The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-21
September Future Advanced Nearly
q Cents Yesterday and Closed
Strong at 93 Cents.
WILD SCRAMBLE In THE PIT
CENTURY MARK CAUSED PANDEMO-
MUM ON NEW YORK MARKET.
Cash Wheat Also Brought n Dollar at
MinneapOIis-Other Markets Firm
and Higher.


| sensational advance to-day at every mar
Paris. During the regular session of the
| Chicago Board of Trade September wheat
gained 57sc and December 59sc On the
curb, after regular hours another advance
of &c was made, September selling freely
at 95c. The wheat pit on Change to-day
presented a scene of activity the like of
| which has not been witnessed since the
| palmy days of B. z. Hutchinson, famil-
| iarly known as "Old Hutch" The exact
| opposite of Ed Pardridge's famous raid
in 1891 was in progress. That plunger began
his operations on the short side of the mar
ket during the spring of 1891 and forced the
price from in the nineties to SIC. To-day's
advance places wheat on the ground occu-
pied before that raid, and in a position for
even further appreciation.
| The advance to-day was by no means
merely Chicago bulge. Liverpool started
! it, the English markets showing a gain
| equivalent to 412Q4Ac per bushel. Every
! American market followed the example
New York gaining 5asc ST. Louis &c. and
| the Northwestern markets &c. The strength
| of the English markets was attributed to
| unsettled weather and covering by shorts
| The official report Of the Hungarian crop,
showing it the smallest in ten years, might
have had some influence. Beerbohm the
noted English statistician, estimated Euro
pean necessities at 3S4,0O0,000 bu, with 1885,
! UO0,0 900 bu of that amount required from
| America.
Cash wheat in most of the American mar
ketS passed the dollar mark That was
| the case at Minneapolis New York, Buffalo,
Baltimore and St Louis. The cash pre-
| I,o,a
| TENDER option.
The Liverpool advance being made ahead
of the American, the English traders were
| quick to accept sure thing" and quietly
absorbed all cable offerings at last nights
figures. New York put the export engage
ments there at 100 boatoads, but this fig
ure was regarded much too low. Lack of
available wheat here made it impossible
! to do much cash business, and only one
lot Of 100000 blu was reported sold. Atlantic
clearances were extremely large, and the
| total for the week of 100000 blu reported
| just after the close caused a further adj
vance of &c. A few sales of September
were made on the curb at 961sc, and trade
was quite free around 96c. With fluctua-
tions wild spectators necessarily linn
| tied their operations 1t was big market
only in the sense that everyone took part.
The mysterious "bull" clique, whose oper-
ations In July option were very prominent,
continue to be the center of discussion.
Their operations day after day have made
1t plain that veteran is at the helm, but
his identity has thus far been kept from the
public. Joseph Letter, a well-known local
capitalist is said to be heavily interested
in the deal and a well-known car builder is
supposed to have a hand in the game. AL
though Pardridge's operations have not
been eclipSed, the combine is now said TO
be long of 2O0OO,000 blu of grain nearly
half of the entire amount being December
corn. Profits, it is said, have already been
accepted amounting to over $2,G00,000. The
campaign In corn is being pushed Vigor-
ously and prices to-day advanced about 1c
with further gain of zee after the regular
| close. oats also were aided by the bull
crowd and gained nearly 1c. Provisions
were not favored by pool operations and
gained only 5G7c.
| Wheat opened with roar at 911bG915sc
for September and from 9OAc to Gle for De-
cember, against yesterdays closing prices
of S71sc and S7Ac. An active scramble for
the rather limited offerings at the COM
mencement jumped the price to 911bc for
| both September and December before
much could be bought. The early tele-
grams on market matters were quite suffi-
cient to account for the renewal of the
! buying frenzy with which a number of
heavy operators has been seized at inter-
walls during the last six weeks Liverpool
was excited and 14q3sd higher at the open
| ing, Notwithstanding yesterdays 1850 de-
cline here and in the course of half an hour
| the Liverpool excitement had carried the
days rise up to the equivalent of 51sc per
bushel, the cablegram quoting the adj
vance at 41sd per Genital Crop reports
| from the Northwest were even worse than
usual, while Beerbohm added fuel to the
| flames by cabling predictions of 81 wheat
| on account of the European crop being es-
| timated at 3S4, 100000 bushels short of re-
| quirements. Wheat had declined to $3.50
! for September on realizing sales, but the
! publication of such radical statements
| startled the spectators and made them to
man anxious to get some wheat. The re-
suit was that in two hours from the open
| ing December wheat had advanced to 93c
and September to $3.50, While ST. Louis,
Minneapolis and Duluth all quoted 81 as
| the price of cash wheat in their respective
| markets. The reports of foreign buying of
! cash wheat at New York were of sem
| sational character. Everything offered in
! shape OF wheat or flour to London, LIVER
! pool, Bristol, Hull or other United King
dom ports was accepted, and before noon
| sold for export at New York. The Paris
| market was reported about Zee per bushel
lower for the day; but, for all that, orders
| heavy, and the demand from the United
| Kingdom was said to be immense. Every
| mousse mere WIN EnSllSh connections had
| buying orders for December wheat many
| of them to cover previous short sales. Chi
| cago received 293 carloads of wheat only
| fourteen of them contract, and fifty-six Of
| the lot were new spring. Minneapolis and
| Duluth got 163 cars, compared with 37S a
| year ago. Export clearanceS from Atlantic
| ports were equal to us 900 bushels The
| advance here. which finally reached 931bc
| for both September and Deco uber seemed
to have paraiyZed the casf .~ade, as only
| 5000 bushels were sold for lipment from
| here The market was very erratic toward
! the close. with fluctuations very frequent.
| September was bringing 93c at the close
| and December was quoted at 925sc.
| In spite of large receipts. a good deal of
| weather corn was strong and at one time
| showed over 1c advance. There was a large
| demand for cash. with a good export de-
| mand. The country selling had a tendency
to create weakness at times, but the ex-
traordinary strength of wheat overcame
been for some time Receipts We're loo
| cars. Charters were for $4,000 bushels.
! September opened SIC higher al 291sc sold
| between 29c and 29$4 G297sc resting at 293sd
| 29l5c The bull CLIQUE was said to have
! bought heavily.
Oats were rather quiet during the early
morning but the market became active as
the session advanced and a heavy day
business was done. The bull crowd a
| large buyer and increased its line heavily.
! Wheat of course, was the oVerShadowing
| influence and, with the exception of a brief
| interval of easiness early the market ruled
| strong. Receipts were 657 cars. September
opened a shade higher, at lSc, sold at 177sd
| 1Sc and advanced to 1SAc. The closing
price was 1870 asked.
| Provisions enjoyed some of the general
| bull prosperity. good cash trade was re-