The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-14
WHEAT FELL BACK 1870
DECLINE AT CHICAGO ATTRIBUTED
10 LONGS TAKING PROFITS.
Price Opened Near the Top, but
Strength Did Not Last-PrOvisiOns
Active and scored Gains.

CHICAGO, Aug. 13.-Selling to secure
profits caused a setback in the grain mar
ket to-day. Wheat for September closed
1850 lower. The cash demand fell off per-
ceptibly and cables failed to respond TO yes
terday's advance here. Corn advanced ear
Iy but closed on reaction and unchanged
Oats lost &c Provisions were fairly active
Pork gained Ice, lard sc and ribs NC.
Wheat opened at not far fron<Sthe price
current at the end of the previous session,
and for an hour the range of fluctuations in
the leading future was confined to 1c per
blu, very different state of affairs from
the first hours violent eccentricities on the
day before The foreign markets were less
excited than they were yesterday, with
some disposition to weakness. At the open
ing Liverpool quoted rise OF Id but while
the next dispatch from there showed a
further slight gain. the latest prices were
at Slight reduction. Paris was 30 CEN
times lower at the opening and Berlin
equivalent of &c per bu lower. Cash wheat
was offered here at less premium than was
offered for it during the previous two days.
September rallied to S312c, declined to S3c,
rallied again to 8312c and then turned very
weak, stopping only at Size, three-cent
decline from the high price of yesterday.
1t recovered again by II o'clock to around
S2Ac. where it hung lstlessly and without
much business passing for half an hour
The lower quotations from Fars were made
much of by the bears Antwerp was un-
changed and Liverpool closed Id to I'd high
er for cash wheat than 1t did yesterday
and $4d higher for September. The decline
which took September to S112c was helped
along by break in prices a st. Louis dur
ing it's progress. Minneapolis and Duluth
stocks of wheat were reported to indicate
a reduction for the week of LOCO, 900 bu. and
as Chicago stocks should show about one
million decrease the visible supply ought to
show something like 100000 bu decrease.
allowing for the increase at the seaboard.
Chicago receipts were 139 cars and $50 were
the receipts the corresponding day the year
before. The quantity inspected out of store
was III, 900 bu Minneapolis and Duluth re-
ceiVed 26S cars against 420 year ago The
SeabOard clearanceS of wheat and flour
from Atlantic ports were equal to $4,000
bu, 100000 blu of it being in the shape of
wheat from Newport News. The reaction
from the first decline to size carried the
price back to S234c. The market weakened
again on renewed liquidation and sold off
rapidly to 8oBc recovering to a98c on
shorts covering. December averaged at
discount of &c. September opened H03sc
lower at S2$4M82Bc, sold between S312c and
S07sc closing at 813sG8112C, a net loss of 19sc.
The early dealing in corn did not sympa
thize with the weakness in wheat. Fears OF
early frost evident in the minds OF
the late bull leaders of wheat ard they took
about one million bushels during the hrst
hour. The days receipts were $50 cars ana
seaboard clearances footed up $4,000 bu.
The decline in price of wheat began TO nave
more effect toward the end of the session
and lowest prices were prevailing in the
last twenty minutes. September opened 14c
higher at 2SiBc sold at Use. recovered to
2Slbc, then gradually down to 277sc, closing
at 277sM2Sc.
Oats were active and firm early, but broke
with the other cereals toward the end Re
ceipts were 575 cars September opened a
shade lower at 17$4c, sold between 1712c and
1Sc, closing at 1712G179sc sellers.
e-;< 1o1 firm on
fairly active. The cash demand was strong
er than for a long time. Hog receipts were
only 14,000 head. Packers did some selling
at the advance September pork opened sc
higher at $79O07.95, sold between $3.50 and
$50, closing at S.. September lard opened
sc higher at $40. sold between $31s and
$445 closing at $40. September ribs
opened sc higher at $4.S12, advanced to
$4.9212, closing at $3.50 ooo
cars; corn 900: oats, 705; hogs, 1000 head.
leading futures ranged as follows: