The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-21
OVATION BY PIE BULLS
When the New York Wheat Indicator
Showed u Dollar.


day September wheat in the local market
reached the long-talked-of goal of 81 per
bushel. Naturally enough the incident
created a tremendous sensation on the floor
of the exchange and was greeted with pro-
longed cheers from a half thousand throats
being re-echoed from the crowded galleries
Several times during the early afternoon
the bulls snapped the price within &c of
the desired mark but return wave of sell
ing orders each time swept it back again.
The final and successful effort was made
under the impulse of export rumors reach
ing enormous figures. September was hang
ing around $3.50 when the export news was
first whispered about and at once danced
upward in response to excited local buying
Higher and higher it whirled watched by
everybody on the floor, until the big biz ok
finger the record dial pumped fairly on
the even figure, and dollar wheat in New
York was an accomplished fact. Not that
the bulls have attained their boast; they
are as far as ever from being satisfied and
claim that the wave of bull sentiment,
which has spread like fire all over the
country, will carry the price here to at
least $1.25 per bushel and perhaps even
higher. That dollar wheat is already a
thing of the past was demonstrated the
late curb when further clamorous demands
from high-strung local shorts raised the
from the official clos. About $4,000 bushels
of wheat changed hands at 81 this after
noon.
From the very outset to-day local dealings
were marked by great excitement. Every
body felt that dollar wheat was in the air,
and While there We're occasional let-ups
when traders unloaded jags of wheat, on
which there was a good profit, they were in
Variably followed by general tightening
of values and fresh waves of reckless buy
ing. The crowd, being keyed up to a high
pitch of excitement, eagerly swallowed the
widest sort of bull news, such as would
be ordinarily rejected. The English mar
ket was up in the air. keeping free pace
with our advance. Their closing prices were
top for the day and 3$4n4lSd higher than
hand held back and showed practically no
response to the extraordinary strength in
other markets. Private cables credited the
English advance to rainy weather and eX-
cited covering by shorts. First prices in
this market were made simultaneously at
frorn 971bc to csc for September and 1864 C
the greatest strength during the day Oh
large buying orders from local houses and
others. Subsequently September dropped to
SIC under realizing sales, but at noon was
chased up to 993sc by a frantic rush of buy
ing orders. Throughout the day fluctuations
were very erratic, at times leaping A@12c
between sales. The trade was considerably
amused over the stories Of enormous profits
being made on the BOOM AT one time TO-
$10612 for No. l Northern, f. o. b., atioat,
and No. red S1.0412. year ago the former
sold at 64%e and and the latter at 695s969 3;3a
$3.50 and of December 66c. Bullish spring
wheat news was an important factor in
the advance all day, just as it was yeSter-
day. The full range on September to-day
was from SIC to 81, the close being $3.50.
December opened at 96AQ97ssc, sold off to
transactions were 8,355000 bushels. Export
sales were IT'S carloads here and at outports,
including three cargoes for France.
Flour-Receipts. %, $50 brls; exports, 5O,3O6
brls. The market was strong and held at
15c to 25c higher, with few buyers. Mime
sofa patents, $5.S5Q5:75; Minnesota bakers.
straights, $4.70Q4SO; winter extras, $500
1856; winter low grades $3.25Q34O. Rye flour
firm; superfine, 81 1903. Corn meal strong;
yellow Western, 66c. Rye quiet; No 2 West
ern, soc. Barley dull at 29c. Barley malt
nominal.
No red in store and elevator, $1.O35s@1. OS7s;
No 2 Northern New York, $1.O67s. Options
opened excited and higher on strong En-
ruled generally strong all day on a VIDE
range of prices, touching 81 for September
in the afternoon, aided by enormous ex-
port purchases, and closed 512c net ct, higher
No red August, closed at $1.O13s; Sep
tember 97c0$1, closed at $3.50; October, 80
@9819c, closed at $3.50; December, ~a99c,
Corn Corn@Receipts, $3.50 blu; exports, $3.50
blu. Spot strong; No. 2, 343sc: Options
opened stronger, with wheat, and were firm
all day active local covering, unSat1s-
factory crop reports and big exports, clos
ing 7sQ1c net higher, May. 80 9-16qS95Sc,
closing at $3.50; August closed at S434c;
September 33s4 @3434c. closing at 3414c. aoo
OatS-ReceiptS, 1874, 200 blu; exports, 5lO,ZSZ
bu. Spot firm; No 2, 24c. Options quiet,
but stronger, with the other markets, clos
ing 5aM%c net higher. August 2312n23%4c,
closing at 2312c; September closed at 23c.
Hay duh. Hops quiet. Hides firm. Leather
hl III WTU1 FAMILY S. 50G1O: extra mess
$75OQS; beef hams, SIS; packet, $SaS
Cut meats firm; picked bellies, 618qSc;
picked shoulders, 5051sc; picked hams, So
634c. Lard strong Western steam, S4.9o;
october, $497; refined firmer. Pork firm.
TaUoW steady CottOn-Seed oil quiet.
Coffee Options opened steady at I'M
changed prices, ruled inactive and feature
less. with a weak undertone following un-
movements and decline in spot coffee,
sfeadier in the afternoon on light local COW
ering. and closed steady with prices UNI
changed. Sales, $50 bags. including: Sep
TENDER, 6.50c; December, 675c. Spot
coffee-Rio weak; No invoice, Csc loo-
bling, 7$sc Mild easy; Cordoya, 10l21l612c
sales 1000 bags Rio No. Z. af1oat, at 67sc;
several thousand bags on steamer Victoria
on basis of 67sc for No. Rio. Rio-Receipts
q O00 bags; cleared for United States, 5000
h3gs: for Europe, $4,000 bags stock, $4,000
haas Total warehouse deliveries from
United States, S,79S bags, including 6,5S6
1aT' 800 EOS bags; United States stock, 1885,.
7Gi hays: afoat for United States, 2S0,0O0
bags: total visible for United States, TAG, 76l
bags against 900 bags last year and 525,-
SOB bags in 1870 ., a.