The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-24
WHEAT ADVANCED 2 3-8C
EXCITED TRADING, CHICAGO SHORTS
sCRAMBLING TO COVER.
Other Grain Held Strong in sympathy
with the Leading Cereal-Pork
Was Unchanged.

CHICAGO. Sept 23.-December wheat
closed to-day at an advance of 23sc after
an excited session. The sharp advance in
foreign markets and the light Northwest
receipts created a regular scramble to
cover and the advance was the result.
Corn followed wheat and closed 3sc higher.
Oats advanced nc and provisions were 21ac
lower to &c higher.
The Berlin wheat market came strong at
the opening and from IL marks to IA
marks higher than it closed yesterday.
Liverpool opened steady for spot wheat
and I'D higher for futures of red Ameri-
can. This and the reduced Northwest re-
cepts were sufficient to start the market
at a substantial advance. The opening
price for December was from 625sc to CSC,
mostly at the latter figure, against yester-
days closing price of 6213c and after
momentary hesitation it started on a bulge
which caused the price to rise to 641sc be-
fore halt occurred. In the Northwest the
situation was much stronger and prices
had a sharp advance. both in Minneapolis
and Duluth. The Northwest receipts to-
day were only $40 cars or nearly 300 cars
less than a week ago, and 17o less than
year ago. The thrashing returns in the
Northwest We're reported to be disappoint-
ing, and estimates of crops in the Dakotas
ana Minnesota SnOWGQ TSQuCllCIlS Inc
strength of the foreign markets at the
opening decidedly a disagreeable sur
prise to many. Anticipating a reduction
after the recent advance, many of the big
SPECTATORS sold heavily yesterday, and
their efforts to cover resulted for a while
in scramble to get wheat at almost any
price. Realizing was heavy, too: and
caused several minor reactions. Chicago
received 1863 cars of wheat, compared with
76 on the corresponding day of the year
before, only nine being of contract quality.
The export clearances were liberal at equal
to 407 900 bushels in wheat and flour to-
gether The closing cables were strong.
Liverpool noted an advance for the day of
s4d per bushel for futures of red wheat,
repeated yesterdays quotations. but Berlin
closed with a rise of 3sl marks for Sep
TENDER and 3 marks for October wheat
the close. December finally sold up to 65c
and closed firm at 641sI65c.
Corn was quiet, but firm, largely in SYM
pathy with wheat Offerings from the
country were larger than of late, and the
market did not sympathize so much with
the advance in wheat as it would otherwise
have done May opened a shade higher at
steady at 251s@ 2514c bid.
Through sympathy with wheat and corn
oats ruled firm and a shade higher all
day. Business, however, was limited, be-
ing confined almost entirely to few local
spectators. May opened unchanged at
191sc. advanced to 1880 and closed steady
at that price.
Provisions suffered from lack of suffi-
cient demand to absorb the offerings from
the packers and was chiefly upheld by the
strength of the wheat market. Lard was
the only article that gave indication of in
dependent strength. October closed at &c
advance and January at 212c. Pork and ribs
were virtually without change for the day
in the end, but averaged weak for the
whole session.
Estimated receipts for Thursday-Wheat
200 cars corn, $50; oats, 29o; hogs, $4,000