The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-06
STRONG AND &c HIGHER
WHEAT FOLLOWED THE LEAD OF
FIRMER FOREIGN MARKETS.
Drought Throughout the Wheat Belt
Starts Prices Upward-PrOvisiOns
Weak and Lower.

CHICAGO. Oct. 1.-The local wheat MIR
ket to-day followed the lead of the foreign
markets and closed strong at an advance
of &c over yesterday. Foreigners were
good buyers of grain and were evidently
much impressed with the drought in Amer
lea ard in Argentina. Corn was strong,
but advanced only AQssc. Oats closed 1sc
higher. Provisions We're neglected and
weak in consequence, closing at 5Q1Oc
lower.
Drought at home and strong markets
abroad were the influences which were up
permost in the wheat market when bust
ness began Buyers took hold with more
confidence while short sellers and, in fact,
all kinds of sellers were inclined to be more
cautious. Liverpool cables opened at an adj
vance of SD over night and subsequently
advanced to Id above yesterdays closing
prices. In the pit there were buying or
ders for December wheat, coming direct
from Paris, though the quantity thus
bought was not large enough to attract
general attention The predictions for con-
tinued fair weather for the next thirty-six
hours in all of the winter and spring wheat
territory was very disappointing to those
who had expected that yesterdays light
showers in the Northwest would become
heavier and extend down into the winter
wheat country. The fact that Northwest
ern receipts were large was not sufficient
to offset the effect of dry weather. The
wheat arrivals at Minneapolis and Duluth
were 1869 cars against 1875 a week ago
and 12S9 for the corresponding week last
wear. Chicago receipts were 1856 cars. De-
cember, which closed yesterday at $3.50,
opened to-day at 89BQ901s, with few small
lots selling as low as S994c. The price was
soon advanced to 90%c. Foreigners We're
liberal and persistent buyers of futures
here and in all other american markets:
The closing advance in Paris was equal
to Use. Liverpool was up 11ac and Antwerp
was up 11sc. To-day seaboard engage
ments were reported at siXty-elght Doat-
loads. The weekly report or the Great
Northern road confirmed those OF a large
number of correspondents covering Wlue
area in thee Northwest that thraSmnS re-
turns were disappointing and that previous
estimates would have to be reduceu.
very sharp squirt in the price at Duluth
gave color to the stories. REPORTS OI
drought in Argentine came from very con-
seryative sources, and from the fact that
foreigners bought not only wheat, but corn
and rye in this market ana preSuinaply
elsewhere, it looked very much as IL the
again. The market grew very strong to-
ward the close. The tirmnesS or CLOSING
cables and the anxiety OF 1orelgners VIC 10
purchase wheat scared the shorts, VINO
have been having their own way Tor some
time past. December sold up to 9l9sc hhailys
and closed 11n at lIdb pllCC-
Corn was strong on the continuation OF
the drought, in sympathy with the streng,tn
in wheat and on good general buying; Inc
volume of business was not large curing
the early hours, but q strong demand ue-
veloped as the session advanced, botn from
local shorts and for foreign account. Inc
strength at Liverpool also attracted az.
tention Receipts were 5S6. cars Atlantlc
clearances were $4,000 bushels December
ranged between 297sc and 2912c, CLOSING 14g
ssc higher at 297sc. Offerings Wetre HDelu
at that figure. ,,,,,o+ ~, tho
wheat advance, but also largely by dro GUT.
There was an advance early IN the udg
on urgent buying. This demand uroppe.u
off later and part of the advance was Iosl,
Cash demand was excellent. Receipts were
$40 cars December ranged from 1870 "
1850. closing 1sc higher, at l994c ~
Provisions were slow. The opening WaS
lower because of liberal receipts Oh NOES
here and lower yard prices. Inc lnal da1
rallied slightly with grain, but grew "e fan
again and remained in that conolIlon lo VI,
fhe rest of the session. Moderate = dliu.1
offerings by packers were about the Ctly
feature to trading. At the close IeceilD 9
norS was 71a61Oc lower, at $S.10qS.l212; De
cenber lard 50D712c lower, at S4.oo; Deceiii-
Der ribs sc lower, at $4.fV -,,aoeaov
ESTIMATED receipts for Wednesqay-
Wheat, 2S5 cars; corn, 44O; oats SzO' noss'
&c 900 head. el,o,,,s.