The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-10
A RECORD BREAKING DAY
WHEAT WENT TO s1.o9, THE HIGH
EST PRICE BID IN SIX YEARS.
Excited Chicago Market All Day, and
the Close Was 3-4c Higher than
on the Previous Day.

has any months delivery of wheat sold as
high as December to-day. 1t rose from
$1011s at the opening to $1.O9, but in a most
irregular fashion. 1t had many a sudden
backward slide, but in the end it rested at
$1.O7 or the not inconsiderable improvement
of 624c for the day. January was a good
second, winding up with a gain of &c. May
was less demonstrative in it's bullishness.
It's advance was 17sc bushel. Other grain
and provision markets were more or less in
1uenced by the advance in wheat Corn
and oats closed &c higher each, and provi-
sions 5q712c higher.
Wheat was very nervous at the start
Shorts were evidently alarmed by the an
nouncement that the bull clique had made
arrangements to ship by rail all the wheat
delivered them on December contracts, and
had also made advantageous storage con-
tracts in the East. The consequence was
there was a host of buying orders for De-
cember at the opening, mostly of moderate
lots, it is true, but they had the same eff
feet on the already strained market as if
they were for millions. There was no
wheat for sale. December closed yesterday
at $1.OCA but opening bids to-day ranged
all the way from $1.O11a to $1.O4, and even at
the top there was scarcely a bushel to be
had. This precipitated a perfect scramble
among the shorts, not in December alone,
but in January and May also. Before wheat
came out $1.05 was offered for December.
Then came a lull which lasted for an hour.
Brokers operating for the bull clique at
tempted to stem the tide, but probably from
100000 to 100000 bushels was taken before a
reaction occurred December declined to
$lO312, but by 11:45 o'clock had again risen
to $1.O5. Then came the storm. Within five
minutes, and amid whirl of excitement
December was bid UP to $1.0S. 1t reacted
with jerk to $1.0612 then up again without
stop to $780, the highest point bid for
ably as much wheat was sold on this adj
vance as on the earlier one After that
the market was more quiet. January shorts,
IN the meantime, had not been idle. That
month opened strong at from 93c to 94c, and
it sold as high as &c during the excitement,
an advance of 512c since yesterday. 1t was
cember also applied to January, and shorts
got under cover as quickly as they could.
May May was vas aiso very strong, though 1t dld not
nave the same panicky appearance of the
other options. 1t opened at 91Q91Nc, as
compared with yesterdays closing price of
9019@90ssc, and had advanced by noon to
927sQ92%c. If the market at the opening
had bene left, as usual, to take its imprint
from those things that usually affect it,
decline would in all probability have oc-
Cured. The number of cars received to-
day at Minneapolis and Duluth was 815,
compared with 1853 week ago and 67S the
year before. Chicago got 12S,000 bushels by
lake, besides 21S cars by rail- AS it was be-
lieved that yesterdays figures indicated
now on, show steady falling off, this
showing was a disappointment But the
wild antics of the December option caused
looked. The quantity inspected out from
here was 10000 bushels. Liverpool opened
firm at an advance of sd and closed only
shade higher, although they must have
known there before the end of their session
of the early considerable strength of the
market here, The continental markets were
very little changed. The exports from At
Iantic ports were quite up to their recent
liberal average, the days total being equal
In wheat and flour to 900 bushels includ-
ing $4,000 bushels of wheat from Galveston.
Reports of rains interfering with the har-
vesting of wheatin Argentina and that the
expertable surplusw ould be reduced in con-
sequene. That was one of the items of the
days news that, like good many more re-
ceived, had very little attention paid to it.
moved irregularly between S1.0S1a and $1.07,
closing nervous at that price. May had re-
acted to 92ss@921ac at the close, while jan
uary wound up at 9412c.
Corn was dull but firm, the range being
1249sc. The tone was due largely to the
advance in wheat and better demand for
December, which sold within 31sc of May.
Wet weather west was also a feature, as
was the decreased country offerings. The
market did not advance much during the
morning, but later in the day the persistent
strength of wheat drove shorts to cover.
and the market ruled strong for the rest of
the session. Receipts were 357 cars; clear
ances. 10000 bushels May ranged from
277s@29c to 2SasQ2S19c and closed ssc higher,
at 2S34c.
Oats like corn, did not respond much at
first to the jump in wheat, but when it did
start the market became quite active and
strong. The strength developed was par
ticularly prominent in December and at
one time that delivery sold at Ac premium
over May. Shorts were active buyers on
the up-turn. The urgent cash demand also
had it's effect on the speculative crowd
There was some realizing at the top. Re-
ceipts were 1872 cars. May ranged from
225sc to 221sQ22Ac and closed &c higher, at
221ac.
Not much interest was manifested in pro-
visions. the unsettled feeling in the grain
markets attracting the attention of opera
tors. The market in general way exhibit
ed more strength, the closing being higher.
This was due entirely to sympathy with the
grain market, as hog receipts were very
heavy and yard prices lower. The market
was almost at a standstill until afternoon,
when moderate buying by shorts caused a
slight advance AT the close January pork
was &c higher at $827la; January lard TIC
higher, at $43212, and January ribs sc high
er. at A.221a
Estimated receipts for F'riday-Wheat. 215
cars; corn 425 cars; oats, 800 cars; hogs,
% 900 head
Leading futures ranged 90 follows.