The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-19
RUSSIAN WHEAT SCARE
AN OLD STORY OF CROP FAILURE
UTILIZED BY THE BULLS.
Market Influenced mt the Start, but
Later All the Advance Was Lost
Pork Was Unchanged.

CHICAGO, Sept. 17.-Heavy clearances at
the coast to-day held prices steady in the
wheat pit. September closed unchanged and
December &c higher. Corn rose 14c. Oats
advanced 1k0Ac. Pork left off unchanged;
lard 212c higher, and ribs unchanged.
The wheat situation had no fresh light
shed on it by early cablegrams or dis
patches, but the market started at slight
Improvement for December delivery. Sep
tember however, showed a tendency in the
opposite direction, and that becoming more
pronounced it dragged the active option in
its wake A factor which helped the mar
ket somewhat at the start was the report
that prominent business man of Ohio, who
is now travelling in Russia, had written TO
this country that he had learned from a
Russian official that the wheat crop in the
Volga district was failure, and that So
100000 bushels of wheat from other parts of
Russia would be required to feed the popu-
lation of that province. The rank and nle
OF the speculative crowd was like the leaves
of the aspen. which CULVER even when the
air is calm and that supersensitiveness was
shown by the flutter in the market that at
tended the spreading of the oft-told tale
from the volga. Chicago receipts were 1I6
cars. against 246 the same day last year.
Minneapolis and Duluth received LIP cars,
compared with 1,143 a year ago. The At
lantic port clearances of wheat and flour
for the day amounted to a heavy aggregate,
and that was the cause of considerable firm
ness in the market near the close. Includ-
ing clearances from New Orleans, Calves
ton and Newport News, wheat and flour
amounted to 715,OO0 bushels September
wheat, after opening unchanged to 1sc lower
at 65bG65Ac and declined to 64ssc, was
again wanted in the last ten minutes at the
price it started at, and closed firm at 6514c-
December was similarly affected, and
turned from being weak to moderately
strong and closed practically at the top.
The opening was 14c higher at 62ssu62%c,
declined to 62Ac, then frmed up to 625s@
62azc, the closing price.
Corn was dull, but firm. The market
opened above the price of calls, and there
was some selling against those privileges,
but the offerings were not sufficient to ma
terially influence values. The initial upturn
was due to moderate buying by commission
houses. Prices held steady on very dull
trade throughout the session and closed
near the top prices of the day. December
opened 4c higher. at 29$4c. declined to 299sc
firmed up to zSStQ 291sc, and closed at 29s4c
Oats demonstrated their ability to follow
corn. Trading was light and nothing OF
Importance developed. May started lsc up
at 221sc, declined to 22c, then improved to
221s4224c, the closing price.
Provisions were firmer. but very quiet
Packers were inclined to buy and there was
no pressure to sell The feature of the days
trading was the purchase of 100000 pounds
Of ribs by prominent packer. The general
trade was light and the range OF prices
inconsequential.
Estimated receipts for Monday Wheat
10 cars corn, $40 cars; oats, 300 cars; hogs,
$4,000 head.
Leading futures ranged as follows: