The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-24
SLUMP IN THE MARKETS
FLOOD OF PROFIT TAKING SALES
SENDS WHEAT BACK TO 96C.
The Chicago Decline Scored in the
Face of Excited and Higher Quo
tatiOns from Liverpool.

y.
The September option was sold as high as
SLOPE per bushel on the curb but broke
badly on Change under perfect flood of
realizing sales, declining to Soc in the first
five minutes trading and closing at Sec,
decline of 31ac since Saturday. December
also suffered. the closing price 95a4c, being
$3.50 under Saturdays closing figures Trad
ing in corn and oats was on the mammoth
scale, and marked by frequent fluctuations.
Realizing was heavy in both markets. Corn
declined 13c and oats sc. Provisions closed
unchanged to 10c lower. "A &c decline was
chronicled in faxseed.
It looked at the opening of the days
business in wheat and for fifteen minutes
after as if Bedlam had been permanently
established on the board of trade, but the
frenzy abated somewhat at the end of that
time. The Liverpool market again set the
pace for the first dash by excited cables
at from 4d to 412d per Genital higher than it
closed Saturday-that is. equal to from sc
to SEC per bushel That caused the traders
on the open board to pay $1.021a per bushel
for September wheat. Before trading COM
menced on the regular board, however, the
curb price had dropped to ST.. When the
opening bell sounded for the official COM
mencement of the days proceedings there
were hundreds Offering to sell September
at from 81 down to 97c, while December
was offered at the same time from 81 to
97l2c. Before five minutes of the session
was over both September and December
were down to CSC In another five minutes
they had recovered again to size, then to
csc, to 97c, to 9612c, to CSC once more and
very soon to 9949c. During that time the
prices of the two deliveries were alternately
IN the lead, but after half an hour of such
irregularity September settled into a lead
of about &c. The break from around 81
TO Csc was stopped at that, and the price
rose in an equally sudden and agitated way
when cables showed that Liverpool had
still further added to the first advance.
The rise in price at $3.50 D. m, Liverpool
time, had reached sad, or 614c per bushel
over Saturdays latest. When the agitation
here had somewhat quoted down the fuc-
JuatIonS narrowed considerably and kept
for a time within 1ac of CSC. The ordinary
tuations received but scant attention. Chca-
go receipts We're 1888 cars, and the quantity
inspected out of store was 444000 bushels.
Minneapolis and Duluth received 315 cars,
against 345 a week ago and 554 the CORE
spending day of the year before. The
world shipments aggregated 2,242 600 BUSH
els last week, compared with 1901 900 BUSH
els the week previous, and 5512, 900 bushels
the corresponding week of 1886.
The quantity on ocean passage increased
100000 bushels. The visible supply showed
a decrease of $4,000 bushels, or about half
reduced 900 bushels, and there are only
1,9S6000 bushels of all kinds here now. The
most notable item in the movement of
wheat at primary Western markets was re-
ceipts of 581, 800 bushels at Kansas City
to-day. The announcements Of the disap-
pointingly small decrease in the visible
supply caused a drop from around Csc for
September to 96Hc, but the foreign markets
closing surprisingly strong caused an adj
ever, near the end was toward lower prices
IN the absence of any strong reason for
another advance. September was back to
96c and December 95%c about fifteen min
utes from the close, and those We're the
prices when the closing bell sounded.
Every big trader with corn showing a
day. The market opened so very strong
that 1t was easy at first to find buyers for
the offerings. The influential factors of the
crop reports of an unfavorable nature.
The tremendous quantities that were
poured into the pit all forenoon told in the
end and toward the close the market be-
came very weak. The start was strong
September bringing from 32c to 33c, stimuli
compared with Saturdays closing prices of
3l12c and $3.50. The market soon broke
badly with wheat, and though recovering
later, became weak again, the lowest prices
of the day prevailing as the market was
closing. Local receipts were heavy, 1913
cars. September broke to 317sc, recovered
to 3212c, then declined to 31c, where it
closed. December declined to 337sc, recov-
cred to 3412c and declined to 3224c. closing
at. 3zAc. The seaboard reported 100 loads
taken for export.
There was important liquidation in oats,
as in all other pits. Prices opened with a
rush, September starting Ac higher, at zoe
and advancing Immediately to 2014c while
December opened AQ1c higher, at 22d22Ac.
There was good outside buying all day, but
not enough to counteract the effect of the
heavy liquidation of long holdings by ele-
vator people, which was chiefly responsible
for the drop which ensued shortly after the
opening. The selling was. of course, influ-
enced greatly by the action of wheat Lo-
cal receipts were S07 cars September de-
clined to 19c and closed at 1870. December
dropped off to 20Ac and closed at that price
bid.
Provisions were higher early in the SEES
sion on the strong hog market and under
the sustaining influence of good foreign
buying orders, but there were too many
local traders ready to sell out for the mar
ket to maintain its opening advance. Pack
ers generally were free sellers. AT the
close September pork was 1Oc lower at
$S.57; September lard unchanged at a. 90
and September ribs 5g714c lower, at $5.3215.
Estimated receipts for Tuesday: Wheat
375 cars; corn, 1900 cars; oats, 800 cars
hogs, $1,000 head.