The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-07
WHEAT ON THE UP GRADE
PRICES JUMPED CENTS YESTER-
DAY, CLOSING lie HIGHER.
Foreign EnGE cement of CargOes
Causes shorts to Take Fright
Provisions Firmer.

CHICAGO. Oct 6.-Wheat made a jump
of &c in the first hours trading to-day,
emphasizing the fact that foreign news is
watched closely It was decidedly bullish
to-day bat profit taking pulled prices down
again December closing at an advance of
1Ac Corn benefited slightly, closing 1sc
higher Oats closed unchanged, and pro-
visions 215c higher.
The strength displayed by wheat at the
opening was a surprise to most of the
traders. December. which closed yester-
day at 67$zc opened at 6S$4M6S7sc an adj
vance of full cent, and in the course of
forty-five minutes had steadily advanced to
$3.50. The strength apparently came from
the Liverpool and Berlin cables, which both
showed an advance. Liverpool was quoted
firm, but unchanged in price for spot wheat
and I'D higher for futures. That about
balances Yesterdays decline in futures
there. This certainly was not sufficient in
centive for an initial lie advance, but pri-
waite cablegram covering a later time of
the day at Liverpool quoted another 1ad
advance in futures 1dsrise altogether.
Then the reason for the strength began
to be understood But it was only when
in the course of hour after the opening
the commission houses, who had been best
buyers during that time commenced to
SHOW some dispatches lliey ildU IEOIH the
seaboard and other points, a rise to 6934c
for December appeared to have any jusIi-
fication. Some of these were enough to
set the most confirmed bear tracer to
thinking. One read: Foreigners very
heavy buyers They want the actual
wheat. We just filled a buying order for a
continental house for 100000 bushels of Oc-
tober and 100000 bushels of November de-
livery" Another stated that Inquiries had
been made for freight for cargoeS of wheat
to go to Bombay. The advance however,
was not unaccompanled by selling. A &c
advance, even IN these days or rapid
and large fluctuations, was very tempting.
and it taken advantage of with a
vengeance ana prices gradually slid off to
69sc. The Minneapolis and Duluth receipts
were again heavy. The number of cars at
the two places reached 1,2S9 against 11S7 a
week ago and 1,6O6 on the corresponding
worlds visible shows an increase of $780,
600 bushels, and it had Il tendency to weaken
the market during the last hour December
finally rested at 69c.
Corn was firm and at times strong but
pated raising of rail rates from Kansas
points in the near future had probably
some influence in bringing buyers. Most of
the strength, however. came from wheat
May opened sc higher at 269sM26%4c adj
vanced to 267sc and declined to 267sc, where
Oats opened firm on free buying by
shorts. also by longs, who realized their
ambitions when prices advanced. Sympathy
with wheat also created a fair tone. To-
wards the close the market weakened I'M
der free offerings by the parties who pur-
May opened CSC higher at 201sc advanced
to 20ssc and declined to 1896 closing steady
at that price.
provisions were firm on moderate
amount Of business. Buyers were encour-.
aged by a small run of hogs and also by
the firmness displayed by the grain markets
and substantial advance followed. Prices
settled back again later the closing being
at small advances. January pork closed
zee hlgher at $3.50; January lard. 0.5c high
er 4Z9c; January ribs. 024ac higher at 36Oc
Estimated receipts for Wednesday,
Wheat, 25O cars; corn, 40; oats $40: hogs
"a, GOO head. 9N'
60,