The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-20
Market Extremely Nervous and bulls
Begin to Fear the High Record
Has Been Reached.
SHREWD FOREIGN TRHDERS
HAVE BEEN BUYING GRAIN IN Or
DER TO UNLOAD FOR PROFITS.
Price at New York Reaches 80 Bic,
but a Weak UndertOne Apparent
Other Markets Firm.

CHICAGO, Aug. 19.-September wheat to-
day came within a very small fraction of
touching the SOC mark but slumped in
gloriously and closed at 871sc, a drop of 13sc
since yesterday. The market was an ex-
tremeiy nervous one with fluctuations cor
respondngly violent. Some bearish crop re-
ports, foreign seabOard selling and letting
go of considerable holdings by the bull
clique were features in the decline. Corn
and oats were but slightly affected, corn
declining 1sc and oats about the same Pro-
visions showed Independent firmness and
closed unchanged to nc higher.
When the wheat market opened the pit
was damned with group of excited brok-
ers. And the course of prices after the
first plunge gave grounds that yesterdays
sensational advance might be repeated. A
more pronounced bearish feeling however,
ultimately asserted itself. September
wheat which closed yesterday at SS14c,
started to-day at from SSc 70 S814c and soon
dropped to S75sc, and after oobbing around
between that figure and SSc for a few min
utes it rose in quarter leaps to S944c, helped
along by a flood of buying orders from
those who had previously held aloof. They
climbed into the band wagon too late, how
ever. From S9$4c the market slid like a
toboggan down a well-planed runway until
it was brought up with splash in those
figures, between S712c and SIC. Although
size was virtually the bottom of the de-
cline, one $4,000 bushel lot was sold at the
elimination of the descent at SIC. Business
slackened after that and the price had again
recovered to $3.50 by 11:3O o'clock, without
the buying of any great quantity. Liver
pool began the days sensation by 1sGl14d
advance and slightly increased this late in
the day. The news from New York, how
ever, was somewhat discouraging being to
the effect that foreign orders received to-
day were generally to sell out wheat pre-
viously bought Crop reports, too, were not
unanimous to the damage of spring wheat,
the Price Current in particular being rather
bearsh in tone. Paris cables showed adj
vances ranging from 1870 to 23sc.
Chicago received 81 cars, against 1874 a
year ago. Minneapolis and Duluth got 1913
cars, against 243 last year. Atlantic port
clearances were equal in wheat and flour TO
625,O00 bu. Those who did not get thrown
out on the plunge to SIC and S712c about 1880
o. clock had another chance to get 6934c
that price being obtanable about the hour
of noon. During the next hour it went
down TO 88c and up TO $3.50, and in fact did
not seem to know where it was at dur
ing that time The trade was not heavy
or general, the majority of the local scalp
ers preferring to look on. 1t was current
rumor in the pit near the close that wheat
was settling up with Allen reer,w hich in
dicates that they have parted with d con-
siderable portion of the wheat they were
holding for the party known as the bull
syndicate. Acting on that belief the crowd
Jumped on the market and in a very few
minutes hammered it down from around 8Sc
TO Sc ana it closed at 871sc for September
ana S7Ac for December.
Corn was fairly steady though showing a
degree of nervousness at times on account
of the erratic action of wheat. This
improved trade, especially from the outside
The bull crowd changed the future OF the
market, selling September and buying De-
cember to the extent of about q million
bushels. Crop reports were less favorable
and shipping demand was better Local
receipts were S54 cars. The market slid off
toward London with wheat. September
opened Irregular, shade lower to Ac
higher at 2o4c. 1t ranged between 1880
2914c, and closed at 2S5sQ2S&c.
Oats were rather quiet within a narrow
range, with the tendency toward slightly
lower prices AS in corn the future was
changing from September to December
There was some increase in outside trade
Local receipts were 633 cars. September
opened unchanged, at 1Sc, and ranged be-
tween 18Q1SAc and 17%Q171sc. 1t closed at
177sW1Sc.
In provisions the Cudahys were heavy
sellers of October lard presumably liqui-
dation of a long line which was taken by
shippers. Pork, after an early decline, ad-
vanced sharply on outside buying, lard and
ribs being carried along. Most of the ad-
vance was lost later during the last decline
in wheat. Hog receipts show a falling off
At the close September pork was 712c higher
al $857hzc; September lard 212c higher at
$452h, and September ribs unchanged
at $5,071a.
Estimated receipts for to-morrow-Wheat
$40 cars; corn, LOIS cars; OATS 600 cars
Hogs coo head
finn oil