The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-04
WHEAT MARKET STRONG
HEAVY FOREIGN BUYING FORCED
CHICAGO PRICES UP 1I-2C.
Over 100000 Bushels Engaged for
Europe in Two D~ayS-COrn, oats and
Provisions Also Higher.

CHICAGO, Aug. S.-Wheat hesitated for
half an hour after the opening this morn
ing, and then, under the incentive Of i'm
mense foreign buying of the cash article.
began a steady climb, closing 112c higher.
Corn gained 25Qhc, oats hdAc. Provisions
were animated and gained 121sQ25c, the lat
ter in pork.
AS has been the regular custom of late,
wheat started strong at an advance over
the previous days closing price, and for the
same reason, as on former occasions. on
the strength of some one or other of the
foreign markets. This morning it was Liv-
erpool which, before trading commenced
here, reported an advance of 215d per CEN
tai for September delivery, or the equiva-
lent Of SC per bu since Friday last. The
advance here in the same time. taking 76c
as the price this morning, has been 12c per
blu, just one-half that at Liverpool. The
first trades in September were chiefly at
76Ac, but the advance brought out very
heavy offerings, and a quick break to 757sc
resulted. 1t soon recovered again to 76c,
and during the next hour it nuctuated be-
tween 7534c and 761sc. The Russian ship
ments to Europe last week were much
heavier than had been looked for. and made
the total from the chief shipping countries
in Europe 5, JOB, coo bu, against 1851, 600 bu the
week previous and 4,30S, 900 blu the CORE
spending week of last year. The quantity
on ocean passage increased $4,000 bu. Chi
cago receipts were 31 cars, OF which 81
were from this years crop. Minneapolis
and Duluth reported 81 carloads received,
against 490 cars the year before. Liverpool
stocks of wheat have been reduced 1,Sl6, 900
bu since July /. Dispatches from New York
kept increasing the number of boatloads
bought for export there, until at L o'clock
the number had risen to 119, and they
claimed 100 worked off yesterday, making
219 boatloads for two days, or the equivalent
OF l 1852, 600 bu. Some of that business was
wheat bought for shipment at Chicago. The
bulk OF the export takingS, We're credited
to the continent, but the United Kingdom
was likewise in the market, and TOOK spring
wheat here. The closing cablegrams were
strong-PariS ~ centimeS higher for flour
and from 10 confines TO 20 centlnes Tor
wheat, while Antwerp showed another 70
centimes rise for American wheat, and LiV-
Genital. The primary Western receipts were
1850 blu, against o95,5l1 Du a year ago.
BradStreet'S made the worlds visible o.
900 bu more than it was last week, but to
this is to be added an increase on the Pa
citc coast during July OF 1,l30,0 900 bu. EX-
ports of wheat and flour from Atlantic
ports TOR the day were equal to $4,000 bu.
towards the end the amount of business
done for export had expanded to loo boat
loads at the seaboard, according to the re-
ports, and to 10000 bu here, which merely
gives an Indication OF the vast demand, as
1t appeared TO the majority, forty or fifty
boatHoads more or less cutting no figure.
September touched the highest figure Tor
some time, reacting only rs September
opened 12QAc higher at 76M76Ac, sold OFF to
7o1aQ767sc, advanced to 1f4c, and closed
with sellers at nc.
Corn continued TO rule strong, influenced
by the advance in wheat and the dry, hot
weather that still prevailed in Kansas. The
Thomas crop report was made puphc early
~, tIn GAnrfAn hr4f ifC aGfIgnafp nj tho nrO-
SpectiVe yield of 2,62I, O00, 900 bu was conSld-
cred SO excessive as to be altogether r1dlc-
ulous. The general opinion OF 1t was mat
it was only the far from rrihing quantity
of 500, 000, 600 bu too high. 1t was ignored
by the traders, as is obvious In the day
advance in price; Receipts were d,49I 74 ears orS
blu. Atlantic port exports were 396,OOO bu.
The quantity on passage TO Europe oeI
creased 4S0,00 0 bu slast week. Liverpool
closed at III per GENITAL advance, and or
ders from abroad for cash corn were re-
ceived both here and at the seapoard' Inc
Atlantic port cities sent their orders 10 De
filled here for the most part. september
opened hsQAc higher at from 2S12c 10 2SAc;
sold for awhile between 2S12c and 2o9sc, ana
worked stronger as the session progressed.
After advancing to 29c the market closed at
28sc, sellers.
active as would be expected. There was
quite a good independent inquiry from the
outside, as well as local people.
with wheat helped considerably IN the ad-
vance. More attention was gtVen TO the
May delivery, and considerable changed
hands. september opened unchanged at
l7Ac to 175sc, sold to 1SQ1S1sc ana closed b0zaSd
with sellers at 18c. May ranged from 1Vfsp
21c to 2l1b6l21Ac. At the close 2lsc was bid:
The cash department was firm, in spite OF
heavy receipts. The inspection showed '9
Provisions opened strong at loo advance
for pork and lard and 712c for rios, due, II
was said, to hog receipts being z,Wo heaQ
were liberal, however. The strength of wheat
caused some buying by local operators; A
hui was taken back later at higher prices.
The best prices of the day PREVAILED at the
close. September pork closed zoe hlgheT az
$S.05, lard 15c higher at $45'Fz' rloS -720
Estimated receipts for Wednesday,
Wheat, 1856 cars; corn, LOCO cars; oats 900
cars; hogs, $4,000 head. ~