The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-17
JUMP OF &c IN WHEAT
SHARP ADVANCE AT THE CLOSE ON
BEAR NEWS FROM EUROPE.
Reported that France Would Lift the
Duty and Take Large Quantities
Other Markets Higher.

CHICAGO, July 16.-Wheat was emphati-
cally the whole thing" to-day. 1t opened
at 15G5sc advance for September, and
shorts were scarcely given breathing
spell during the session. At the close Sep
TENDER was selling at a e advance over
yesterday, while corn and oats in spite of
natural weakness, were carried along with
the current, each closing about 14c higher.
Provisions closed at advances ranging from
71ac in pork and ribs to 15c in lard.
The sharp advance at Liverpool was the
lever that moved wheat and incidentally
all the other markets. II wheat there was
but one thing talked o. and acted on at
the opening. That was the sensational
action of the Liverpool market, an advance
of 1%d having been recorded there before
trading commenced here. 1t was a signal
for general rush of shorts to cover and
caused a 12Q3sc jump, opening sales of
September being made at 68s4Q6S7sc, yester-
days closing price having been 6SAc. Small
receipts of wheat became a factor in the
strength after the glamor of the Liverpool
advance began to wear off. The Chicago
receipts were again small at eighteen car
loads, only eight of which were new. "A
year ago Chicago received 240 cars of new
wheat The total received at Chicago, ST.
was 122 600 bushels compared with 332, 900
bushels last year. New York wired early
in the day that very little was being done
there on either side of the market for
foreign account. A private cable dispatch
from Antwerp said the Russian wheat crop
would be below the average. Minneapolis
and Duluth receipts were 3I2 cars, against
26S year ago. Exports from the Atlantic
seaboard were equal in wheat and flour to
900 bushels. New York reported a
scarcity of spot wheat. Baltimore advices
able quantity of wheat offered from there
last night by cable. The latter piece of
information was not known In chicago
until about an hour from the close, but
when it was made public that the United
Kingdoms most active competitor Tor
American wheat in seasons of European
lions, the market here, which had mean
time begun to drag, started once more into
off to 6S14c on realizing by holders who
were well satisfied with the opening profits,
but few minutes after the reception or
the Baltimore adViceS, wheat had jumped
to SOC. Near the close wild and untrace-
able rumor was current 10 the effect that
it was contemplated in France to remove
the reason for wild scramble for wheat
which marked the last ten minutes trad
ing. September rose eXcitedly to 70Ac, and
that was the price at the close. Before
the crowd left the pit 70s4c was being bid.
Corn was dull and during the greater
part of the session it was easy on the fine
Weather and lack of speculative interest.
Corn, however, could not stand the pres
sure of the strong and excited condition
of wheat near the close and driven ri TO to
early decline and a fraction besides. The
closing was steady at top figures. Local
receipts were 513 cars, considerably over
the estimate. September opened unchanged
at 26$sc, declined to 261sc, and advanced to
261bM265sc where it closed.
In oats the shorts ran the market about
to suit themselves Early they sold quite
freely, taking their cue from corn traders,
but later they too were forced to take back
some of their settings. The advance in
wheat made a firm feeling at the. close.
Local receipts were 21 cars September
opened a shade higher at 17s@1Sc, declined
to 1734c and recovered to 1Sc. That was the
closing price.
Provisions were quiet. but the market
ruled firm, the best prices of the day being
obtainabe at the close. The opening was
firm at some advance, due to the smaller
hogs receipts than was expected, but the
market later fell in, line with the wheat
procession and closed strong. AT the close
September pork was TIC higher at $75712;
September lard 15c higher at &071Rn4lO;
and September ribs 712c higher at $44O:
Estimated receipts for Saturday-Wheat,
16 cars; corn, $50; oats, 2S5; hogs 11,OOO
head