The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-08
STRONG WHEAT MARKET
DECEMBER FUTURES ADVANCED TO
961-SC IN CHICAGO PITS.
Heavy Export Business and Higher
Cables Helping the BulIs-PrO-
visions some Weaker.


to the dollar mark again. December closed
to-day at 961kc. an advance of PFC since
Saturday. Strong cables and a heavy
port business started the market strong
and kept it in that condition. Corn scored
1c advance Notwithstanding enormous re-
cepts and denials Of damage reports Oats
shared in the prosperity to the extent of sc
advance. Provisions were affected some
what by the yellow-fever scare, but at the
close showed only a 1Oc decline in pork and
213c in ribs. while lard advanced SC.
The Liverpool wheat market had advanced
before the trading commenced here the
equivalent of 41sc per bushel over the price
it closed at on Saturday last, &c of that rise
having occurred yesterday. Paris was also
quoted &c per bushel higher since Saturday.
In sympathy with the strength abroad. an
advance of about &c inaugurated the days
business here, December starting at from
9512c to 9524c, compared with Saturdays
closing price of $3.50. But local spectators
who held long wheat over from the end OF
the week before seized the opportunity of
reaping so material profit and their offer
ings caused the market to show sagging
tendency most of the forenoon, December
declining to 9415c before any material rally
occurred The trade statistics of last week 3
movement of wheat in the direction of con-
Stunning countries were somewhat of a drag
to the market. The weeks shipments of
wheat and flour from all sources to the inn
porting countries of Europe were 9,8l2,O00
bushels against $4,000 bushels the week
before and $4,000 bushels the correspond
ing week of 1896. The quantity ocean
passage was thereby increased 100000 bush
els Receipts of wheat at Chicago since
Saturday morning were LOSS cars, but of
that number thirty-five only came up to
the contract standard. The quantity shipped
from here since Saturday morning was dis
prOportionately small compared to receipts,
$4,000 bushels comprising the total. Mime
apolis and Duluth reported 1880 carloads re-
ceived compared with 25i2 ior the three
corresponding days of the previous year.
Atlantic port clearances of wheat and flour
since Saturday were equal to 1155,O BUSH
els The visible supply decreased 900
bushels and the total is now down to 14,S17,-
00O bushels. A year ago the corresponding
week showed $4,000 bushels increase and
the total was AZ, 10000 bushels Closing ca
bleS did not vary much from those reporting
the opening quotations. 1t was difficult TO
get information regarding the precise num-
Der of boatloads sold for export at New
York and elsewhere, but ii was very evil
dent from what could be learned that 1000
600 bushels or more had been disposed of.
That was the reason why the market, after
its reactiOnary disposition in the forenoon,
became once more very strong ana was
bringing 96Ac for December about fifteen
minutes from the close. The final trading
price was 96kc.
Trade in corn was active and much more
general than in wheat Strong cables anus
very general damage reports from drought
started the market very firm, but the enor-
nous receipts and visible increase, coupled
with some emphatic denials of any material
damage to the crop, caused an easier teei-
ing to prevail for some time. The bullisn-
ness of wheat in the last hour, however,
started renewed buying and closing prices
were about the highest of the day. Receipts
since Saturday were 3,737 cars. The visible
increased .347, 000 Charters were for 375,00O
bushels. The shipping demand was slow.
December opened at from 33c to 33$sc,
against Saturdays close of 3212M32asc. 1t
ranged between $3.50 and 32s4c, closing at
1880. 7@.,."
More interest, was. shown in oats There
was considerable influential buying and the
market ruled firm from the start. The
strength of corn was apparently the princl-
pal factor. The visible supply increased
293 zoo bushels. Receipts for three days We're
posted at $40 cars. December ranged be-
tween 20$4c and 201ac closing at the top
figure an advance of CSC for the day.
struck the provision market at the opening,
provisions suffering especially. Packers,
however, gave the market vigorous support,
and before the close the market had Stea-
died lard even showing an advance. Hogs
were weak and lower. December closed l0c
lower at IS. S2120S.S4: December lard, 212Q5c
higher, at $4.S504.S712, and December ribs
unchanged at 500.
Estimated receipts for Wednesday-Whe
10 cars; corn, 1,45O cars oats, 5l5 cars;
hogs $4,000 head.
Teadine futures ranged as follows: