The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-25
BULLS BADLY SQUEEZED
SEPTEMBER WHEAT AT CHICAGO
WENT OFF &c AT ONE TIME.
The Clique UnIoaded Its Corn and the
Price Then Dropped 0-Sc
Before the Close.

CHICAGO Aug. 24.-The bears had an
inning in wheat to-day. The September
option at one time sold &c below yester-
days high point. December beat this by
a cent and d quarter. The closing figures
show a loss for the day of SAC in Septem-
Der and SEC in December. Heavy and long
continued liquidations was the cause of the
break The weakness in foreign markets
and the break in the coarse grains were
factors The bull clique threw over its hold
ings in corn and oats and declines of Csc
in corn and 126$lc in oats resulted. Pro-
visions also suffered. pork declining 171Ac
and lard INC. Ribs closed practically
changed.
Wheat on the curb before the regular
opening started with some show of
strength and with no signs of the excite
ment which ruled later on the board. Open
ing and second cables from Liverpool were
rather encouraging to the bulls, 1870 p. m.
advices from that market which were re-
ceived before the opening, showing only Ia
11hd decline. On this account curb prices
were about 1ac higher than yesterdays
close. On the regular session prices were
very irregular at the start and it soon be-
came clear that numbers of people had
long wheat in their possession which they
were then convinced they ought to have
sold the day before. September was bring
from Sc to 951ac simultaneously in different
parts of the pit and December from 961zc
to 951hc, yesterdays closing prices being SEC
and 95a4c, respectively. The relative posi-
tons of the two leading options were
quickly reversed, for in a few minutes Sep
TENDER was bringing CSC, when December
was still dragging neglectedly around 951ac.
The exceptional strength of September was
due to the fact that very few were desir-
Gus of trading in it and it was easy to
advance it by bidding for what no one
wanted to sell. But in about half an hour
all support was withdrawn and the market
began to sink, slowly at first, but as the
liquidation grew heavier the bottom seemed
to fall out and not until September touched
941bc and December 92c was there a stop
in the mad rush The lull was only tenn
porary however. selling soon becoming
general again and stop loss orders were
reached. The price did not reach the bot
tom of it's severe sinking spell until Sep
TENDER was down to 9lAc and December
9014c The trade by that time had become
very narrow and the traders tired with
their previous efforts and lndisposed TO puy
or sell except when tempted by an eXcep-
tonal offer or entiCingly high bid. The in
crease in weakness as the session advanced
was caused by a further break at Liver
pool, making the days decline from 4Ad to
AID per GENITAL and an equivalent decline
at Paris although private advices from the
vance. The Paris decline was l franc Tor
August and 60 centimes for NoVember-Feb-
ruary or 5Ac per bushel for the one and
27se per bushel for the other. Antwerp
also sent lower quotations, but was not
so radically weak as the others. Chicago
receipts were 1884 cars, only ~ OF them con-
tracted and 900 bushels were Inspected
out of store. Minneapolis and Duluth re-
ceived 234 cars, against 654 year ago The
1Arfo oil
wheat and flour to $4,000 bushels. Before
the close September had sold as low as Gle
septem efeiiiU sac, and December J0Ac
The beginning of the end in the corn
deal was apparently we'll on its way today
Unloading was started at the opening. Ev-
cry one who had long corn appeared anX-
ious to sell and it was currently reported
that the bull crowd threw over almos en us
3O1ac to 30c a decline of from 12c to 1c per
bushel and before the price reached bottom
for the day it sold down to 2SAc. The clos
ing trades were at 2S3sc December started
at from 33c for one or two 'IlVes down 10
323sc. It went as low as 3Oc and closed at
3O19c. Heavy receipts, 1877 cars, and more
favorable weather helped materially in ere
ating the selling fever.
The business in oats was extremely heavy
and prices at one time showed a NC de-
cline. Selling was liberal and especially by
the long holders. Elevator people also sold
from 1876 to 1834c sold to 1850, dropped
back to 18c and rested at 1890 bid. Brad
streets report OF the visible supply SHOWeu
an increase of 2,551,O0O blu, which, with
small increase in the stocks of contract
grain here, were counted in with the bear
ish features. Receipts were us cars.
Considering the weakness of the grain
markets, provisions might be called firm
Prices showed a small opening decline due
to lower yard quotations. The market was
given fairly good support and advances en-
Sued, but the sharp declines in wheat and
corn ultimately had their effect on pro-
visions Armour was a good buyer of lard
At the close September pork was 1I12c low
err at $40; September lard TIC lower at
$4571a and September ribs unchanged at
S5271a
Wheat, 210 cars; corn, 1850 cars; oats, $40
cars; hogs, 49, 200 head.
Leading futures ranged as follows: