The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-01
WHEAT ADVANCED 1 7-8C
REPORTS FROM LIVERPOOL con-
TRoLLED THE CHICAGO MARKET.
Corn and Oats Felt the Influence to n
Degree, While Provisions Closed
Almost Unchanged.

CHICAGO, Sept. 30-The strength shown
by foreign markets in. the face of the de-
cline here yesterday and the unaninlity
with which offers for export were accepted
was a tremendous surprise to the local
wheat operators. 1t resulted in an advance
of 13sc in the price of December, that
month selling at one time sc higher than
that. Corn and oats were but little af-
fected, but advanced &c and &c, respect
lively. Provisions closed 212c lower to 21ac
higher.
The first reports received from Liverpool
to-day quoted that market quiet and un-
changed, and such steadiness there after
the weakness developed by this market yes
terday indicated a strength of feeling
abroad that the crowd had not been pre-
pared for. The effect was marked. The
opening price of December wheat was from
667sc to 67Ac compared with 6A466ssc at
the close yesterday, and it sold immediate
~ at 673sc. But such a considerable jump
as this was more than the average Specu-
lator could stand, and their action took the
form of selling d good deal of wheat, caus-
ing a reaction to 66aac. They received some
encouragement from the Northwest re-
ceipts, which were S3l cars, against 900 last
year. This, however, was a great falling
off from yesterday. That was all the de-
cline such selling occasioned however, and
as soon as the tide began TO turn the bull
ism sentiment set in again with redoubied
force. A later Liverpool cable reported
wheat from I'd to Id higher. This put the
seal on the change OF sentiment from bear
ishness on the night before to the pro-
nounced bullishness which marked the ses-
sion. San Francisco added to the fever
raging in the pit by wiring that foreigners
We're buying everything offered, and at &c
above yesterdays ruling prices. A great
deal more of sensational bulliSh charac-
ter was passed around among the specula-
tors, the consequence OF all of which was
that ,I the price OF December wheat had risen
to 6SAc before u o'clock. New York wired
that the Liverpool market excited.
higher and with buyers at the advance, and
that wheat in London was higher than at
any time since 1881. Excitement in the
Liverpool wheat market, which has always
changeaD4e frigidity was perhaps the chief
cause of the burning desire for wheat
which the rise. of 2a4c per bushe exempli-
fed. The market continued very nervous
during the last hour and fluctuations were
frequent. During the last twenty minutes
realizing, December declining to 675sc, but
a reaction occurred and that month was
selling at the close at 6S1s068Lc.
Corn was firm, being influenced chiefly
by the bulge in wheat. The bad weather is
also expected to cut off receipts some and
help prices to a certain extent. Trading
was very quiet interest being confined al
most entirely to wheat. May opened I'M
changed at 2512c and advanced to 25a4c,
where it closed.
In oats trading was decidedly limited A
firm feeling prevailed and prices were high
Wheat and corn influenced fuctua tons en-
tirely- May opened a shade higher at
191@c, sold to 199s119$zc and closed steady at
1880 asked.
The provisions trade was largely confined
to changing of October contracts to Jan
uary. 1t still suffered, however from the
liberal run of hogs The strength of wheat
helped what appeared to be otherwise a
very weak market. Lard alone closed with
some Improvement January pork closed
212c lower at S6.971a, January lard .021ac
higher at .4.1Oc, January ribs .o21ac lower
at 342A03.45
Estimated receipts for Thursday-Whear
l83 ears; corn, 625 cars; oats, 3S5 cars; hogs,
81. 900.