The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-23
STRONG WHEAT MARKET
GOOD DEMAND AND OFFERINGS LINZ
TIED MOST OF THE DAY.
Fears OF Early Closing of Lake Navi-
CATION Gave Bulls New Courage
provisions Higher.

CHICAGO, Nov. 22.-Markets for grain
and provisions became very strong to-day,
after an early period of weakness. The eff
feet of the storm on country shipments and
the heavy continued foreign demand for
American grain were the main causes for
the advances scored. Provisions advanced
59121Ac.
The first hour and half in wheat trading
was marked by exceptional dullness and
prices during that period scarcely moved
from the point at which the market started.
1t seemed as if the blizzard had frozen up
all inclination to buy and sell wheat, and
trades Of any Importance were remarkable
for their scarcity. There was some selling
pressure at the start enough to cause 1sGI14c
decline in the leading options, May opening
at 66AQ66ssc and December at Chaotic
Early Liverpool quotations showed a very
small advance. The selling however, was
apparently almost altogether by shorts
Liverpool receipts for the past six days have
been entirely from this country, and this
and the decreasing shipments from Russia
and the Danubian countries had evidently
left permanent impression on the specula-
tive mind, as very little long wheat was for
sale. Northwest receipts were heavy again,
Minneapolis and Duluth reporting 2,177 cars,
year ago. Chicago receipts were $50 cars.
A remarkable feature of the northwest mar
ket was an advance of 1c in cash wheat in
| spite Of receipts of 1851 cars at this point
This was the starter for notable advance
here. After IL o'clock the market became
actlVe and very strong. The blizzard was
raging throughout the West and Northwest
and was expected to result in a great falling
| Oft in receipts and also caused fears of an
early closing of the straits This frightened
december shorts, and heavy buying from
| that source continued for some time send
| ing the December price at one time to
/ premium of 11sc over May. Atlantic port
600 bushels. New York reported good ac-
| ceptances from abroad Of last nights cable
offers. Three boatloads offered direct from
chicago TO Liverpool were accepted. Before
| the noon hour December had advanced to
675s@67s4c and May to 665sc. Bradstreet's
total increase of 1882, 900 bushels was con-
| slderably heavier than expected, and ar
rested the boom for time, realizing and
| increased short selling causing some reac-
| ton in prices. The cash situation, however
| was too strong for the market to be held
down, and near the close buying became
! and holding firm to the end. December
closed at 6S!sc and May at 671s@67Ac.
The market for corn was active through
out. Early there was slight dip on the
| theory that the cold weather would improve
the quality of new corn. There were buy
ers for every bushel offered. however, and
the market grew very strong. The sea-
board demand was enormous 135 loads being
worked for export Receipts were light BOG
| cars. Near the close the bullishness of
| wheat gave buyers further encouragement
| and trading was quite heavy toward the
| close. May ranged from 341k034Ac to S5cs
and closed ss@1ac higher at 347sQ35c.
| Oats followed corn closely, opening weak
| and closing strong. There was a good deal
| of short selling by scalpers early in the
day, and their covering later helped ma
| terially to strengthen the market. There
| was a good local and export demand. Re-
ceipts were 269 cars May ranged from 26c
| to 267sc. and closed &c higher at 26s4c.
Provisions. though rather quiet, were firm,
and followed closely the advance in the
grain markets. Packers were moderate sell
| ers but there was an increased commission
house demand and all offerings were taken
at the close January pork 1212c higher
at $9.2219; January lard sc higher at S. TO-
and January ribs 712Q10c higher at $47OQ
| 4.721a
Estimated receipts for Wednesday
Wheat, 155 cars; corn, 145 cars; oats, 125
cars; hogs, "a, 900 head.
Loading futures ranUpd q c fOlIOUS