The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-01
A SENSATION IN RIBS
SHORTS SEVERELY SQUEEZED ON
OCTOBER SETTLEMENTS.
other Provisions Closed Slightly
Higher-Grain Firm on War News,
Wheat Making a Gain of 5-Sc.

CHICAGO, Oct. 31.-Dealers in provisions
to-day had a sensation in d squeeze of
shorts in October ribs. Though few in num-
Der, the shorts were crowded badly, as evil
denced by an advance of As above Satur-
days closing price The final figures showed
net advance of CSC. January pork, lard
and ribs each advanced PIC. Wheat closed
@c higher on a renewal of the recent war
scare. Corn advanced 1sQAc. Oats left off
a shade higher.
The early information about wheat from
foreign sources was quite bearish, and do
nestle receipts, so far as known up to the
time OF the opening of the market here, were
sufficiently liberal to be a good second to
the foreign lead. AS result trading in
December commenced very weak and at fig
ures considerably below the put price The
market became exceedingly dull after the
preliminary drop. and kept sluggishly
around the opening price for over an hour
AT the end of that time report was circu-
lated that English consols had declined "a
per cent, and that set the war fever raging
again for about twenty minutes, during
which trade became active and even some
what excited while the price forged ahead
Until December showed gain of 1ssG15ze
over the opening decline. The advance did
decline in consols was soon discovered to
have been exaggerated. The days statisti-
cal information was fairly we'll divided be-
tween bulls and bears. Chicago receipts
were 327 cars, compared with 1S1 the CORE
spending day of last year, while Minneap-
oils and Duluth receipts were 1871 cars,
against 1,451 a week ago and 1856 a year
ago. Worlds shipments We're S,457. 900 bu
and the quantity on ocean passage increased
z'SSS,OOO bu, against 100000 bu the similar
week the year before. The days receipts
at western primary markets were very
neavy, 2,S73,OO blu, compared with 1861 900
ou last year. Clearances from Atlantic sea-
board We're equal in wheat and flour to
1,OO6,OO0 bu. Liverpool recovered nearly all
OF its early decline, and New York reported
5O boatloads taken for export, while 10000
t bu were sold here for all-rail shipment to
the seaboard. This resulted in renewed
buying by shorts, and the market wound I'm
M.tnln traction of the highest for the day
december opened 9sQ7sc lower, at 65A 6t651ac,
rose 10 t64sc, reacted to 66Ac then recov-
cred to 6634c, sellers, the closing figure
A decline at Liverpool and good weather
Iosether with the weakness in wheat, start
ca corn under put price. There was consid-
eTaple buying against privileges, which gave
the market a firmer tendency. The strength
Ue eraaS more pronounced as the session adj
Nanceu, good purchases by shippers and
active speculative buying being awakened
py snarp drop in both England and French
securities. Receipts were 365 cars Decem-
per opened asc down, at Sc rose rapidly to
Sz9sQ S2a4c, and closed at 321h0325sc buyers
oats started cut rather easy with the
other grains, but few outstanding shorts
We're disposed to cover, and as no offerings
were forthcoming they were compelled to
old up the price in order to accomplish their
ends Receipts were 305 cars. May started
nc lower, at 243sc, advanced to 243M247kc
then reacted to 249sQ 24$4c the closing price
But for a squeeze in October, ribs would
nave been lifeless, and as it was the fight
over the termination of the rib deal affected
SO rev people that it did not produce the
usual excitement that attends a corner on
the day of its climax. The longs in the
RIB deal were houses with English connec-
lions, While the shorts were said to be a
couple of Chicagos most prominent pack
ers. The result of the matter was that
October, ribs, that closed Saturday at S. 30
made the very substantial rise of $1.45 q
hundred pounds, and closed with a net gain
or VOC. Private settlements on the deal dur
ing the session were said to have been made
on about 100000 pounds. The rest of the
market ruled dull throughout. January pork
opened PIG higher, at $9.O5, declined to
$9O2l2, advanced to $9.071ad9.1O, then reacted
70 $9O5, sellers, at the close. The huctua-
lions IN lard and January ribs were of the
narrowest kind.
Estimated receipts for to-morrow-Wheat
$50 cars; corn, AGO cars oats, $50 cars; hogs,
600 head.
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