVERING.
The May Future Closed at an Advance
of 2c-Other Grain Firmer hut
Provisions Fell OF.

CHICAGO, Nov. 10.-Every trace of the
weakness that has prevailed in the wheat
market lately disappeared to-day. Strong
cables and reports of serious damage by
frost in Argentine caused a very substan-
tial opening advance which was added to
later by the large export ENGAGEMENTS
May closing at &c advance Corn was
firm and sake higher. Oats advanced &c
but provisions dragged and closed at small
declines.
Wheat started with bulge of 1ss61%c for
May. opening trades in that option ranging
from 901ac to 907sc and somewhat excited
demand existed at those figures. The cause
vas the wholly unexpected jump at Liver
pool, where advances of from 11hd to 21bd
per blu were recorded before trading COM
menced here. This, it was soon explained
was due to a Buenos Ayres dispatch to the
London Times, stating that the wheat and
flax crops Of Argentine had been severely
injured by frost. Great efforts were made
to discredit the frost news, but 1t was too
we'll authenticated to be disbelieved. The
only possible uncertainty connected with
the matter was as to the extent of the
damage, and it gave a scare to short sell
ers. The opening advance, of course at
tracted selling orders from people who con-
sidered the rise too sharp and sudden to be
maintained. Such selling kept the price
from getting higher than 1t opened for
about an hour, but all the efforts of the
heavier shorts who refused to buy on the
bulge, but dare do nothing to help depress
1T except in the way of taking it down,
could not accomplish more than &c re-
action from the highest point of the open
ing range. The market sold down very
gradually to 90Ac, then back and forth be-
tween that price and 90%c, but by noon was
news was bearish, chiefly in connection with
domestic receipts. Chicago had 104 cars in
spected into store, against forty a year ago.
Minneapolis and Duluth got 1870 cars
The acceptances from abroad of wheat Of
fered by cable yesterday and the day before
resulted in the largest sales effected any
similar previous time this season. That
came to the strengthening of the market at
such times as the belittling of the Argentine
news was having some effect. Before the
day was done 1t was reported that 125 boat
leads Q,000000 bu) had been sold for ex-
port. The market ruled strong near the
erd, May closing at 907sq91c.
Corn was very firm, particularly so for
December, but trade at no time was very
active. The market was helped principally
by the upturn in wheat. Gables were up
-1s01d. Receipts were light, being 239 cars.
There was quite free realizing following
the opening. advances, and the market
eased off little under it. The close, how
ever, wac strong at substantially top prices.
Shorts led the buying May ranged from
S0ssc to Boise, closing ar 3O7sc.
Oats were unusually active. The opening
was strong, following wheat and corn, and
good buying by commission houses adj
vanced prices &c. The advance was some
what curtailed by persistent selling on the
bulge. Cash business continued urgent Re-
ceipts were 217 cars. Seaboard clearances
amounted to 1872 0O0 blu. May ranged from
221sc to 21Bc and closed at 22c.
Provisions were disappointment.
scarcely maintaining themselves in spite of
the wheat strength and the practical ending
of the yellow fever scare. Prices at the
opening were slightly higher but this was
soon lost. Dizziness and scattered liquida-
ton were the features Yard prices were
weak and lower. At the close January pork
was 2ia05c lower at SS35MS.S715; January
lard shade lower at $27laQ430 and jan
uary ribs 21ac lower at 1885,
Estimated receipts for Thursday-Wheat,
III cars; corn, 4S5 cars; oats, 800 cars; hogs,
38 COO head.
Taadiper f1t1Iroc rancad fO11nvUc