The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-25
WHEAT CLOSED AT CSC
BULLISH SENTIMENT EVAILED
DURING MOST OF THE DAY.
in Other Chicago Cereals-Pro-
visions Scored Declines.

CHICAGO, Oct 23.-The bull sentiment
which prevailed in wheat at the close last
night was apparent to-day and, despite the
efforts of the bears the cereal was strong
throughout the session, showing an advance
of 1sc for May and 7sc for December. Corn
was easier and held in place by strength
of wheat. To-day's closing showed prices
about unchanged Oats followed corn and
price changes were of no consequence. Pro-
visions were weak. Pork was off 15c, lard
71aQ10c and ribs 21aG71ac.
The revelation through yesterdays adj
vance in wheat owing to the amount of
builish feeling underlying the market,
ignited a good deal of smoldering senti
ment of similar character that appeared
to have existed throughout the country.
The market felt the effect of that at the
opening to-day. Commission houses had all
the buying orders they could manage for
half an hour, and selling was confined
chiefly to the people who had good profits
in longs which they were willing to accept.
Elevator people also had a little wheat to
sell, presumably against purchases of cash
wheat in the country; at least, that was
supposed by the traders in the pit to be the
basis of sales by Armour & Co., and the
Weare Commission Company. of about 1OO,-
600 each. That had no influence, however,
al the time, for the sales referred to were
made at from Ole to 941sc for December de-
livery and the price rose Immediately after
to 945sc, or &c above the closing and high
est price of the day before. Liverpool was
up lad above yesterdays closing prices be-
cause of the more material gain here. The
exports from both coasts this week amount
ed to 5,552,000 bushels. being no more than
had been foreshadowed by the daily clear
ances, showing but the immense proportion
of the European shortage this country is
being called on to make good The domestic
receipts are diminishing while the exports
keep on apace. The Chicago receipts were
139 cars, of which ID were contract Inc
receipts a year ago were 1873 cars. Mime
apolis and Duluth got 971 cars, against 1,l76
the preceding Saturday. Argentine shipped
no wheat this week, against 5000 bushels
year ago. The days clearanceS from At
lantic ports were $4,000 bushels, wheat and
flour together. The December future was
the stronger to-day. The advance referred
to above when December rose to 949sc, was
followed by a reaction to $3.50, but 1t quick
ly recovered again to 94c, and later, or the
receipt of the Paris quotations showing an
advance equal to 31sc per buShel Tor tie
January-April term, the early bullishness
revived, December rising to Soc and May
to 93$c at the close. 49,,
wheat, and after selling shade higher
early the market turned easier, and the de-
cline carried prices &c below the close yes
terday AS the session advanced however,
the market developed a steadier tone, and at
the close values were about unchanged from
yesterday. Car-lot receipts were not as large
as anticipated 533 cars being inspected In,
and the out inspection was moderate, at
273 500 bu The local movement made The
receipts 355,700 bu and shipments 523SSO bu,
which indicates a vast Improvement IN the
shipping demand December opened at from
267sc to 26$4c and the higher of these were
the best figures of the day. The lowest and
closing price was 269sc.
Elevator concerns were good sellers or
oats but outside of the business done by
them trading was OF no consequence. The
greater part of the trading was centered in
May and was greatly in the way of profit
taking by those who bought yesterday De-
cember opened at 1874 01S7sc, touched 1890
dropped off to 1850 and closed at 1S5s0lSAc
May ranged from 2112c to 2l1sc, and was o.
fered at 21%c at the close.
Hog products had a sharp reaction from
the advance of yesterday on active SelllnG
by the local crowd, and from the fact that
there was little or no support prices met
with little resistance on their downward
course Larger receipts of hogs than ex-
pected and the lack of outside support were
the factors which encouraged the selling.
December pork opened at $7.97l@ to IS, and
sold off to $7S5. December lard started at
S442la and declined steadily to A.35m4 371a
December ribs ranged from $45719Q4.6O down
to $4.571a.
Estimated receipts for Monday-Wheat,
1876 cars; corn, 455 cars; oats, 24O cars; hogs,
AZ 900 head.
- 49, f,,+,,ra- o,,o.ad folYorvc.