The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-27
BETTER WHEAT PRICES
UNEXPECTED DECREASE IN THE VS.
IBLE SUPPLY REPORTED.
Weak Market Early in the Day on
Depressed Cable QuOtatiOns-Pro-
visions Scored Gains.

CHICAGO Sept. 26.-Unexpected decrease
in the visible supply and rumors of large
sea board engagements turned weak wheat
market to-day into decidedly strong one.
December closed at 1sc advance after SELL
ing sc below Saturday closing figures.
Corn was helped by wheat and large export
sales and closed AQssc higher. Oats closed
shade higher. Provisions advanced sharp
ly on good packing support, pork closing 15c
higher and lard and ribs 71zc higher.
Wheat showed considerable weakness at
the start. Both foreign and domestic news
was of bearish nature. Liverpool showed
%Q11sd declines and Paris was Is centimes
off. Receipts here were 312 cars of which
80 were of contract grade. Besides this
about 100000 bushels contract wheat was
received by lake and out of private houses
Minneapolis and Duluth reported 1868 cars,
against 1888 last week and ,427 year ago.
Before the market had fairly started weak
ness began to develop in cash wheat in the
Northwest, which had it's effect here. Open
ing trades in December were made at 631s1
63Ac, compared with Saturdays closing
price of $3.50. The market touched 63ssc
for moment but selling pressure was too
much for the very moderate demand and
prices slowly sagged off. For the first hour
or so nothing occurred to check the bearish-
ness except an indication that the visible
supply statement might show a decrease in
stead of showing 100000 increase, as ex-
pected. Liquidation became less urgent aft
er that and the market rallied to 63Ac. No
more fluctuations of note occurred until aft
er the visible supply statement came out
This was a surprise, showing decrease of
$50, 900 bushels, and an instant change in the
tone of the market was noticed Profession
al shorts and early sellers rushed for cover
and found considerable difficulty in satisfy
ing their demands. Another feature in the
strength was rumor of heavy export en-
gagements, the statement being made that
one hundred loads had been disposed of late
Saturday night and to-day. These figures
were disputed by shippers, but had their
effect nevertheless Primary receipts
amounted to $4,000 bushels. Amount on
ocean passage increased 2.480.000 The mar
ket became very strong toward the close,
trading increasing rapidly in volume, and
substantial advance in prices took place.
December advanced to 641sc and closed at
that point.
Corn was slow until near the close, when
1t developed considerable strength. Receipts
were 615 cars. Estimates for tomorrow were
heavy. This and the early weakness of
wheat made corn rather weak at first De-
mand improved when the seaboard reported
an excellent foreign demand, with fair sales.
Visible increase was small. Cables were low
err Country offerings moderate. December
ranged from 297s@3Oc to 2912Q2 97sc and closed
Ac higher at 297s0f30c.
Oats were dull and undressing until
near the close, when, in sympathy with
wheat and corn, the market became fairly
active and firm. A feature was the good
demand for September from shorts Re-
ceipts were 491 cars. Visible increased $50, 900
bushels. May ranged from 22a4M23B to 2z5sc
and closed a shade higher at 22S4M227c.
Provisions were fairly active. Yellow fever
news and liberal hog receipts were respon-
sible for weakness at the opening. and low
er prices prevailed for some time. Demand
heavy later and offerings falling off, prices
advanced rapidly. AIT the close January
pork was 15c higher at IS 271h; January lard,
!1ac higher at So. and January ribs TIC
higher at $4.S004S21b
Estimated receipts for Tuesday-Wheat,
goo cars; corn, 1O5 cars; oats. 600 cars; hogs,
$4,000 head.