The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-02
LIVELY WHEAT MARKET
DECEMBER FUTURES TOUCH 20 1-2C
AND THE DEMAND STRONG.
Advance of 10 Cents in Wheat since
Sept. S-Other Markets Active
and Prices mbin

CHICAGO, Oct. 1.-Wheat sold above zoe
a bushel to-day, the December option at
one time touching 7012c, an advance of 2ssc
since yesterday. AT the close of one of the
liveliest sessions for months it still showed
an advance of Use. All the other specula-
tive markets We're benefited both in price
and volume of business. Corn closed 1c
higher, oats &c higher and provisions 1712c
to 3212c higher.
December wheat, which closed Wednes-
day at 6S1sQ6SAc, opened this morning at
6SA@69c, and in a little over an hour it
went as high as zoe, being BE above its
price on Monday, Sept s, an average adj
vance of about sc per blu a day for the
intervening twenty-five days. An advance
so steady has not taken place since the
spring of 1885, in May of that year zoe per
bu having been added. The remarkable
thing about the rise now in progress is
that it is in the face of the more or less
uncertainty regarding the political outlook.
The advance to 701sc was followed by a
reaction to 691aQ $3.50, but that in turn was
succeeded by a still further addition to the
early strength, and before II o'clock the
price had risen to 7015c for December. Such
continued strength surprised the crowd,
which kept looking for breaks. But it was
not hard to explain. One New York dis
patch read as follows: English houses
again accepted a good zeal OF wheat.
There is a demand here for cargoes for
hipment as far ahead as February The
stock of wheat at Liverpool was reported
as being only l ,496,0 900 bu, about SOC, 900 de-
crease since Sept. /, and sufficient for only
about ten days assumption and again as
compared with about 5000, 600 blu at the cor
responding date on the year before. Two
cargoeS were reported engaged at Liver
pool for shipment to India; something un,
confirming the reported purchase by Lon
don of wheat in California to go to Cal
1rming the reported failure of crops in
India. Rice, one of the chief edibles of
that country, was reported to be worth
more in Calcutta than wheat. Outside
buying orders were largely for seaboard
account, and the local crowd. stimulated
thereby, took twenty bushels for every
bushel on orders from elsewhere. The
cablegrams and the resulting business for
foreign account gave the needed confidence
to buyers, so that it was only on the big
bulge that any long wheat was sold.
After it reached 701Ac, however, there was
enough realizing to put the price down TO
69Ac, and $3.50 was the closing rate. For
eign markets all closed very strong and
port sales of spot wheat were reported
here to the extent of $780, 900 bu, about half
of it No. 2 hard and the remainder spring.
The boom in wheat was largely inStru-
mental in causing a good advance in corn
and a big. trade in the article. The for
badly also had their appetites whetted for
corn, and sent buying orders for 1t. Shorts
were also more numerous than might have
been suspected from the smallness of the
recent speculative trade. May opened, sc
higher, at 257sc, and steadily advanced to
27h@27Ac. then reacted and closed steady
at 26%Q26AC.
Oats. after a fashion. followed wheat and
corn, still to some extent were independ-
emily firm. Business was heavy. and the
market was very active throughout. Shorts
scrambled after offerings and took up ev-
erything in sight, pushing prices up con-
siderably higher and giving the market a
wider range than has been experienced
for a long while back. Outside orders We're
also prominent. May opened a shade high
err at 193sG194c. advanced to 20zsc,. and
eased off to 204G203sc. where it closed.
Trade in provisions has not for a month
been as general and active as 1t was to-
day. Pack rs bought, scalpers bought and
spectators in outside cities, who had pre-
viously bought, took more; even foreigners,
who are never supposed to buy anything
except on a weak market. sent buying or
ders. The result was handsome advances
all around. January pork closed 3212c high
er, at $50; January lard zoe higher. at
4.30c: January ribs .171ac higher, at 5000
3.621ac.
receipts for Friday-Wheat,
1877 cars; corn. AS cars; oats. 1913 cars;
hogs, %, 900 head.
20 dive f,,t,,rac ronOoI &C follows.