The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-10
CLOSE TO THE DOLLAR
CHICAGO WHEAT TOUCHED os 1-2C
AND CLOSED AT 81 3-4C.
Leading Cereal Gained &c in New
York and Talk Is Heard Again of
$1.25 wheat Among the Brokers.

CHICAGO, Sept. 9.-Wheat took another
long step toward the dollar mark to-day,
the December option closing at S7s4c, or
17sc above yesterdays close. Heavy sea-
board engagements and bad reports of con-
tinental crops We're conspicuous factors in
the advance. Corn was strong on bad crop
reports, and predictions of frost, and closed
3sq1ac higher Oats advanced Ad3sc. Pro-
visions closed 71ac higher for pork, but 21ay
sc lower for ribs
The opening in wheat was sluggish and at
a shade under yesterdays closing price.
December started at 9534Q957sc, and sold
down to $3.50 before any strength was
shown or support given. The weakness was
due to opening declines at Liverpool ana
Paris. Foreign advices, however, changed
the state of affairs about half an hour from
the opening. 1t was stated in dispatches
from Odessa that the crisis in the grain
trade in southern Russia had been enhanced
by the influx of half score of Hungarian
commissioners who were purchasing wheat
at any price they could obtain it, 1t was
also stated that the government had made
extraordinary purchases of grain for food
reserve as a precaution against another
famine. This soon obliterated the effect of
the slight declines at Liverpool and Paris,
and a more urgent demand arose, the con-
sequence being that by II o'clock December
had advanced to 977sc The scalpers have
fought shy of the market for some time
and were conspicuousy reluctant to have
much to do with it to-day. The absence OF
such an important controlling force was
seen in the difficulty commission men had
in filling orders, more especially buying or
ders, as the latter were vastly in the ma
jority. Sudden jumps in the price were I'M
avoidable, as December wheat was not Tor
sale after the first half hour by any one
who did mot have it previously bought and
the advance to 977sc was attended by many
fluctuations. The ordinary market news
had nothing very novel or exciting beyond
the Odessa dispatch. Chicago received 295
cars, only ten of them contract. Mime
apons and Duluth reported 672 carloads,
against 1,O43 a year ago. The Atlantic port
clearanceS were equal in wheat and flour
to $4,000 bushels. The French demand for
wheat, which had been somewhat in abey-
ance, has revived again. according to a
cablegram from London, which quoted sales
to France of cargo already afioat of Cali
five boatloads taken there for export The
market continued strong, 9S1ac being cur
rent for December about half an hour from
the close. People who were still bearishly
inclined confined short selling to the May
delivery, and that in consequence got TO
slight discount, its price being 9734c when
cember had reacted to 97a4c.
Trading in corn was not so active as Of
late; but the market was very firm. Some
of the firmness was due to sympathy with
wheat, but predictions of frost in the North
west Friday, coupled with some of the worst
crop reports, helped to maintain the price
independent of the course of wheat. Coun-
try offerings were small Clearances were
62S,O0O bushels and local receipts LII BUSH
els. Shorts bought freely to cover toward
the close. December opened shade lower,
at S25sq33c, sold up TO 3S1aQSS9sc, and closed
at 39$sQ33l2c
Oats opened weak, but flrmed up later and
remained so for the rest of the session. The
cash demand was large, over 100000 bushels
being taken for export yesterday. This was
the principal bull feature. Offerings were
large during the advance, but not enough
to encounter the upward tendency. Receipts
We're 36S cars. December ranged from A$4c
to 21Ac, closing at 211sQ211zc
Provisions were weak in comparison. with
the grain markets, although pork showed
an advance at the close The yellow fever
scare was not so much in evidence, but
there was scattered liquidation by small
holders all day. The cash demand was good.
AT the close December pork was 71ac higher,
at $780, December lard unchanged, at
$4.S712c, and December ribs 212@5c lower, at
$4.95.
Estimated receipts Friday: Wheat, 300
cars; corn, 1,275 cars; oats. 450 cars; hogs.
19, 900 head.