The record-union., 1897-09-10
EASTERN GRAIN MARKET.
WHEAT OPENS WEAK ON THE
CHICAGO EXCHANGE.
Advances Over Two Cents Per
Bushe1 on Advices From Rus
sia of Big Demand.

| CHICAGO, Sept. 9.-The opening in
wheat was sluggish, and at a shade un-
| der yesterdays price. December start
ed at 95$4 Q955s. and sold down to 953s
| before any strength was shown to sup
port it. The weakness was due to open
! ing declines at Liverpool and 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 en-
| hanced By the influx of half a score of
Hungarian Commissioners, who were
| purchasing wheat at any price they
could obtain it for. 1t was also stated
| that the Government had made extra
ordinary purchases of grain for food re-
serve 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 consequence being that by u
o'clock December had advanced to
| 97%c.
Local sca1pers. however, fought shy
| of the market for some time, and were
! conspicuously reluctant to have much
to do with it to-day. The absence of
such an important controlling force was
| seen in the difficulty commission houses
/ had in filing orders, more especially
buying orders. as the latter We're vastly
| in the majority Sudden jumps i'm the
price were unavoidable, as December
wheat was not for sale after the first
half hour by any one who had it pre-
viously bought, and the advance to 971sc
was attended by many fluctuations. The
ordinary market news had nothing very
novel or exciting beyond the Odessa dis
| patch.
Chicago received 295 cars, only 10 of
them contract. Minneapolis and Du-
luth reported 672 carloads, against 1, 043
a year ago. The Atlantic port clear
ances were equal in wheat and flour to
$50 900 bushels. The French demand
for wheat, which had been somewhat in
allegiance, revived again, according to a
cablegram from London, which quoted
sales to France Of a cargo of already
afloat of California wheat. New York
reported 30 boatloads taken there for
export up to y o'clock
| The market continued strong, 97$4c
being current for December, about half
an hour before the close. People who
were still bearishly inclined confined
short selling to May delivery, and that,
in consequence, got to a slight discount,
its price being 91$I, when December was
| 9S1s. At the closing December had
reached 9714.
NEW YORK, Sept. 9.-Wheat made a
gain of about &c a bushel to-day, De
cember reaching the highest point since
! August 23d, when it sold at 1914
| Shorts We're active buyers, inspired by
| sensational cable stories to the effect
that Hungary was large purchaser of
| Russian wheat to supply home deficien-
cies Foreign houses bought futures in
! the forenoon, and later took about thir-
| ty loads of actual grain, including a fair
| business for French ports.
| Gables gave very little support to the
early market, but it closed firm. with
most of the opening loss regained.
| Speculation broadened out little, slim
/ ulated BY renewed interest on the part
! of the big Chicago traders, and a be-
! lief that efforts will be made to push
wheat in Chicago above the dollar point
! before the present movement subsidies.
| Some Of the local bulls We're talking
! 81 - for September in New York, but
! conservative traders secuted the idea
! A belief that the Government report
would be bullish helped along the bull
| sentiment. December sold from 81 to
| 81 o. and closed at 81 OLE or 111c
! higher than last night