The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-26
LOW RECORDS SCORED
BOTH CORN AND PORK WE'RE WEAK
AND FELL OFF RAPIDLY.
Wheat Opened Strong, but the Feel
ing Changed shortly and n De-
cline of Use Followed.

CHICAGO. Aug. 25.-There seems to be
no limit 10 the slump of corn and pork.
Both of these commodities made new low
records. Corn declined &c and pork 25c.
Wheat suffered considerably from liquida-
ton and declined 7sc. Oats were heavy n
declined NQ4c.
Wheat opened very strong, but that was
succeeded by a long spell OF competitive
weakness and g~raually declining prices.
December from the start brought from
611sc TO cisco and declined to 6O1xG6Ossc in
the course of an hour. The firmness at
the start was occasioned by the strength
of the early cables. Every exporter who
made offers to the other side by cable yes
terday afternoon had them accepted ac-
cording 10 early kilograms that was true
not only of offers cabled from Chicago, but
from Baltimore, New York and st. Louis
as well. All houses with European con-
n~ections appeared to have asked regarding
the prospects for the wheat crop Of Russia,
and every one agreed in saying that the
Russian wheat crop was poor. The reasons
for the weakness which followed were prin-
cipally connected with the talk concerning
the unsettled financial conditions and, per-
haps. TO some extent by the increasing re-
ceipts of spring wheat in the Northwest
and the extreme heayiness OF corn. The
lumber of carloads received at Minneap-
oils and Duluth was 6s4, compared with ass
cars last week and 1908 cars on the cor
responding day of the year before. This in
crease over last week was considerable OF
q bearish factor. The worlds shipments TO
European ports last week amounted TO only
5,5l2. 700 bushels, as officially reported. as
against private cables OF the day before
TO the effect that the total was about 1000
GOO bushels more than that. The correct
figures were known before the opening, and
were probably an element III creating the
opening strength. Bradstreet's report of
the worlds visible showed an increase in
this country east OF the Rockies of 800, COO
bushels and a decrease in and aiioat for
Europe of 10000 bushels. making "A net in
crease OF 3l9, 600 bushels. A year ago there
was an Increase OF 562, 000 bushels. Nothing,
however, was 80 potent in depressing wheat
as the Improbable local money situation
growing out OF the Diansc3d Match trou-
bles. The market continued depressed dur
ing the last hour on heavy liquidation and
generous short selling. December sold
down to $4,000 split. but reacted TO 6OLc
and closed at that figure.
Another twenty-fOur hours of favorable
weather for corn caused the immensely Of
the prospective supplies to o~vershadow
everything else. The effect OF this was
augmented by liberal local receipts, and the
result was a decided slump, prices going
lower than ever before. Free liquidation by
discouraged longs and country selling
helped aiong the decline. and the close was
very weak. September opened unchanged
s a c.a'' declined TO A's' and closed at
Oats were fairly active. Il good business
being transacted. but prices were lower all
day. The decline was started through SYM
pathy will corn. and free offerings devel-
oped as prices gradually fell Off. September
opened a shade lower at lGssc. and grad
ualiy declined to Ice. where IL closed.
Pork made another low mark for itself.
September selling down to $5.55. The weak
ness was mostly I'm sympathy with corn.
Lard and ribs. however. were but little
affected, the decline IN each being confined
TO .021ac. September pork closed CSC lower at
$5.3ll2. The closing figure for September
lard was 3.35u3.3Ilsc, and for September
ribs 3.20c.
Estimated receipts for Wednesday
Wheat. 10 cars: corn. $40 cars; oats, 2iO
cars: hogs. 10000 head.
Leading futures ranged no follous.