The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-07
BETTER PRICES RULED
WEAK OPENING GAVE WAY LATER
TO STRENGTH IN WHEAT.
Advances Not Large in Any Market,
but a Better Undertone De-
teeted-Pork Higher.

CHICAGO, Oct. 6.--Wheat to-day firmed
up late in the session and closed at shade
advance over yesterdays final figures.
Heavy seaboard engagements and higher ca
bles brought about the rally. Corn was
heavy on liberal receipts and lack of ship
ping demand, and declined &c. Oats eased
off a split fraction. Provisions were firm
and closed 56121ac higher.
Opening prices for wheat showed a slight
decline from yesterday. December starting
at 62ss@6211c. Though the early news was
somewhat bullish in tone, it was evident
that shorts had pretty well covered their
lines yesterday, for the market showed no
responsiveness, and, on the contrary, showed
weakness for some time after the opening.
In half an hour December had been sold
down to 621sQ621ac under rather general free
selling Liverpool was sd higher. North
west receipts were considerably smaller than
of late, Minneapolis and Duluth reporting
arrivals Of S64 cars, compared with 1,190 last
week and 1,G46 year ago. New York re-
ported foreigners good bidders for spring
wheat for shipment. Encouragement was
given sellers by the Ohio state crop report
which made the total 100000 bushels larger
than the government report made it last
month. Minneapolis also contributed to the
early weakness by reporting an increase of
3,493 COO bushels in country stocks for Sep
TENDER. The first selling furry over, the
market became excessively dull and prices
kept within narrow range for some time.
though a gradual Improvement in tone was
noticeable. Up to II o'clock, however, De-
cember did not advance much above 63asc,
but during the afternoon buyers became
more numerous. Outside markets were all
stronger than this, Minneapolis and Duluth
being especially strong for cash wheat
Foreign markets also showed strength, Paris
reporting ten confines advance and Buda-
Pesth 5sc. The strength of foreign markets
was attributed in part to the dry weather
prevailing in England and on the continent.
The seabOard reported an active foreign de-
mand late in the session, putting the export
engagements as high as one hundred boat
loads This and the higher Northwest mar
kets started shorts to covering freely for
the first time during the session. and the
market reached it's highest point shortly be-
fore the close, December getting up to $3.50
62a4 c. The close found the market on a
small decline, December winding up at 621a
@625sc.
clined to droop. Cables were not so strong
as expected. Receipts were liberal-66S cars
and rather heavy receipts looked for to-
morrow. Crop reports as a rule were favor
able. Clearances were small, barely 900
bushels. Shippers reported very slack
cash demand. December ranged from ON 29asc
to 29a4Q297sc and closed 14c lower at 295sc.
The market for oats was very quiet with
prices a little lower, mainly in sympathy
with corn. Receipts were ngnt, Delng S4l
cars, but the cash demand was rather slow.
Clearances were 107 900 bushels. May ranged
from 227sc to &c and closed a shade lower
at 227sc.
Little was done in provisions. The mar
ket early was weak, mainly on account of
liberal hog receipts and lower prices at the
yards After early sellers had disposed of
their holdings the market became firmer in
tone. The demand for meats was good and
lard sales liberal. This helped the specula-
tive market. Prices gradually advanced, the
market being firm at the close. January
pork closed 71Ac higher. at $S;S5; Uanq "a
uary ribs 5@71ac higher, at $4.621a@4.65.
Estimated receipts for to-morrow-Wheat,
225 cars; corn, $50 cars; oats, 400 cars; hogs,
900 head.