The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-19
SERIOUS CROP DAMAGE
REPORTS FROM ARGENTINE PUT
BEARS IN FULL RETREAT.
Grain and Provisions, After Slight
Early Declines, Recovered and All
Markets Closed Higher.

CHICAGO Oct 1s.-Reports of serious damage
| to the wheat crop in Argentine put the bears in
full retreat to-day and induced such general COW
ering of the short sales previously made that
prices were advanced sharply December closed
| &c higher. Corn gained A@%c. Oats up
&c Pork left of PIC higher. Lard and ribs rose
| SC EACH
An advance of 161ssd in wheat at Liverpool over
night. the reported concentration of a large body
of Russian troops accessible to Picking. in addi-
ton to reports from New York that there were
forty-two boatloads of wheat engaged for export
stirred up the opening market for wheat and
made strong and lively affair of it. The stormy
weather in the Northwest though it did not APP
parently cut down the wheat movement,
additional influence. 1t soon developed, however,
that. in face of this. influential people here
selling through brokers and commission firms.
Then came denial of the export business at the
seaboard and there were reports also that the
export firms were undeniably taking profits
long wheat. The actual export cearings not
up to the usual high total and the primary market
receipts indicated that big export business could
be supplied and leave a surplus here besides. The
bulls reinforced their early batteries by reports
of large flour sales in the Northwest and told of
the snowstorm in North Dakota. The trade
inclined to wait until noon to what the in
crease in the visible would be. Meanwhile the
early sales caused drifting down of the price
and December, which opened ss@kc higher at
65lz@65ac. declined to Csc. Bradstreets report
indicated increase since two weeks ago of
| 600 bu in the worlds visible supply. which
was about 40 per cent. of the amount expected
and caused a recovery to 65hc. Chicago received
47S cars and Minneapolis and Duluth receipts were
LAY cars. compared with 17SS for the correspond
ing day last week and 1,19O year ago. The total
primary receipts at the principal Western mar
kets amounted to 1,649.OOO bu. Reports of serious
frost damage to wheat in Argentine gave the mar
ket near the close quite little strength. There
considerable short interest and the shorts
were rather uneasy about standing out over the
jubilee holiday tomorrow. Traders generally in
the last few minutes bought wheat with such
freedom that December advanced to 65%c
and closed at 65ss665%c. buyers
The strength developed by corn at the start was
due largely to sharp advance at Liverpool. The
storms also promised to check the arrivals and
gave the bulls chance to operate with courage.
There was considerable professional buying at the
outset but 1t met with offerings by scatter
ing brokers' who presumably represented elevator
| interests. That, together with the decline in
wheat, caused a reaction and the early high points
were not fuzzy maintained. The estimate of re-
! cepts of only $50 tomorrow, however. acted
as offsetting influence. Receipts were 317 cars
December began at s11A@31ssc. advanced to S1%Q
S17sc and closed at S15s@S1Ac, buyers.
| 1HeIe was Qultc d large tIdue III OdtS at higher
prices. The demand urgent at the beginning
but later in the day many of the early buyers
turned sellers and caused the market to lose
~ all of the advance. There was an excellent
cash demand, however, at increased values and
| prices the top at the end May started
Zee up at 2Sal@2S7sc, rose to 24c and reacted to
237sc and closed at 23BG24c.
Provisions opened firm in sympathy with grain
despite easier hog market at the yards and
| lorn infc bo~o and ole yho,,o I'm
values reacted these influences had some weight
Later in the session. when grain began to rally
and when it became known that there large
demand for cash ribs, there was recovery in the
whole list January pork opened unchanged at
s9.171s, to $780, sold off to $9121s then re-
covered to $780, the closing figures. The range
In lard and ribs inconsequental
| Estimated receipts for to-morrow-Wheat. 40
cars; corn $50 cars; oats. $50 cars; hogs, $4,000
Holiday Wednesday on account of peace jubilee
| parade.
Leading futures ranged as follows: