The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-14
RUSH FOR SEPTEMBER
FIGHT BETWEEN CHICAGO ELEvA-
Ton MEN FOR CASH WHEAT.
Prices Advance Over Two Cents mt
One Time, and There Was More
Activity than for Weeks.

CHICAGO. Sept. 1s.-The feature in to-
days trading in wheat was the scramble
for September wheat, in which big elevator
firms were involved. and which sent the
price at one time to point nearly cents
above yesterdays close. 1t closed at lie ao-
vance. Shorts in December and May took
fright at the September strength and ad-
vanced those futures A@ssc. Corn was SYM
pathetically strong and closed lsa5sc higher
for September and Aq%c higher for Decem-
Der. Oats closed shade lower and provi-
sions advanced 21sQ10c.
Wheat opened very dull and weak. Sep
TENDER at CSC decline and December 1ac be-
low yesterdays close. The bullishness
caused by the government report had en-
tirely disappeared. Foreign markets were
weak and lower and local and Northwest
receipts were heavy. The market. with
those conditions prevailing. was apparently
in for session of dizziness and further de-
cline. But shortly after the opening some
sharp bidding for September brought to
light condition of affairs in that option
that indicated a war among prominent
elevator interests for cash wheat, with the
Weares and Peavys on one side and Armour
on the other. In August, when September
was 2ssQ21kc under December, Weare and
Peavy are said to have changed large line,
selling December and buying September.
Armour held the bulk of the cash wheat
and is said to have sold in the expectation
of getting larger carrying charge later.
Instead. however. the difference has steadily
narrowed and efforts to-day on the part Of
shorts to cover a rather small line were
unsuccessful. Then prices began to jump.
The market suddenly became very active,
with big and little shorts bidding for Sep
tember wheat but securing little, until the
price had been jumped from the opening
figure at 70hc to 72kW72ssc. AT that price
sufficient quantities to relieve the pressure,
but the evident unwillingness of longs TO
sell except at enhanced values made shorts
decidedly nervous and kept the market
stirred up during the entire session. The
strength of September put shorts in the
more deferred futures on the anxious seat
also, and business in December and May
was active all day. with steady advance in
values. Minneapolis and Duluth receipts
a year ago. Chicago receipts were ls7 cars,
tW,snty-one o,. Of contract ., grade a Total
ciearances of wheat and -four amounted to
5S5O00 bushels. The seaboard reported nine
teen loads engaged for export September
reacted to 1hc. and closed at that price:
to 715sc, where 1t closed
Corn was strong, though not especially
active. The strength Of wheat was a factor
early and later the good cash demand and
some prospects of frost tonight stifened
the market still more. September was es-
pecially strong. Shorts were good buyers.
Receipts were $50 cars. December ranged
from 2Sxc to 2SssQ2S%c and closed 5sQAc
higher at 2Sssc. September closed iaQssc
higher at 319sc.
Heavy selling by longs caused slight de-
cline in oats. The market early was firm
with other grains. but liquidation, which
became general, made heavy market later.
There was little cash business. Receipts
were $50 cars December ranged from 207sc
to 211sc and closed shade lower at 205sc-
Provisions were weak early on fairly
liberal run of hogs, but rallied later on the
strength of wheat and the excellent
cash demand. There was a cessation Of the
recent selling and the general demand i'm
proved. At the close October pork was sc
higher at $500. October lard 10c higher at
S. 22la.
Estimated receipts for Thursday-wheat,
l25 cars; corn, $500 cars; oats, 3H cars; hogs,
23O00