The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-14
WHEAT CLOSED STRONG
SEVERAL BULLISH NEWS ITEMS
FORCED UP PRICES Lie.
New Wheat Arriving in Much Smaller
Lots than on Corresponding Day
Last Year-Other Markets.

CHICAGO. July 13.-Wheat to-day was
influenced by higher cables, light deliveries
of new wheat and by the sharp advance
at st. Louis, closing strong at an advance
of 11sd1Hc. Other markets were quiet
most Of the interest concerning in wheat
Corn closed sc higher, oats a shade higher
and provisions unchanged to 212c higher,
Wheat was strong from the start. The
Liverpool wheat market commenced at an
advance of I'D for futures and 1ad for spot
and the next report received just as trad
ing began here showed a further gain of
34d in futures That caused a strong open
ing here, September being wanted at from
661sc to 663sc, compared with S5%c at the
close of the day before and selling almost
Immediately to 661ac. Some other strong
points connected with the domestic receipts
helped also to create the bullish feeling
thus expressed. The Chicago receipts were
only seven cars, four of which were new
wheat Last year on the corresponding
day thirty-nine cars of new wheat were
inspected into store at Chicago. St Louis
got to-day 22,500 bu, compared with $1,000
bu a year ago. The receipts at Minneapolis
and Duluth were 367 cars, against 497 the
similar day of the year before. The ad-
vance in price to 661ac brought out plentiful
offerings from those who had calls for the
day and that checked for the time any
further rise. New York reported some for
eign buying orders The principal break
encouraging news from the Northwest re-
garding the spring wheat crop. Chicago
st. Louis Toledo, Kansas City and Detroit
| receipts to-day aggregated 5000 blu, against
3I2,0U bu the corresponding day of the year
before This fact was given great deal
of attention by traders as apparently in
n n
old milling wheat. The Atlantic port clear
ances of wheat and flour were small at the
| equivalent of 1875, 600 bu. The closing cable
grams reported Liverpool advance for the
| day 1850 for July and %d for September
| at New York and as bullish as Chicago
| on July and st. Louis more bulish than
| either The chief trading of the day until
| within twenty minutes of the close was at
| around 664M663sc for September, but about
| that time the 2 cents advance at st. Louis
| woke up the traders and in very short
| time the price was rushed up to 67ssc.
| There was very heavy covering near the
| top of the bulge. BY closing time Septem-
| Der had reacted to &c.
| Corn was neglected, the volume of trade
| being smaller than for some time and
| fluctuations were confined to a very mar
| row range. At the opening a firm feeling
| prevailed. due to sympathy with wheat.
| The market weakened a trif1e later, more
| from lack of support than from any bear
| ish news, but became strong again with
| wheat Local receipts were 754 cars.
! September opened a shade higher at 265s a
26$4c sold between 26120269sc and 2634Q26sc,
closing at 26s4c. The tirmness which char
| acterized oats was for the most part due
| to sympathy with wheat. Business was
limited and almost entirely local. Shorts
Were of the best buyers. Receipts were
/ 33S cars. September opened unchanged at
| 1Slsa1SAc and held within that range all
! day, closing at 1910.
Provisions ruled dull all day and weak
until within an hour Of the close. The
opening was lower on larger hog receipts
| than expected There was quite general
| liquidation during the morning and a con-
| sequent further decline in values, but when
| wheat started it's final advance some
| of its strength was injected into provisions,
all the early loss being picked up and a
trifie more: At the close September pork
! shade higher at $3.90d392 September ribs
a shade higher at $4.30Q432.
Wheat. 81 cars corn. 400 cars; oats, 17O
cars; hogs, $1,000 head.