The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-14
WHEAT OPENED STRONG
AFTER TEMPORARY SET BACK
PRICES ROSE AND CLOSED HIGHER.
Series of BulIish Reports Gave En-
Have Been Timid-Pork Higher.

CHICAGO, Oct 1S-To-day's wheat market was
in many respects similar to yesterdays Opening
strong and higher on bullish cables. it yielded
later under flood of realizing, hut recovered
sharply the close. The days advance
1kGSsc. Corn and oats hrm corn advancing
1sQAc and oats &c. Colder weather in the yellow
fever districts caused better provision market.
prices being 21zG71kc higher at the close.
Wheat opened strong at sharp advance over
last night. December starting lie higher at 65A@
659sc. For an hour the bulls were apparently dis
posed to crowd their advantage and bullish news
thick and fast. 1t noticeable, however,
that the market making little Roadway and
in view of its action yesterday there was sus-
picion of further important but quiet selling.
Though prices higher. the market did not
apparently have the power of absorption
that feature during the advantage yester-
day. The fact that many people were overloaded
then acted as damper on the market. This
class was rule, disposed to sell all hard
spots. Lord Rosebery's warike speech. an adj
of %@1hd at Liverpool, reported record
breaking sales of flour at NIinneapos-1SO 900 brls.
of which 40 per cent were for export-an advance
Of 10c barrel in all leading grades of flour,
ported sales of 24O 600 bushels of cash wheat here
and reported continued export engagements at the
seaboard, all contributed to the strength. After
the first hours trading the realizing natural to
such an advance became too heavy for the market
to sustain. Sellers were encouraged by reports
from New York that leading export houses
selling wheat and that there were no acceptances
Of offers to the United Kingdom or the continent.
Northwest receipts showed the effect of recent
bad weather, Minneapolis and Duluth reporting
SIS cars, compared with S64 last week and us a
year ago. Chicago receipts. however, were heavy
at 303 and the total at all primary points
1856, 600 bu. The market drifted back to 64kc be-
fore it became evident that the market had been
oversold. Then prices jumped very rapidly and in
their efforts to shorts the price back
to Csc and very little reaction from that figure
followed. New York reported 70 boatoads en-
gagged for export The days seaboard clearances
were very large, S22, 900 bu This quite in
huential during the closing moments of the
sion. December closed firm at 647sc.
There was big general trade in corn early and
a good advance was recorded. The market in a
general way sympathized with wheat, but was
helped also by bullish country advces and large
export sales. Receipts 665 The
ket weakened somewhat later in the day on real
izing and selling believed to be for the
house men. That pressure removed. the market
quieted down and was rather dull for the rest
of the session December ranged from 30l2c to
SO5kc and closed 1sQAc higher at SO5s@30%c
Oats were strong all day limited amount
of trading. Speculative offerings light and
prices well maintained. Cash demand was
good Receipts were small-S22 cars. The strength
of wheat the main factor. May ranged from
23h G2SAc to 2Sssc and closed at 23asc, &c higher
Provisions showed improvement both In tone
and in the volume of trading. Colder weather in
the South and belief that the fever would be
checked was an incentive to buy and prices adj
vanced all around. Best prices were not main
tanned. however. realizing being quite free at
times. At the close January pork TIC higher
at 1910 January lard sc higher at s492h and
January ribs 21Sc higher at $47OQ4.72h.
Estimated receipts for Friday-Wheat. go cars;
corn, 200 cars; oats. $40 cars hogs, $4,000.
Leading futures ranged as follows