The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-25
Most of the Holdings, Amounting to
Millions of Bushels, Alleged to Have
Been Sold at n Profit.
PRICES FORCED DOWN 9 TO 1OC
ABOUT HALF THE LOSS RECOVERED
BEFORE THE LAST CALL.
Features of the Trading at Chicago,
New York and st. Louis-Corn
Also Pounded Down. 49,

CHICAGO, Aug M.-There was another
wild scene in the Board of Trade wheat pit
to-day, caused by bulls dumping their hold
ings on the market Comparative steadi-
ness was the feature of the opening. but
during the day the September option drop
ped cents below the closing price yester-
day. December went even lower. but before
the close both options recovered part of the
loss.
The bull pool, which has been so success
fully handling enormous lines of wheat,
corn and oats on Change, announced at
the close to-day that they were practically
out of the market with the exception of a
little September wheat which they say they
will take on delivery day. The announce
ment that the pool had liquidated its hold
ings caused q feeling of great relief among
| brokers generally. 1t had been felt for sew
eral days that the pool had been trying to
do too much. When the campaign on wheat
was begun several months ago it was
garded as a very difficult undertaking. The
bulls became masters of the situation aided
by the news from abroad and piled up
enormous profits in a short time. When the
same pool went into corn to the extent OF
about 100000 bushels and oats amounting
to about 100000 nervousness was renewed.
So long as everything kept moving up,
however, it was not very acute The bull
difficulties began with the spectacular call
ing of wheat on Saturday at 81, when IL
could have been bought cheaper in the pit.
When prices began to drop on Monday,
margin calling increased and the anxiety
was relieved only by the announcement to-
night that practically everything had been
sold out Although it was believed that the
| -I,> cd - I1-5
French, who has been handling the deals
for the pool, says everything was sold at
profit. He says that several prominent
grain merchants pooled yesterday to raid
the markets and force him to unload. The
corn pit to-day was the scene of enormous
dealings One broker sold in one hour four
million bushels owned by the pool.
feature of the early trading in wheat
was the relative strength of September over
December very little of the former being
offered for sale after the first furry
over This became more apparent when the
rally at Liverpool was posted. September,
which closed yesterday at 961sc, opened to-
day at 96c to 9515c, and rallied to CSC, while
December opened at all the way from
9e1bc to 9516c compared with yester-
days closing price of e5Ac, sold as low as
947sc, then sluggishly recovered to 95Ac.
But the comparatively quiet of the market
was suddenly changed to excitement when
the 3:45 %. M Liverpool cables were re-
ceiyed showing total declines of tn41s
perce there. In an instant hundreds of
thousands of bushels Of long wheat were
poured on the market, which broke with
crash, September falling from 9112c. where
it had settled to in the meantime, to 9412c
in about three minutes, while December
broke half a cent at a time to 92c. Then at
one jump 1t rebounded to 93c and September
10 CSC. In that brief time the excitement
was tremendous. Routine news was any
thing but favorable to the bulls. Weather
reports were peculiar, Northwest tempera-
lures varying from 20 above to point
dangerously close to the frost line. Crop
reports were conflicting, and Northwest re-
ceipts were very small--234 cars, against
322 last week and 654 a year ago. September
wheat closed at 91A cents and December
at 90A cents.
The corn market much resembled that of
wheat starting easy on general selling,
being Influenced by the heavy receipts
1879 cars-and by unfavorable weather in
the corn belt Some recovery ensued from
the opening decline, but the market quickly
followed the remarkable streak in wheat
ard became radically weak. September
corn opened at 3O1a cents dropped to 2SA
and closed at 2S5sc. December opened at
from 33c 10 323sc, dropped to 30c and closed
at 3O1ac
oats too were very active and realizing
was heavy around the opening. The mar
kat followed wheat and corn In their re-
oo,aries and also in the following break.