The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-17
Bad Crop News from the Northwest
the Principal Influence on
the Chicago Trade.
TOUCHED go lac NEW YORK
TRANSACTIONS HEAVIEST IN MANY
DAYS AT THE SEABOARD.
All ether Markets Participated in
wheat Strength to Greater
or Less Degree.

CHICAGO, Aug 16.-There was a scare
in September wheat to-day. shorts jumping
the market to a point 234c above Saturday S
close and rendering it nervous and erratic
all day The close was at 115c advance.
Bad crop news from the Northwest con-
tinued a feature Other markets partici-
pated in the wheat strength to a greater or
less degree, corn and oats advancing about
&c each, while provisions closed 5q121Ac
higher.
In wheat the market opened with an
amount of strength and activity that at
first was difficult to find reason for
Threatened frosts in the Northwest did not
materalize although the danger line was
reached in several localities and nothing
could be learned definitely confrmatory of
Saturdays rumor concerning the reduction
of French duty, which was so influential in
that days market Nevertheless, there was
almost unanimous rush of shorts to
cover as soon as the market opened. The
starting price for September was from soc
to S51ac, compared with SAC at the close of
the session Saturday. 1t touched S424c for
an instant and then started on an extended
whirl which first carried it up to S634c from
that down again to 8434c and once more as
high as S61sc, and all that within an hour
vived the talk of q September squeeze. One
noticeable feature was the absence of the
September bull crowd from the pit, the
market receiving but little help from that
direction. Crop reports from the North
west were almost uniformly bad and this
fact became one of the important factors
in sustaining the market later in the day.
Chicago received $50 carloads of wheat and
the quantity withdrawn from store was
2S1 900 bushels. The stocks in regular eleva-
tors here are now 2,521, 900 bushels, or 100000
bushels less than they were a week ago.
Minneapolis and Duluth reported receipts
of 345 carloads, compared with 307 cars
year ago. The worlds shipments to Eu-
rope last week were 1900. 900 bushels. COM
pared with 5,035 900 bushels on the CORE
spending week the year before. The guam
tlty on ocean passage increased 2,24O,00O
bushels. Liverpool was I'D higher to begin
with, but closed at an advance for the day
of Id for spot and 1$sd for September deliV-
cry. After the first hour the market kept
jumping about in nervous way on a rath-
er small amount of business. An order to
buy or sell $1,000 bushels would in it's eX-
ecution move the price up or down 14c per
bushel. The price of September bobbed up
and sec, with the tendency in the last hour
toward the lower quotation, 8512c being
asked at the close.
Trade in corn was heavy enough to keep
brokers fairly busy. The tone of the mar
ket was firm. although elevator people were
free sellers, both of September and Deem
ber The low temperatures in the North
west started prices up Zee. There was a re-
action on predictions of warmer weather
and an increase of 100000 bushels in local
stocks. The firmness of wheat had much
to do with maintaining the market. Re
ceipts were lap cars. September opened
CSC higher, a. 2S346287sc advanced to 290
291sc reacted near the close to 2S12c and
closed at 283sc.
Oats were more active in a general way,
the buying being by commission houses
with outside trade. Prices ruled fractional
~ higher, with wheat and corn, there being
no Independent features of note. Local
stocks increased $4,000 bushels. Receipts
were 903 cars September opened CSC high
er, at 18c, and ranged between 18c and 17$4c,
which the closing price.
The amount Of business done in the pro-
vision pit not heavy, except during the
first half hour of the session. Confident
firmness however, appeared to underlie the
moderate amount of the days speculative
trading. The strong hog market helped
some, but the strength was due principally
to the encouraging aspect of the grain mar
kets. The days range was narrow. AT the
close September pork was 1212c higher at
SS.O5; September lard, 712c higher at $44712,
and September ribs 5U712c higher, at 1886.
Estimated receipts for Tuesday-Wheat,
$50 cars; corn, 900 cars; oats, S35 cars; hogs,
$4,000 head.