The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-28
BEAR CLIQUE WAKES UP
SEPTEMBER FORCED DOWN TO 93C
AND DECEMBER CLOSED AT 9OC.
Leading Chicago Future at One Time
Was IL Lee Lower than High
Point of the Day Before.

CHICAGO. Aug. 27.-Wheat furnished an
other sensation to-day. This time it was
the bulls who suffered, September closing
57sc lower and December at a decline of
37sc, after a session remarkable for small
trading and extremely violent fluctuations.
Weak foreign markets and reports of re-
selling by foreigners were ostensbly the
reasons for the decline. but there were
plenty of rumOrs of a bear" combination
formed to break the market. Corn was also
very turbulent and closed at about 1c de-
cline. Oats were weak and declined 1ac
Provisions closed 5Gt10c lower.
All the enthusiasm had apparently leaked
out of holders of wheat at the opening
Liverpool furnished a very disagreeable sur
prise to them, starting 21aQ27sd lower. This
was entirely unlocked for after yesterdays
&c advance here, and it fairly took the
bulls breath away. There was practically
no demand for December wheat at the
opening The consequence was that it
started at 90AG9Oc or 31sQ37sc below yes
terday's close, and dropped almost in
stantly to S934c A perfect flood OF wheat
was poured the market for few min
utes, including many stOp-lOss orders Dur
ing that time tie was an aim. st total lack
of buying orders, but they made their APP
pearance at 8934c and i've minutes after
December had rallied to Gle. September
wheat was hardly heard of for the first
few minutes in the excitement accompany
ing the unloading of December 1t was
fully weak at the immediate opening
however, starting ali the way from 9312c to
92c, or d drop of exactly 1112c from the
highest point reached yesterday. The eX
element soon subsidized almost altogether
and fluctuations from the extreme narrow
ness of trading were frequent and violent
one or two moderate traces being sufficient
TO send the price up or down zee or more
= nat some mysterious bear influence was
at work on the market before the opening
was the general opinion. 1t was stated
later on what was considered reliable au-
thOr1ty that combination, including
Charles COuns9lman and John Cudany, had
been formed to break the alleged bull pool
and that the eccenuicity Of Io-GayS mar
ket was due TO the manipulations of the
new combine. Chicago receipts were 262
cars, of which only fourteen We're contract.
The quantity taken from store was l,247, UO0
bu. Minneapolis and Duluth received 3z7
cars, against ga on the corresponding day
OF the y ear before. Atlantic port clearances
again confirmed the genuineness of the
European demand for American wheat and
hour. Inc equivalent OF 65O,OOO bu was eN-
ported from the principal ports in the last
tWenty-four hours. The market was stead
led somewhat by the midday strength of
reports that foreigners were reselllnS at the
seaDOard. December rose to 9l72c, out de-
clneQ that TO SSl2C. 1t ndQ recovered TO
90c at the close. September sold as high as
soc, out closed at 93c.
Corn was very active and irregular. The
market was badly demOralzed at the OPEN
ing on account OF the break in wheat, more
favorable weather and heavy receipts, 1,l62
cars. The opening weakness was followed
by a period of considerable strength, with
good country and foreign buying, helped by
drought damage claims The market yield
ed later however, on heavy liquidation
started by the late decline in wheat, and
was quite weak at the close. heavy
business was transacted. Gables We're
higher and charters were for 1900 bu De-
cember opened 1c lower at 32q321sc. 1t
dropped to Slice, sold as high as SIC, ana
closed at 32Q3Z1sc.
A fairly good business was done in oats
The opening was weak with everything
else, elevator selling being conspicuous, ana
quite a sharp decline resulted Part OF TINS
was subsequently recovered but the market
averaged weak Receipts amounted to 454
cars Charters We're for 100000 bu Decem-
Der opened sc lower at 19zsQ2Oc, ranged be-
tween 2O5sc and 1880, closing at 2O9sc.
The opening break in prices of wheat and
corn caused provisions to start weak not
considerable rise in their price at the yards
The subsequent rise in corn put the mar
ket climbing again, but the decline IN tnat
cereal later in the day again produced a
selling pressure that lost the products all
and something more than they had gained
At the close December pork was lOc lower
at IS 971a; December lard unchanged at $49o
ard December ribs sc lower at 500 90
Estimated receipts Saturday-Wheat, 22O
cars; corn, $50 cars; oats, 800 cars hogs
$4,000 head. .-,,-