The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-21
DECIDED WHEAT RALLY
GAIN OF 3-SC IN FUTURES ON THE
EUROPEAN WAR SCARE.
Enormous engagements for Export
Pork FIighty and Higher.

CHICAGO, Oct. 20.-Rumors of forthcoming
European war and enormous export engagements
to-day caused a decided rally in wheat prices.
December closed at a gain of 2l4a2ssc. Corn adj
vanced x@1e. Oats improved l4Qssc. Pork and
lard left off at an advance of l21sc each and ribs
rose 71zG10c
An old-fashoned European war scare. with all
the trimmings. the controlling influence in
wheat the opening. Before business started
here reports from the other side to the eff
feet that grain markets were excited and up
equal to 5lkQ6Ad and English consols ss@lsd
lower. In addition to that there reports
from New York of enormous export engagements
of wheat by Europe. Then came lot of sup
Elemental news of a similar encouraging nature
from the interior. Minneapolis told of sales of
$4,000 barrels of flour yesterday of which third
was for export, and there advices of eight
inches of in portions of the Northwest,
which had been relied on to supply good portion
of the coming movement Of spring wheat from
first hands. An enormous business was transact
ed here. For instance. firm that had bought
calls Tuesday night fully 100000 bushels of
wheat credited with having sold 100000
bushels of it during the first hour. The demand
was such that the grain was readily absorbed
and the price, after a slight dip on some profit
taking, advanced to higher figure than it had
yet reached. BY December, which had
started 2Q2Ac higher than Tuesdays close, at
67ssG6Sc, had advanced to 6S1sc and May kept
about lc higher. Receipts here were only S9S
cars and the total arrivals at primary markets
for two days were 2652.OOO blu. against 1904, 900
for day year ago Actual export clearings
were 652. 600 blu. The highest prices of the day
were reached when December rose to 6sla@6S5sc,
due to the covering of large line of wheat by
a. local speculator. At its conclusion the market
sagged back TO about the opening figure Decem-
Der closing at CSC, sellers.
The foreign situation reflected in corn,
which started at a sharp advance. The cable ac-
ceptances enormous and there were sales
from here to the seaboard direct of 100000 bu-
That invited active covering by shorts and the
heavy sales of cash grain sent the elevator people
into the pit to buy futures. There generous
realizing of profits later on long property, but the
demand more than sufficient to absorb the
offerings and the advance was well maintained.
The wet weather was also a bullish influence
early, but predictions of drop in the temperature
tomorrow finally acted as an offset Receipts
were 992 cars. December opened %@1c higher at
32as632%c advanced to 32a4Q327sc, then declined
to S29sc, which the closing price.
The speculative considerations which moved the
other grain were shared in oats. There an
excellent demand for cash and prices ruled &c
higher. The rally limited however, by free
realizing of holders and by country selling The
buying generally came from shippers against ex-
port sales May began A@ssc up at 241sQ24ssc,
advanced 24s4c and reacted to 24Ac at the close.
Buliish sentiment in provisions was stimulated
by the developments in the general speculative
situation in food supplies. Shorts were forced to
cover and they secured most of the property from
firms with English and continental connections.
Packers sold literally on the advance, which
tended to check the upward tendency. January
pork opened 15c higher at 1885, declined to $927z,
advanced to $780, then reacted to 1921, buyers,
at the close. January lard began 715@l0c up at
$51215G515, rose to $500 and closed at $5l71s.
January ribs started 5Q7i2c higher at $4.s5, sold
off to $780, then advanced to s4.S71s, the closing
figure.
Estimated receipts for to-morrow-Wheat, 175
cars; corn $50 cars; oats, 2SO cars; hogs. $4,000.
Leading futures ranged as follows: