The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-02
STRONG WHEAT MARKET
STEADY ADVANCE AT CHICAGO,
CLOSING PRICE BEING 93 3-sC.
Foreign Demand Continues Heavy,
More than a Million a Day-Other
Markets Scored Gains.

CHICAGO, Sept. 1.-All grain and pro-
vision markets were strong to-day after
an opening which rather indicated an OPP
posite condition. A renewal of foreign buy
ing and heavy clearances started shorts in
wheat to covering in the old familiar way,
resulting in an advance of 91z cents in De-
cember. All the other markets were car
ried along, corn having additional help of
some decidedly sensational crop reports
from Iowa. Corn advanced l cent, oats 5sc
and provisions 5Q21ac.
For a moment at the opening wheat was
below the price it closed at yesterday 1t
soon recovered however, and for an hour
afterward ruled firm with a gradual i'm
provement in prices until 1t had turned
asc decline at the start into an advance of
11bc The first trades in December were at
from S915c to 1880 and before 1920 o'clock
had risen to 903sc in less than half an hour
later the price was 91ssc. An unaccountable
weakness overlook the crowd on the curb
after the close of the market yesterday
and little of that found expression at the
start to-day. There was nothing of weak
ening or a discouraging character in the
early news. Liverpool was quoted $50 low
er, it is true but New York reported for
egn buying orders and acceptances of Of
fers made last night by cable, both in the
United Kingdom and continent Deliveries
at Chicago on September contracts did not
exceed 5000 bushels, although Liverpool
lent of 12c per buShel higher and second
cables showed a marked change for the
better at the English market. 1t was to
the renewal of foreign buying that the
market owed it's strength, as it showed the
dependence of Europe on this country for
supplies until next spring at least. Receipts
tract. Minneapolis and Duluth received 394
carloads, against 345 the corresponding day
of the year before. The Atlantic port clear
anceS were again close to the one-million
bushel mark. the actual quantity in wheat
arc -four being $4,000 bushels, which viii
make the average exports one million BUSH
els a day for three consecutive days, for
the equivalent of which references has to
go back to the year of Russian famine.
That gave a fresh impetus to the upward
trend of prices, December bringing 927sc
about 1915. Closing cables were of a mixed
character. Paris was 20 centimeS-1c per
buShel-higher; Antwerp l franc, or SAC
lower; Liverpool closed at an advance of
from 1@d for December to ID higher for or
saw good reasons for getting off that side
and contributed to the advance which kept
gaining till within a minute or two of the
close. December rose to 94c, but had re-
acted to 1880 at the close.
There was an enormous trade in corn
with the West doing the most buying and
with crop damage claims the factor. There
was some disposition to sell at the opening
on predicted rains in the corn belt, but that
changed quickly when wheat shorts started
for cover. December started at from 31a4c
to 321sc, most of the trading at the higher
figure, which was about where it closed
yesterday. The price gained steadily until
a few minutes from the close, it reached
33Ac, and it wound up at 331s@33Ac. Short
lines were covered and helped materially
in causing the advance. Iowa advices were
to the effect that the seasons yield in that
State would be only half crop. Receipts
were 1850 cars; charters were for $4,000
bushels.
The session in oats was unattended with
any noticeable activity, business being prin-
cipally local, the market was firm through
out principally through sympathy with
wheat. Receipts were ASS cars. Visible in
creased 76S000 bushels. December opened
unchanged and gradually advanced to 20s4c,
where it closed.
Provisions were moderately active. The
market opened easy under the influence of
fairly liberal deliveries. but the market
turned strong when wheat and corn COM
menced to climb; Armour and Cudahy were
both said to be heavy buyers. AT the close
December pork was 10c higher at so.O71a ;
December lard, 21aQ5c higher at $4.971aQ5
and December ribs unchanged at $50.
Estimated receipts for Thursday: Wheat
1S5 cars; corn, LIPS; oats, 400; hogs, 10000
head.