The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-27
TOP NOTCH At CHICAGO
TEN MINUTES AFTER OPENING
WHEAT WAS QUOTED AT $1.O3 LIZ.
The Bull Clique GOOD and Strong and
Its influence Felt in All
the Markets.

CHICAGO. Aug. 26.-Wheat eclipsed the
top-notch prices of the present bull cam
paign to-day the September option reach
ing $1.0315 and December 96c. After exceed
ingly wild fluctuations September closed at
9S7sc and December at $3.50, advances of
21sc and sc respectively. The furry in
September was but tho result of another
turn to the screws by the bull clique, while
in December the advance was caused by
bullish cables and crop news. Corn was the
most active market on the floor, and
showed a 1AM1$sc advance at the close.
Oats advanced about 9sc and provisions Is
Q20c.
The first fifteen minutes of the session in
wheat was as bad a quarter of hour for
the shorts in wheat and corn as any in
their recent most exasperating experience.
The bull clique got back with compound
force at the people who called margins on
it's brokers so heavily Monday September
wheat opened at from 9S12c to 81, or from
1%c to 314c higher than it closed yesterday,
and mounted half a cent at a time until
about ten minutes from the opening $1.0312
was bid. price of sac over the previous
days closing price. December in the mean
time had reached 96c. starting at from 1850
to SOC, which quotations We're 13sQ1%c high
er than at yesterdays close For a few
minutes the market hesitated at those
prices, then a decline to 99c in September
and 94l2c in December ensued. The bust
ness during the next hour and half was
devoid of sensational features, and the
heavy trading at the commencement dwin-
died into sputtering fire of tives and tens
among the scalpers, during which Septem-
ber worked up again to 81 and December to
Gao. Probable, or, at least, possible, re-
moval of the French import duties on grain,
VI bnl fqi of o.
land and elsewhere, rehaSh of all that was
known and much that was purely mag
mary regarding wheat and rye crop short
ages in various European countries, ana,
above ALL the conviction that the clique
could with equal ease put September wheat
to $l25 or soc per bushel, all contributed to
the unsettling of the traders minds which
the early fluctuations indicated. Chicago
received 2S5 cars, of which only fifteen were
contract. Minneapolis and Duluth received
1856 cars, compared with l46 last week and
4S6 a year ago. The quantity Inspected out
of store was 204 457 bushels. The Atlantic
port clearances were again very heavy, be-
ing equal in wheat and flour to 10000 bush
els, $4,000 bushels of which was in the
shape of wheat. Liverpool quotations We're
very irregular, ranging from lad to Z@4d
above the previous days closing prices and
resting with net advance for the day OF
from Sd to 214d Antwerp was unchanged,
but Paris was equal to from 1c to FAC per
bushel higher. One feature of the market
vance in price having brought the business
to a practical standstill. New York wired
that Europe accepted very uttle wheat Oh
fered from this side last night. September
worked down to 9S12c and December to
931ac, but by closing time those options had
recovered to 9S7sc and 951Scs respectively:
so great, in fact, that 1t was almost impoS-
sible for traders to get into the pit once
they got out. Many faces familiar IN the
wheat pit were seen in the corn crowd, and
outside business was very heavy. Receipts
were heavy, 1865 cars, and estimates for To-
morrow were even larger. This fact was
lost sight of, however, in the scare over
drought fears of frost and bad crop re
ports. Elevator people sold freely, as did
people who bought on yesterdays break,
the result being that not all of the advance
was maintained. The opening was strong
and excited September dp started started 3o4mt
31Ac and 3Ol4c, closing at 3O7sc asked. De-
cember opened at from 33c to 3238c an ad-
vance of %G13sc, touched 3214c, sold as high
as 333sc and closed at 33Q331sc. Exports,
$4,000 bu
no sign of selling by the bull pool which is
supposed to hold about 5000 900 bushels.
The opening was strong, under good buy
ing orders and comparatively light OFFER
ings A decline followed, due to the break
in wheat and corn, but the market became
firm under good buying orders at the de-
cline There was increased outside buying;
about DC higher at 1870, sold at l9c ana
closed at 191lc December opened 1ac higher,
at 2Os4c sold between 207sc and 203sc, clos
Provisions caught some of the grain ex
element though business was only mod
erately active. Nothing counted so much
as the news that the potato crop abroad is
very short, hogs in foreign countries belhg
fed on them. A strong live stock market
and the advance in corn were also ~ FACTORS Tors
At the close September pork was zoe hlgh-
er. at $3.50; September lard 15c higher, at
$40, and September ribs 15c higher, at
$50 oo
Estimated receipts for Friday-Wheat, 300
cars; corn, 1850 cars; oats, $40 cars. Hogs
% 600 head. ,,