Evening star., 1896-10-20
WHEAT OPENED HIGHER,
Ihe Market Was Inclined Z
Drag.

CHICAGO. October 2D.-Wheat opened
1-Sal-2c- higher this morning in spite of
lower cables, the advance being carried
over from yesterdays curb. But the mar
ket was inclined to drag. Northwest re-
celptS were very large. larger than last
year. and this and other evidences that
wheat is coming into sight everywhere on
larger scale. created general inclination
to sell and take profits. Opening prices for
December We're a - Lar 7-sc 1t stead
led at 80 o-S. then gradually sold down to
i6 IS. There was good buying on the
break. some of which was attributed to
Cudahy. rally to - lie. ensued Then
the market reacted aga.n and sold at -
- at the END of the first hours trading
Corn was quiet and rather weak follow
ing closely the fluctuations of wheat. May
opened unchanged at - lie, declined to
- IS and reacted to ~ is.
Oats quiet and easy with corn Nav
opened unchanged at ~ Is declined to
u 3-S and reacted to DC
Provisions slow. opening prices were at
slight recessions. but recovered later Janu-
ary pork opened about &c. lower al Su7 L.
Lard opened unchanged at 4JsJ and adj
vanced to 4JI IL. January ribs opened
l-2 lower. at 391 H.
London Watching America,
Copyright, 1896. by the Associated Press.
LONDON, October 20.-At the Baltic to-
day the wheat market opened Cd unde,
yesterdays closing price but values stiff
fened later, holders demanding yesterdays
top prices. There was little doing. however
representative of the Associated Press
had an interview today with the broker
who does the largest business in wheat OIL
this side of the Atlantic, in regard to the
situation. He said. in substance:
In half. the natural half of the specuIa-
ton course we have only followed the lead
set by the United States, where specula tors
are very active The years scarcity, in spite
of the fact that England had a sexen-millio1
crop. has induced spectators to rush i'm
Russias crop is poor and Austria's is prac-
ucally nil But what is of greater mo
ment. consumers having large advance mill
ing contracts also rushed into secure SUD-
plies even at top prices. which today are
~ per cent higher than last week
Ine California wheat sent to India as
yet Is only drop in the bucket but the
moral effect of this movement and the i'm
pending famine in India has been very
great OF course. Il rain falls quantities OF
Caiifornia wheat VIII not be wanted. But
doubt this. and, coupled with the viceroy's
grave telegram. it naturally affords specu-
lators the real element of uncertainty they
delight in.
half the rise. The balance is solid advance
owing to shortness of supplies. We shall
follow the United States closely however
and the spectators who force the market
y rise in freight has at all times been in
advance Of a rise in wheat. and the demand
for steamers is most brisk. The closing of
the sea of Azov. early in December will
free numbers of ships TO load elsewhere
though at present the Azov boats are
loading as rapidly as possible.
Conformation Abroad.
LONDON, October 20.-The financial ar
ticle in the Times says:
The receipt of the cable adv;ces from
America giving the price of wheat caused
scene almost of. .consternat:on on the ex-
change such as is not usually seen except
in war times. A large business was done
Californian selling at SO Shillngs per quar-
ter Maize and barley were also in brisk
demand. The rise appears to be due to the
sales of American wheat for India, which
frightened the spectators good deal
Cautious observers think that the rise of 5
shillings per quarter for the week fully dis
counts the effect of the abnormal Indian