The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-29
MARKET TURNED AGAIN
HIGHER PRICES SCORED ALL
AROUND. WHEAT GAINING Lie.
Corn and Oats Made Fractional Adj
vances, While Provisions Jumped
from &c to 12c.

CHICAGO. Aug. 2S.-The tide turned in
the grain market and provision market to-
day and higher prices were recorded all
around. Wheat was benefited by estimates
of a shortage in the worlds crop. December
closing 1Ac higher. Corn and pats closed
sc higher zach and provisions advanced
SAFE higher.
Wheat opened from &c to &c higher for
December than it closed on the day before,
initial trades being made at 5Ssa 50lsc. All
conditions were favorable for higher prices.
The Liverpool cable quoted that market I'D
higher. notwithstanding the break yester-
day. and there was more talk of gold i'm
ports and more nope of an easier money
market, the Improvement being already no.
ticeable in New York and some OF the
Western cities. But the chief factor of
strength was found in the estimate of the
worlds crops published by the Hungarian
Minister of Agriculture. showing III. 100000
bushels less wheat than last year. and 1884,
1000 300 bushels less of rye, making a total
s~hrinkage in breadstufs of three hundred
million bushels. This had the effect of
frightening shorts and starting speculative
buying, under which the prices vent up
easily, December bringing 6Oslc by 12:30 p.
As <hIONAAN Lo(NOA 60 $500
in the Corn Trade News admission of a
short Russian yield of wheat and the esti-
mate tia 1920. 900 bushels per week would
be required from America unuii December.
Chicago receipts were 1I0 cars. of which
twelve were contract and 2lO.9S1 bushels
were Withdrawn from store in the last
twenty-four hours. Minneapolis and Duluth
received ga cars, compared with 40 on the
corresponding day the year before. The
upward movement met with some checks,
owing RI Coma hank failures remarked i'm
the West, but the general tone was strong
and prices quickly recovered from the
slight reverses. The market continued to
develop strength during the last hour.
shorts covering freely and there being good
buying for the long account. Late cables
came firm and there were $4,000 bushels of
cash wheat taken here and over 500. 900
bushels in wheat and flour cleared yeSter-
day. December sold finally TO 609.c. but
eased off a trifie, the close being at 6O%
Q60Bc.
Corn was quiet. but firm. influenced by
the strength of wheat and the lighter re-
ceipts than expected. as well as by fair
terday's large cash business also lent con-
siderable strength and the closing was at
the high point of the day. September
opened a shade higher at 20Ec, advanced to
21c and closed at that figure.
Oats were frmer and fairly active. The
strength and higher prices came about
although elevator people bought quite free
ly and assisted the better feeling material
". September opened &c higher at 157sD
Ice. declined Lice and advanced TO 161sc,
where it closed.
Provisions were in better demand than
they have been for some time past. Offer
ings were light and while buying orders
were not for large lots they were in
many hands. Opening prices were slightly
higher and the strength of grain was in
f~uential in causing a further advance. The
close was steady. September pork closed
1212c higher at $5.62is; September lard. .071ac
higher at 3.S5c; September ribs .05c higher
at 3.25c.
ima receipts Saturday-Wheat, rs
600 head.
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