The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-12
Advancing European Markets and De-
cline in Spring Wheat COndi-
tions the Cause.
CORN is ACTIVE AND HIGHER
EXPORT DEMAND ALSO RESULTS IN
OATS SCORING A GAIN.
Provisions for the Time Being Are
Sluggish, but Small Advances
Were Marked Up.

CHICAGO, Aug 11-Wheat was ex-
traordinarily strong to-day, and closed at a
net advance of 27sG3c for September. Ad-
vancing European markets, the decline in
spring wheat conditions and a heavy short
interest were responsible. September sold
at 815sc the highest quotation paid for that
option In several years. Corn was fairly
active, closing Ac higher. Oats were strong
on good export demand, closing 5sc higher
Provisions were dull but steady Pork
gained 215c, lard closed steady and ribs
212c lower.
The early market news had in it some
items that scared the feeling of the shorts
on the Chicago wheat market at the open
ing. Liverpool prices were advanced I'D
per GENITAL over night, and Paris equal to
114c per bushel. Chicago received 166 cars
of wheat, and 10000 bushels were inspected
out of store. Minneapolis had 231 cars,
against 206 cars q year ago. The Atlantic
port exports were equal in wheat and flour
to $4,000 bushels. The seaboard kept up
running fire of bearish dispatches about
the selling of wheat futures for foreign ac-
count, but enough wheat was being ac-
cepted abroad at handsome premiums over
September for prompt or next months
shipment that the selling of remote futures
September delivery in Chicago. December
suffered, however, in comparison with the
great bullshness for next months delivery
The price of September and December.
which were 11sc apart yesterday, gradually
clcsed up the gap between them, Septem-
Der moving up at a sufficiently more rapid
rate to about overtake the winter delivery
slow gait. Glasgow accepted No. Chicago
spring at sc over September price in store
for prompt shipment Leith bid Sc more
than they were asked the day before Lon
don paid SEC per bushel more, and offers
of flour at advances equivalent to the rise
in wheat, made by Chicago brokers last
night to the United Kingdom, were ac-
cepted. The lately successful local bull
spectators were again buyers. 1t was
said they had been caught heavily short,
and their purchases aggregated between
three and four million bushels. September
closed only sc under the top. September
OF ened 11sd112c higher at 79ssqS soc, advanced
at 8l3sc, closing at S112c sellers. The Liver
pool markets closed at a gain of 17sd per
certal, which was a reaction of IA from
top figures and private Paris cablegrams
save somewhat lower quotations than the
closing prices in the public dispatch. That,
however, had but small effect on this mar
ket. 1t has been badly oversold, and prices
throughout the day up to about half an
hour from the end of the session kept ris-
ing. higher and higher. September, which
c'Osed yesterday at 7S1A@7S5sc, started at
fl ON 795sdS0c, and a half hour from the
close sold as high as 813sc. 1t closed worth
Sec, or an advance for the day of &c per
bushel. December got to a discount in the
course of the day. The range was from
S02sc at the start to slice, and it closed at
size
Corn did not weaken any on the govern
ment report giving the condition a per cent.
higher than on July 1. On the contrary, it
took its cue entirely from the course of
wheat and the position of the local specu-
lative deal. The market was in condition
started only a shade above the closing rate
of the day before but gained &c and
warmed up &c higher for the day. The
range in September was from 271sM27Ac to
N5sc and it closed at 271Rc. Receipts were
1852 cars Atlantic port exports were I'll 800
bushels.
Oats were fairly active and SIC higher on
the government report and sympathy with
strength. Receivers sold moderately. Re-
ceiptS were 451 cars. September opened a
shade higher at tic, sold at 1850, closing
at 1714G173sc sellers.
ceipts of hogs at Western packing points
but rose again in sympathy with strength
of the grain markets. At the close prices
were not more than 212c away from the
off with a gain of 21ac lard without change
and ribs at a decline of 21ac Gable accept
ances from Hamburg and Liverpool were
received for 5000 tierces of lard offered yes
terday by cable. September pork opened
2l2c lower at $40, sold between $7.65 and
$3.50, closing at $775. September lard
opened unchanged at $427, sold off to $422
and rallied to $4.27. September ribs opened
Estimated Receipts for Tomorrow
" heat. 200 cars; corn, $50 cars; OATS $50
7 f,,+,1 foIIo