The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-05

variably results in a gain or loss of thou
SANDS or dollars, but il any OF them prohted
or lost by yesterdays rise they were care
tul 10 conceal the fact. There was little
or no trading in the pit, and the days
business was smaller than Is frequently re-
ported during a declining market. The
truth IS that nobody seems to have any
wheat to sell, and when a price is offered
and there are no takers and a higher price
is offered and still there are no takers 1t
IS an easy matter to run the market up
TO almost any figure. This is exactly what
:! was done by a few traders yesterday morn
ing. Inc entire jump OF 3 cents was caused
in that way, by not more than four or five
men. On Monday the market closed at
7995Ql9Ac. 1t opened yesterday at 1859 and
the day, on repeated bids up to that point
without any wheat being offered. This is
8 cents higher than Chicago and 20 cents
over last August highest price. 1t is an
advance of 10 cents since the bull movement
began, July 6. The market ruled strong
until the close, just before which it dropped
ASIDE from the tremendous foreign de-
mand there are other good reasons why the
markets continue strong and show no
abatement of the bull feeling. Chicago is
in the market, trying to buy 5000, 900 bushels
of No. 2 red wheat to take the place of
that quantity of No. 2 hard, which viii be
barred from contract delivery after Oct. l.
This brings Chicago into the market as a
strong competitor of st. Louis, which she
has never before been, at least not so early
in the game. Under the new rules, TO take
effect there Oct. 1, hard wheat will be
barred from contract grade, and this Will
force Chicago TO get No. z red anywhere IL
can be bought, If her traders are to make
good their contracts without loss of money.
In addition to this Toledo is in the mar
ket earlier than usual. The exchange OF
that city admits only No. 2 red on contract,
so that all three cities are in the market
buying exactly the same thing. That fact
alone has created a tremendous demand,
which is bound to send prices skyWard but
when taken in connection with the heavy
orders that are being placed in this city,
(FhiCaRO Toledo and New YORK Tor EXPORT,
the strong lRlll movement Is easily &C
counted for.
break in the market at any time in the
near future, owing to the fact that the
seven or eight men who are doing the buy
ing here for export do not expect to unload
any of the wheat here, but want the actual
wheat for shipment. They are buying
against prospective orders from abroad, as
well as for orders they already have in
hand, and If they can get the wheat they
stand to reap a harvest of golden shekels.
Inc market mas gone up TOT the reason on%t
there is little wheat to sell and bids can
not be accepted. If the exporters had the
wheat and were to go into the pit and begin
to sell heavily the market would decline as
Another factor that is being taken into
account by the traders is that the receipts
at this point are falling off every day.
Yesterdays receipts were only T,OVO
bushels, against 1G4, 900 bushels the same
day last year. Farmers are absolutely re-
fusing to market their wheat just now. IN
anticipation Of a further rise. How high
the market is likely to go unless there is
a. break somewhere, there is no way OF
| predicting, although in the opinion of the
best-posted traders on the floor, there is
little probability that the price will go to 81.
"Millers, especially those in this city, are
able to get about all the wheat they want
for the reason that the demand is largely
for No. 2 red, while they are using No. z
hard winter almost exclusively in the man
ufacture of flour. The millers are not Wor-
rying because of the prospects of the 5000
OG0 bushels now being held in Chicago be-
ing dumped on the market at any time
between now and Oct. 1. This, however, is
| not likely to cause a break in the markets
either here or in Chicago or Toledo, for the
reason that the demand is for No. 2 red, so
as to enable traders to come out even or
better on their contracts after that date.
Wednesdays market is thus described by
the Associated Press: Wheat futures
opened higher, but the feeling was easier
because of reports from New York and
Chicago of heavy selling orders from the
continent. The trading, however, was the
the most active for some time. The long
whea did not come out as was expected
and under the heavy buying the market
advanced rapidly for some time, but after
a cent and fve-eighths advance from the
close of yesterday it suddenly broke and
| dropped a cent. Selling was light, how
ever, and it soon rallied again. At the close
the prices were %015sc higher than yester-
day. Spot strong and higher; No. 2 red,
| cash, elevator, 82%Q83c; track, S212QS4; NO.
2 hard, cash, 77Ac track; August, 83asc;
September, S93s@S314c; December, S3sQS3a4c;
| Nav S5Iho bi0.