The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-10
BULLS RAN THE MARKET
WHEAT FUTURES SCORE GAINS OF
11-2C AND CLOSED AT THE TOP.
Corn Was Affected by Reported Freez-
ing Weather NEUTRALITY-SUSPICIOUS.
siOns Alone Were Weaker.

CHICAGO, Sept. 9.--The strength OF wheat In
the Northwest to-day, in addition to a reported
shortage of the Russian crop. caused sharp
rally in wheat values here. September closed
1AQ1lac higher and December gained 1Ac. Corn
improved &c. Oats rose Sc Provisions ruled
weak. Pork left off 2isc down, lard 10c and ribs
71kQ1Oc.
Wheat started strong and forced its way up in
the course of the first hours trading 1c above
yesterdays close The Liverpool market opened
9s@&d higher and increased the gain to from %d
to Id after business started here. That
caused a general rush of shorts to cover with
so little wheat for sale that competition
sharp and bids were gradually advanced. Chi
cago received 191 cars. against 26S last year. The
arrivals at Minneapolis and Duluth were s44 cars.
compared with 4s6 year ago. Atlantic port
clearances were again heavy and that drew at
tention to the excessive proportion of
European requirements that continued to be sup
piled from this side. Perhaps the greatest
stimulus to the buying that advanced prices of
wheat here arose from the great strength Of the
cash wheat markets in the Northwest during
the first half of the session. Liverpool showed
advances at the close of 11sQ1hd and it was
thought the strength there in great part
owing to further continuation of Russian crop
damage and desire of Russian exporters to cancel
reported here yesterday. The market here was
more active and broader than for some time
back. The government crop report, which is due
tomorrow had some influence the bull side
contrary to experience of its usual effect. The
market ruled strong right UP to the tap Of the
bell and closed the highest point of the ses-
sion. September opened AQssc higher at 627sc
advanced gradually to 64c and closed at 6S3sc
sellers. December opened ss@ssc up at s1S9SlAc
sold up to 62G621sc and closed at &c. buyers.
Low temperatures, together with predictions
of frost tonight. strengthened corn. The crowd
had gone short last night and consequently when
it found itself confronted by decidedly bullish
wheat market to-day it became alarmed. A
scramble to cover ensued and competition easily
forced an advance. A report that the govern
ment crop report tomorrow would drop the corn
condition per cent. also influence. The
market ruled strong throughout the session and
closed within a fraction of the highest point of
the day. December began AQssc up at SOAQSossc.
advanced to SO5sc and closed at 3Oszc buyers.
Oats were firm and higher in sympathy with
other grains. There was fair amount Of bust
ness DONE with heavy covering by shorts May
opened unchangedsto 1sc up at 21AG217sc and adj
vanced to 22hc.
Provisions opened fairly steady. but turned
weak on heavy selling by prominent packing
houses. There was also considerable realizing by
traders who had bought lower down on the de-
cline Very good buying, however, sprang up on
the break and the market closed fairly steady
with part OF the loss recovered December pork
opened &c lower at sS55, declined to $S.45 and then
rallied to sS.5715. the closing price December
lard started unchanged at s5O5. weakened to $3.50
and frmed up to s4.95 at the close. October ribs
began unchanged at $3.50, sold off to s5.15 and
improved to s5.2O@5.221z. the closing figure.
Estimated receipts o-morrow-Wheat, 275 cars;
corn. 40 cars; oats. $40 cars; hogs. $1,000
Leading futures ranged as follows: