The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-19
WHEAT CLIMBS UP &C
SCRAMBLE IN Hi PIT on RECEIPT
OF HIGHER FOREIGN PRICES.
The Strength Caused an Advance of a
Cent in Corn. and Provisions
Also Closed Higher.

CHICAGO. Oct. 1.-THE price of Deem
Der wheat closed to-day at an advance of
exactly sac over yesterday. The bulge
was directly attributable to the strong for
eign markets. and was accompanied by
scenes of excitement seldom witnessed on
the floor. Corn and oats followed in the
wake of wheat. advancing 1c and sc. re-
spectively. Provisions were also strong.
and closed 10M1212c higher. The semi-ex-
cited state of the wheat market as yester-
days session was coming to a close was
increased this morning into a fairly good
specimen of general alarm. That fear was
well grounded. There was not a single
bushel to be had for less than 15sc advance
on yesterdays closing price, and very lit
tie at under 74c, or Use higher than it
closed yesterday for December delivery.
The reason for such a sudden and material!
rise following the big jump of the previous
day stuck clear out from the official bulle-
tin boards. TIL foreign markets led in the
scramble. just as they did on the day be-
fore. The public dispatch from Liverpool
quoted an advance there over night of 219d
per GENITAL, which is the equivalent of SC per
bushel. Private cablegrams showed the
Liverpool and London wheat markets eX-
cited at the advance already named in the
former, and at 71ad per quarter rise for car
goes at the latter place. New York wired
that foreigners were active buyers there.
and claimed that 1I5 boatloads-equaI to
/, 400, 900 bushelS-were taken there and at
out ports yesterday. With that for a start
er, the prices bid for December at the OPEN
ing were from 1919 to 74c. against 72sc at
the end of yesterdays session. The crowd
had scarcely got accustomed 10 14c wheat
when further dispatches of exciting charac~
ter started them again, and the price rose
to 54sc. A San Francisco message said
that two more steamer cargoes of wheat
had been taken for India, and that in
quiries were now being made for sailing
vessels to take wheat to the same destina-
ton. The significance of the latter point in
the dispatch was the indication it gave of
the expected long continuance of the In
dian requirements. On top of all that u
private cablegram reported the Berlin mar
ket excited and ) marks higher. being
equivalent to 1&sc per bu. 1t is no wonder
that spectators for wheat-and
they did. There was imply no bear news
of any kind, and the only chance the anx-
ious shorts had was when a Spectator,
satisfied with the profits in sight, put his
line on the market. There was plenty of
this done, but everything was grabbed at.
and the price never stopped advancing I'M
til 76lsc had been scored. exactly &c above
yesterdays closing. Here the realizing in
creased and was sufficient to break the
price of December to 75sc at the close.
Routine statistical news received no atten-
ton.
IS in wheat so it was in corn. Foreign
ers bought it in large quantities. The sea-
board reported sales for export to-day Co.,
COO blu, and the demand here likewise was
good. Nothing but the influence of the huge
crop in this country and the generally good
reports from Argentina and the Danubian
countries, keeps corn from sharing to a
larger extent in the great boom i'll wheat.
As it was, the prices advanced lie per bu.
May was wanted at PC at the opening. a
sc advance. IT did not sell for less than
2s38c, and was very stronl ear the close
at 1850.
Oats shared in the general strength and
enjoyed a comparatively large trade. clos
ing at about cne highest point of the session.
There was liberal selling by traders anx-
ious 10 take -ofits. May opened at 2l1s0
215sc. an advance of &c, and gradually sold
up to &c. That was about the closing
price.
Provisions, which on the day showed The
only resistance to tie general advance in
prices. fell into line to-day and made SUBJ
stantial gains. Packers were good buyers
and spectators We're encouraged by higher
hog prices and the bulge in grain. Closing
prices were close to the top. January pork
closed 321ac higher at $50; January lard,
15c higher at &t251904.55; January ribs, 171sc
higher at $3.9719G4.
Estimated receipts for Monday - Wheat,
$50 cars; corn, $50 cars; oats, 515 cars; hogs,
AZ. 900 head.
Leading futures ranged as follows: