The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-31
WHEAT SENT UPWARD
On EASIER MONEY RATES POSTED IN
WALL STREET YESTERDAY.
Another Cent Added to the Price of
the Leading Cereal Mt Chicago
Other Markets Dull.

CHICAGO, Oct. 30.-Wheat closed at an
advance of 1c to-day after session
marked by the frequency and Wilderness of
its fluctuations. Perhaps the chief reason
for the advance was the easier tone of the
money market, though there We're other
good and substantial reasons for a display
CT strength. Other markets were very dull,
but fairly steady, and show but little
change in prices.
Wheat opened to-day with some show of
weakness. Liverpool cablegrams quoted
that market irregularly lower, notwith
standing the advance of 1c here yesterday,
that market being evidently affected more
by the light money market in New York
than by higher prices for wheat. This
naturally created a weak feeling here to
begin with and it was not until it was
seen that the men with the great test stakes
in the market We're Selling the opening OPP
portunity of lower prices to add to their
line that general confidence restored
and the oullish aspect of the market fully
re-esta blished. December wheat which
closed yesterday worth 717sc, opened to-day
at from 71lsc to 7112c. Only two
brokers parted with any wheat Tor less tina L
13sc, at which rate the bulk of the first
transactions took place After playing
around 7112c and 71asc for about a minute,
very much wheat was wanted but because
so little was for SALE 1t stopped at 725sc.
Selling brought it back to 72c, and after an
other tack to 723sc and back again to 721sc,
it set all sail and did not put about again
until after it had touched 731ac.
the bulls got but little encouragement
from the Minneapolis and Duluth receipts,
which amounted to 1,167 cars, as compared
Mlsh lgso e last year h an Inc
there for wheat was much stronger to be-
gin with than at Chicago. and the greater
advance there was the first cause for the
stimulus given to the buying here The
news from San Francisco was quite bulliSh,
and buying orders from there numerous A
continuation of Australian demand
ported New York money was a weak fac
tor early, as the stringency was said to
continue with rates about as sensational
they were yesterday. but before noon the
situation had improved, and the rate had
fallen from 100 per cent. to %, and this was
an important help to the wheat market.
There was consi derable nervousness during
the last hour. Following the rise to 7S12c
there was a long, stoutly-contested decline
to 721ac but closed up with a snap at 73c.
Five minutes from the end of the session
the prize Was at ra 2c the s"ns pSnt tb 6
727sG73c.
Corn was quiet, and while somewhat
lower early. when wheat was at the low
point it recovered 1ac the subsequent
bulge in the principal speculative cereal.
and held fairly steady and a fraction above
yesterdays close. The falling off in re-
ceipts was also strengthening factor. May
opened 1sc lower at 2SM2Sl4c. ranged be-
tween CSC and 2S5sc. closing steady at 2S12c
bid.
Oats We're extremely quiet. scarcely any.
disposition to trade being manifested. The
feeling firm throughout. in sympathy
with the average tone in wheat. and prices
were above yesterdays closing quotations
all day. Previous to the close the early gain
was lost and the finish was just about the
same as on yesterday. May opened I'M
changed at 211ac. advanced to 215sm21a4c,
and closed steady at the opening price.
Provisions ruled easy during the greater
part of the forenoon. but became flrmer
later in the day, and closed higher than
they did Yesterday with the exception of
lard, which left off at a decline of 212c for
the day. Pork and ribs each wound up
with sc gain. The slight decline early was
caused by some selling by packers, but the
strength of wheat was influential enough
to cause reaction. The closing
steady.
Estimated Receipts for Saturday-Wheat,
105 cars; corn, 465 cars: oats, 315 cars; hogs,
$4,000 head.
ell