The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-23
BIG ADVANCE in WHEAT
CHICAGO MARKET STRONGER YES
TERDAY THAN FOR WEEKS.
Shorts Driven TO Cover on Receipt of
Strong Cables and Higher Cash
Markets-POrk Quiet.

CHICAGO, Sept. 22.-Wheat to-day scored
the best advance that has occurred in some
time, December closing 1AG1ssc higher and
September Use higher. Strong cables high
er cash markets and heavy export engage
ments drove shorts to cover and made
broad, active market. Corn was more
active and strong with wheat closing 1sc
higher. Oats advanced l5c with a big trade.
Provisions were dull but steady, helped by
grain, closing at slight advances.
All the weakness which marked the close
of yesterdays wheat market had disap-
peared at the opening to-day and was re-
placed by strength exceeding that shown for
Sc yeral weeks Nearly all the features in
fiuencing the market were distinctly in favor
of the buying side. Liverpool was strong
and higher at the opening and continued to
advance during the day. Paris was also
higher, showing an advance of % centmes.
Duluth and other outside markets reported
materially higher prices for the cash arti-
Gle. Northwest receipts were at first re-
ported at SS1 cars, against 944 last week and
1888 a year ago. These figures were after
ward corrected to 913 cars, but the correc-
ton had apparently no effect prices.
Opening trades for December ranged from
63s4c to 64c, compared with yesterdays clos
price. and selling against those privileges
caused the market to hesitate for short
time, few sales being made at 635s Q6SAc.
That was the low point of the day. The
demand from shorts, which was good at the
opening, grew heavier as the session
progressed, and as no great amount of
wheat came out steady upward movement
had been bid. AT those figures holders be-
gan to let go more freely and the advance
was checked. Very little recession in prices
occurred, however, as offerings were hardly
sufficient to satisfy the demand, and when
fresh bull news was received later in the
day the market moved up very easily. Some
selling was caused by reports of rains in the
winter wheat belt which were badly needed,
and receipts yesterday and to-day of 100000
bushels brought here for mixing purposes
and which was expected to bring to grade
1,OU0,CC0 bushels of low-grade wheat was also
a slight incentive to sell, but not enough to
affect prices much. Late in the day the
market, which for some time previous had
been rather quiet, became active again on
reports from New York that eighty boat
loads had been worked for export. Private
London cables reported poor Russian pros
poets. Buying orders became very heavy
after offerings became, more restricted. Be,
fore the close December price had moved
up to 6412M645sc, and that price was bid as
the closing bell rang
Corn was steady with a somewhat better
trade. Shorts were free buyers and there
was a good speculative demand for the long
account. The market was influenced some
what by wheat 1leCelplS were
59S cars-but heavy receipts were looked for
tomorrow. There was a good Eastern and
export demand. Offerings from west of the
Mississippi were extremely light. Prices
f1uctuated narrowly, ruling slightly higher
all day. December ranged from soc to 29ssq
29s4c, closing &c higher at 29A029Bc.
There was large trade in oats and prices
again advanced sharply. Commission houses
which have been large sellers bought heav-
lily, and elevator people and shorts were also
free buyers. The cash demand was excel
lent. London was Sd higher. Receipts were
258 cars. The strength of wheat was
minor influence. May ranged from 2S1sc to
22ssc and closed 1ac higher al 23G23lsc
Trade in provisions light. The firm
ness of grain markets acted as a check on
short selling. and though the demand wa was
light, offerings were still more so. Ship
ments were large. The close was steady.
December pork was 2Ac higher, at $500;
December lard shade higher at $4.75, and
January ribs PIC higher. at $40.
Estimated receipts for to-morrow-Wheat
200 cars; corn, 500 cars; oats, 800 cars; hogs.
rs GOO head
aadinp futures ranged as follows: