The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-23
Ton Price Paid seven Minutes Before
the Close, the Last Quota
ton Being 30 lie.
NOTHING TO CHECK THE BOOM
AT NEW YORK $1.13 WAS QUOTED
CASH WHEAT FREE ON BOARD.
Corresponding Rise All Over the
Country, and Bulls Have set
New Mark at $1.20.

CH1CAGO, Aug. ZL-lne collar wheat
prophets were all gratided to-day After
absence of six years the much talked-of
figure reappeared for moment during the
| regular session of the Board OF Trade to-
day, and the century mark was passed on
the curb after Change closed. The Sep
TENDER option was worth CSC at yesterdays
close 1t was bid for at to-day'S opening
at 97Q9Sc, sold between 9619c and 81, and
closed nominally at 9912c. December closed
nOminally at discount of sc. These prices
were merely nominal however as the bull
pool called a line of one million bushels at
81, and September sold freely on the curb
at$1.00a4. To-day's market was bull furore,
stimulated from start to finish by heavy
advances in the foreign market and sales
of two million bushels to foreigners yester-
day The seaboard clearances were large,
but compared with the cable news, all other
matters were Insignificant. In the first
hours trading there a good deal of
important realizing by clever local people
who have Withstood the temptation to real
ize handsome profits all through a 35c ad-
vance. 1t is generally understood that Will
liam r. Linn unloaded one million bushels
around CSC, which he has been accumu-
lating from 64c up. Several other impor-
tant lines were unloaded and gave the mar
ket a. temporary setback during the first
hour The bull pool was not credited with
any selling, it's operations being confined to
the corn market. Seven minutes before the
closing bell tapped September wheat sold
at 81 after having reacted from $3.50 sew
eral times. At the even figure only two
trades were recorded, and 9912c was the
ruling price at the close, at an advance Of
61ac over yesterday. So much wheat was
called" at 81 on the curb that the price
was easily forced to $100A after the close.
While the wheat pit was boiling all
| through to-day'S session the trade was not
extraordinarily broad. The average specu-
lator and scalper was paralyzed by the
w1ldness of the market and restricted his
ventures accordingly An advance of Soc
in six weeks has practically driven small
traders from the market and not a. single
| failure has been announced. To-day was
one of fierce margin calling. Every house
in the grain trade was compelled to put UP
| money as it has not done in years This
afternoon considerable anxiety was appar-
ent. 1t was argued that the advance had
! been going too fast for safety.
TREMENDOUS CORN TRADE.
| There was a tremendous corn market to-
day; up almost 3 cents at one time and ad-
vancing another cent on the curb The
tactics Of the bull pool stirred the corn
pit to Juror. They sold about four mil
lion December on the advance later ran
| the market through calls and got back
their long line. Higher cables and cash
sales OF 100000 bushels were the chief bull
cards. Receipts are growing heavier daily
and extremely favorable corn weather is
reported. Outside speculation seemed to
prefer the corn pit to-day and it's diversion
from wheat to the cheaper cereal no doubt
contributed to the phenomenal advance
oats prices gained cents, principally
| out OF sympathy with the other markets.
| Yesterdays spectacular operations were
| not in evidence, but a considerable volume
| OF outside orders forced the improvement.
Provisions were slow in the extreme that
! pit being practically deserted
| The scenes on the floor of Change and
In the galleries to-day were the liveIiest in
many years. City people fOcked to the
| Jackson street entrance of the big mart
long before the opening bell tapped and
lators, too, were much in evidence, al
| though not in such great numbers as
might be expected Dollar wheat has been
the slogan for the bulls so long and their
motto has been received with so much de-
rision by the bears that the reality seemed
to almost stagger everyone. Dollar wheat,
the bulls now cry, will look cheap before
! their campaign is closed and with an I'M
diminished export demand their predictions
may prove true. Meanwhile the farmer is
reaping the golden harvest and the flour
millers are boosting prices for the staff of
life.
September wheat, which closed Friday at
$40, opened to-day anywhere from &c to
CSC, and kept plunging around wildly for
an hour between these figures and 961bc De-
cember was equally erratic, opening at 970
974sc, advance of about 41Rc, and f1uctu-
ated between that price and 9512c. Enormous
people who had previously bought it, the
sales of spectators aggregating millions.
1t was the current opinion that had this
not been done just then the long-looked
for dollar mark would have been reached
in very few minutes after the opening
1t was difficult to account for the remark
able opening advance. LIVERPOOL quoted
spot American red winter wheat at a 434c
advance, while California wheat was TIC
per bushel higher. Crop reports from the
Northwest were even worse than have
heretofore been received, some predictions
seven or eight bushels to the acre. The
weeks export of wheat and flour from both
pared with AGO 900 bushels the weak pre-
Vious, and 1891, 900 bushels the correspond
ances from Atlantic ports alone for the last
twenty-four hours were equal in wheat and
flour to 4700,000 bushels; Chicago received
2l9 cars, only 10 of which We're of the con-
tract grade. The shipments hence were
$4,000 bushels. Minneapolis and Duluth re-
ceived 243 cars, against 435 a year ago.
Argentina did not ship any wheat to Eu-
rope this week. BY II o'clock the market
had assimilated all the earlier offerings
and hungered for more to such an extent
that it rose again with more than it's origi-
nal veracity, and leaped like trout at a
fly to secure the September wheat offered
at 99c May at the same time bringing 81.
EXCITED FOREIGN MARKETS.
Continental markets were about as ex-
cited as the English markets, and this fact
had much to do with the squirt from 97c.
The Paris advance was equal to 41sd5c per
| bushel, and Antwerp 61ac per bushel. About
ten minutes before the close dollar was
bid and accepted for block of September
amid much excitement. This price was held
only for instant, however, plenty of
wheat coming on the market about this
| time, and at the close September was bring
| ing 991Ac while $3.50 was bid for December
Business in the corn pit was on an i'm
| menSe scale, millions of bushels changing
| hands during the session; The pit was
| crowded all day with excited SPECTATORS
| and the price fluctuations were rapid and
| violent. Shorts made mad rush to cover
! at the opening, and forced prices up 2j5c
| over yesterdays closing. Holders of long
| corn let so there, the selling being prompt
| ed by predictions of warmer weather in the
| corn belt. Elevator people also sold heavily
| on the advance, and a &c reaction ensued
| The market was influenced greatly by
| wheat, however. and prices again advanced
| Local receipts We're heaVy-lO03 cars Crop
reports We're very poor. September opened
| 1lac higher at 31c and sold between 3Oc and
BE. The close was firm at 3l3s03l15c.
The buying craze was also manifest in the
| oats market, and an extremely heavy bust
| ness was transacted. Shorts covered large
| lines and all months were taken freely
| sympathy with wheat and corn was, OF
course, the chief influence. Local receipts
were SAG cars. September opened nc high
er at 19c, which was the lowest price of
the day. 1t sold up to 2o14c and closed at
1880.
Provisions were also in great request. and
| Sharn advances all around we ct