The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-15
A STRONG UNDERGONE
WHEAT OPENED WEAK, But AD-
vANCED AND CLOSED HIGHER.
Other Grain Followed the Course of
the Leading Cereal, and Provi-
siOns Also Scored Gains.

CHICAGO, Oct. 1.--Weak cables and enormous
export sales were the contending factors in wheat
to-day. As expected the decline at Liverpool
caused weak and lower market here during the
morning, but seaboard reports showing record
breaking engagements for export resulted in
recovery of the early decline and about Ac be-
sides. Corn followed wheat and closed A0%c
higher. Oats closed unchanged Provisions were
weak early, but recovered and closed 71kQ10c
higher.
Much to the surprise Of large portion Of the
grain trade. the Liverpool market opened at a
decline over night of I'D and closed at a loss of
1$@1hd from yesterdays final figures. The re-
suit was a decidedly weak opening here. December
started with plenty of sellers at 64k a64ssc COM
pared with yesterdays closing price of 647sc. This
was practically at put prices and a good deal
of buying done by holders of those privileges
Outside of the demand from this source however
there was little support given the market and a
still further decline occurred, December finally
getting down to 64c After the first few minutes
activity there long period of dulness. The
recent decision Of the Treasury Department in
regard to the tax board of trade transactions
kept scalpers out of the market almost altogether
and not until the noon hour did trade broaden
out Northwest advices were bearish Mime
apolis and Duluth receipts were 1,24s cars, COM
pared with 1,0l9 last week and 1.O72 year ago.
The weather reported favorable for the move
ment Of wheat to market. Primary receipts were
heavy 100000 bu against $4,000 last year. An
increase in the visible of about 100000 bu was
indicated. After the market became quite
active and strong. Reports from the seaboard
showed very heavy export engagements. the fig
ures ranging all the way from 20 to $50 boatloads
This indication that foreigners We're taking ad-
vantage of the decline to satisfy their wants
started shorts on the run. The price went up to
645s@64s4c very quickly, and though at this figure
offerings were very Free the price continued to
advance until near the close, with all classes of
buyers coming into the market. A turn came
after the December price had been boosted to
65I4 @65ssc, realizing sales sending the price back
to 651sc just before the close. That was the price
bid at the closing bell
There fairly active trade in corn. The
market early weak, sympathizing with the
decline in wheat to extent and being in
fiuenced also by a decline in cables. The break
developed splendid local cash demand and ex-
port cearings ran up to 771,OOO bu When wheat
turned strong responded very quickly. The
strength augmented by continued country re-
ports of damage by recent rains. Receipts were
764 cars December ranged from SOAc to 31Mc and
closed A@ssc higher at SIC
Oats quiet all day. The opening weak
in common with other grain markets and prices
ruled lower until late in the day, when the mar
ket followed the upCuIu IN Nnedt ana corn. Inere
a good cash demand. feature the
narrowing up of December. only ss@5sc under May
at times. Receipts 1888 cars. May ranged
from 1850 to 2S3sq2S1zc and closed unchanged at
2Sssc.
| A good business was done in provisions. The
market started easy with grain. There a little
| too free selling during the early weakness and
when recovery in grain came the demand from
shorts was heavy that prices advanced rapidly.
1
a big cash business. At the close January pork
was 121zc higher at $9221z, January lard 1Oc higher
at $5O21s and January ribs sc higher at $4.77ls.
Estimated receipts SaRirday-Wheat, $50 cars;
corn, 655 cars; oats, 3o5 Cars; hogs, 10000.
| Leading futures ranged as follows: