The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-14
CASH WHEAT DEMAND
OVERCOME THE EARLY ATTEMPT
OF SHORTS TO HAMMER PRICES.
Corn Lost a Trife and Closed Weak
Provisions Improved, Pork
Advancing Toe.

CHICAGO, Sept. 1S-An excellent cash wheat
business for export to-day was the basis for
Improvement in the price of futures. September
closed 5sc higher and December rose ia9ssc. Corn
lost 1s@Ac. Oats are unchanged to lsc up. Pork
and ribs improved 1oc and lard 2l4c.
Liverpool again in full sympathy with Chi
cago reporting I'D advance in September wheat
and Id in December before trading commenced
here. There was one comforting item to the bears
who short of wheat here, Duluth's receipts
being known before the opening TO number 423
carloads Those who built hopes of lower prices
on that, however were overcome with disap-
pointment when they found at the start buyers of
December wheat at 61%6622sc whereas yesterday
at the close 615sc was the trading figure. 1t was
soon discovered that in order to make the big
showing of receipts it had been necessary to rob
Minneapolis of its due proportion, the latter place
getting only 800 cars. Not long after the opening
it that notwithstanding the heavy re-
ecipts in the Northwest the competition among
buyers to secure them was such that they were
paying 1sc over the price current there at the
close last night. That showing of the supreme
need of wheat for immediate obliterated for
a time all show of bearish tendencies in the
speculative crowd here and added to the opening
advance. Chicago received 357 cars, against 81 a
year ago, and the Western primary market
ceipts all told 1890 blu. against 1890 900
the corresponding date the year before Liverpool
made further gain and in the end 19sQ1Ad
higher than it closed yesterday. New York
ported numerous acceptances of last night s
cabled offers and during the forenoon put the ex-
port takings at forty-fve boatoads. 1t will be
from the foregoing that there much
cause for frmness in the market and it firm.
December started 1a@a4c up at 62G62%c, rose to
62sS @6212c, reacted to 62d62lsc and then worked
gradually up again until it wanted for a
brief space at 625s@62$4c. Bradstreet made the
worlds visible supply for the week 1,215.o00 bu
smaller than it was week ago. The clearances
at Atlantic and gulf ports very very heavy and
the total in wheat and flour equal to 667 0CO
bu New York reported continental bids for
wheat at S@6d per quarter yesterdays bid
prices. The Bradstreet statement was received
at about the turning point of the bullish feeling
There was nothing in the worlds visible state
ment to a revulsion of feeling, but the
crowd had loaded up under the expectation of
something still more bullsh than it had yet re-
ceved, and their need for something more to
keep them screwed up to the sticking point not
being forthcoming. they forthwith started to
realize what profits they could from early pur-
chases and in doing so tumbed December back
to &c. New York, the end, reported the
days export trade at 100 boatloads, but it came
too late to affect trading much and 621s@62Ac for
December was the current price at the close.
September opened s$da4c higher at 64lsc. adj
vanced to 6412c and sold off to &C. the closing
figure.
Corn was strong early with wheat but had a
sudden collapse near the end and that converted
a &c advance into nearly that much decline.
Offerings of September did the business for the
other futures and brought about the general
downfall. December opened Ac higher at BOISE,
advanced to SOl4@3Ossc. dropped to 29Ac and
closed at 29a4@297sc buyers
The buying of September by shorts on account
of the small contract stocks strengthened oats.
The tone Of the market helped somewhat
by the strength of wheat. May opened 1sc up at
22022sc, advanced to 22Ac, weakened to 22lsc
and closed at 22c.
An excellent cash deDland and strong prices for
hogs at the yards held provisions steady. Decem-
Der pork opened &c higher at $500, advanced to
49, 5, sellers, the closing price. December lard
started 2l4c better at $4.95. rose to S4971a, de-
clined to s4.9219 and closed at 1896. December
ribs began sc up at $780, rose to $4S714 and closed
at $4.S5.
Estimated receipts to-morrow-Wheat, 200 cars;
corn, $50 cars; oats. 800 cars; hogs. 10000.
Leading futures ranged as follows: