The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-13
BEST PRICE THIS YEAR
CHICAGO WHEAT CLIMBED TO S4lbC
AND THEN CLOSED AT s3C.
All previous Records Since BuIs Cam
YOrk-Other Markets Higher.

CHICAGO, Aug 12.-September wheat to-
day reached the best price of the year, sell
ing at S414c. The pit was badly congested
at the opening and September was bid up
from S15sc to SAC in the first five minutes
on light trading A reaction followed to
S25sc, and then, principally on the advance
at Paris, the market broadened perceptibly
and scored the top price Of the day. Just
before the close a rush to realize forced
September from 41ac to $3.50, leaving a net
advance of 1850 Corn was strong but sur
fered from realizing, maintaining sc net
advance. Oats followed the activity in
wheat. Exporters bought freely Septem-
Der closed 12c higher. Provisions We're slow
until near the close when pork was ad-
vanced 15c, lard Tee and ribs 121ac.
After a $50 bulge in wheat yesterday
the ordinary rules of speculation required
that it should have dropped half of it this
morning. even if only to brace itself for an
other excited tusse with the bears. A sort
of midsummer madness appeared to have
taken possession of the market, however
and all the rules of the game We're disre-
garded September started a trife higher
ut from S15sc to S17sc, compared with size
at the close of yesterdays session For
about five minutes it played up and down
between S17sc and Size. At the end of that
time it started to climb and in three min
utes was selling at SIC The demand slack
ened and realizing turned off to S23sc where
it hung for some time Then the market
broadened out, and on heavy trading ad-
vanced steadily to the highest point of the
session. Buying orders poured into some of
the commission houses at rate that sim
ply precluded the possibility of their being
satisfactorily filled. People who had four
or five brokers in the pit could not cope
with the volume or orders to buy wheat.
The discouraging reports regarding the
spring wheat crop that have been coming
to hand this week, added to what was pre-
ViOuSly known of European scarcity, was
probably the last straw of the heavy load
assumed by the bears, and the addition of
which broke the latters back. The Liver
pool and Paris markets We're again higher
at the opening. That readiness to respond
to advances on this side was, of course,
regarded as proof of EuropeS dependence
on this country for supplies Chicago re-
ceived 147 carloads to-day, compared with
1S5 year ago. Minneapolis and Duluth
reported 166 cars, against 250 last Thursday
and 252 a year ago. The total of receipts
at primary Western markets was 500, 773
spending day of 1896. Exports of wheat and
flour from the Atlantic seaboard amounted
to G05,000 bushels. The closing cablegrams
quoted the days advance at Paris from
33sc to 35sc per bushel, and that caused a
fresh advance to higher price than before,
September getting as high as S412c, and IL
ruled strong from SAC to 8412c until just as the
session was ending, when there was a rush
to sell that tumbled it to S3c. large bust
ness was done in corn and the price at one
time showed 1c per buShel advance for the
day. At the close there was a very general
disposition to take profits on long corn,
which resulted in loss of a great deal
of the previous advance. Beyond the bull
ishness of the wheat market and the fact
that the most conspicuous buyers of that
cereal also taking the situation
had materially changed. The Eastern Ship
ping demand was good Vessels were taken
for 470 600 bushels. SeabOard clearanCeS were
1862 $50 bushels Receipts were $50 cars. Sep
TENDER opened unchanged at 2712c, rose
quickly to 27$4 and later in the day to 2S2s
02S12c, closing at 2I7sc bid.
The trade in oats was active. Bull lead
erS in. wheat took all the offerings. The
export demand caused the strength, which
Gil cars. September Opened a shade lower,
al INC, advanced to 1Sc and closed zee
higher, at 17%M177sc.
Provisions shared in the advancing spirit
that ruled so strongly in the grain mar
ketS. The trade was not very heavy or
active until near the close, when the buy
ing orders were largely increased and the
earlier advance was soon considerably add
ed to- Prices at the close were not far
from the top of the days range. Pork
ribs 1212c. The run of hogs at Chicago was
% 000. September pork opened &c higher, at
81 So sold between $L1N and 49, closing al
81 go September lard opened Pee higher at
$43712, closing at $435 September ribs opened
steady at A10M47215, sold between $40 and
%S5, closing at $4.S2l2.
Estimated receipts for -mCrrOw-Wh
165 cars; corn, $50 cars; oats, $40 cars; hogs,
% 0G0 head.
aadipo fl+11reS ranged as follows.