The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-09
Advance of 3 and 2 is Cents i'm the
staple, with Millions of Bushels
Absorbed Without n Ripple.
CORN ALSO ON A BIG BULGE
PRICE FOR THE COARSE CEREAL UP
WELL OVER A CENT.
Oats at New High Record with
Nearly Two Cents CONSIDERATIONS
Up but a Small Amount.

CHICAGO, Dec. 7.-PandemOnium broke
loose in grains to-day, and with an enthu-
siasm that seldom, if ever, has been
equaled, bulls carried everything before
them. 1t was a wild day in the pits, with
wheat in the lead, and, as on other recent
bulges, an incessant stream of buying or
ders from the country brought the adj
vance. Wheat jumped 3Q31sc, corn 1Ac and
oats 17sc. December wheat closed 22sQ216c
up. May 234c up, December corn sc higher,
May 114c higher and May oats 1ssc up. Pro-
visions closed 21zc to 15q1715c higher.
Wheat easily lead all other pits and set
such rapid pace that it was a difficult
task to follow AS has been the fashion for
several days past. the pit opened with a
jump and disregarded the usual governing
factors. Bullish enthusiasm did everything.
The country was crying for huge quanti-
ties and it was a case Of buy, buy, buy.
Such a market was a great temptation to
holders Of long wheat, and soon flood of
it poured in from several sources. One
prominent broker threw million and
half bushels on the market and it had prac-
tically appreciate effect. Where sew
eral large sellers were making large profits
there were many others taking in all Of
ferings with avidity. Commission houses
had orders that demonstrated that the pub
lie bigger than the professional.
The regular trade was of the opinion that
the bull campaign was at end and that
prices would slump in a panicky market
Tips have been going out to sell everything.
But to-day's business showed the effort was
wasted. Besides the countryman, the capt.
talist was getting into the trade. And,
added to these very strong arguments,
came the news of strength at Liverpool
and in the English country markets. Re
ceipts, especially Northwestern, were fall
ing off. The weather was unsettled and all
outside markets were showing correspond
ing strength. December wheat opened $40
&c to 1BQ1Ac higher, at 76s4Q771sc. eased
off to 1850 on the heavy profit taking, but
in the last hour of business sailed upward
and closed very strong, 2$sG215c higher, at
7Sssc. May opened 7s@1c to 1AG1&4c higher,
at S07sc TO S114c, sagged to S09sc, but near
the last moment of trade ran eXcitedly up
to SIC, establishing a new crop record. The
close was very strong, 2&lc higher, at $3.50
S2Ac. Local receipts were fifty-four cars,
one of contract grade. Minneapolis and
against LOIS last week and $50 a year ago.
Primary receipts were $4,000 bu, compared
with $4,000 bu last year. Seaboard clear
ances in wheat and -four equalled 1920 bu.
Australian shipments were 1l2,000 bu,
against 100000 bu the week preceding.
Corn was inclined TO be fully sympa-
thetic with wheat. Country offerings have
increased somewhat the last few days on
the big advances and the inclination to-day
was for further profit taking, which it is
thought would have had a markedly de-
pressing effect had not wheat taken mat
ters in hand. Trade was smaller than in
wheat, but cables were higher and offerings
temporarily held off because of the wheat
demand. Commission houses did fair
business on both SIDES of the market after
the opening rush, and the wheat squirt at
the end mainly brought the reaction from
the sag attendant upon profit taking. De-
cember opened &c TO 1G11sc up, at 65A6
$3.50, eased off to 643sc and closed strong,
Sc higher, at 647sc. May opened 15c to 1c
higher at 6S4@6S&4c, sold down to 6S1kc and
then literally jumped to 69c, the new record
price, where it closed very strong, lac up.
Receipts were 136 cars.
There was good all-around trade in oats
at the opening, with prices well advanced
good buying, both local and outside, a
temporary scarcity of offerings and on the
wheat strength. Commission houses were
filling country buying orders and prices adj
vanced steadily in the face of profit taking.
May opened strong, &c to 1c higher, at Acc
price and late in the session struck Also.
1t closed very strong, 13sc up, at 473sc. Re
ceipts were 1SS cars.
Provisions inclined toward dulIness early
and prices were slightly down on a weaker
hog market. Receipts We're liberal and
there was a good deal of early selling. On
the strength in grains however, and a re-
smartly and closed strong. January pork
closed 15G1712c up, at $16.S5; lard PIC higher.
at 81 So and ribs &c higher at s. So
Estimated receipts for MOnday-Wheat 65
cars; corn, 10; oats, 10; hogs, $4,000 head.
Leading futures ranged as follows: