The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-06
Collapse at Chicago Due to the Selling
Out of Longs and Bearish Cable
grams from Liverpool.
CASH WHEAT IN DEMAND
MORE WANTED THAN COULD BE SUP
Piled AT GOOD PREMIUM.
New York Market Raided Down by
Bears-COrn, Oats and Provisions
All eak and Lower.

CHICAGO, Aug. 5.-The demand for cash
wheat was better here to-day thar at any
time since the recent advance set in. But
the market lacked speculative buying, and
with that powerful support withdrawn the
price declined &c. The drop at Liverpool
was also very influential. Corn was weak
on better crop outlook, and declined &c.
Oats lost 3sQ1ac. Provisions were weak, de-
Ginning 121zQ221ac, the latter in pork.
The foreign wheat markets at the open
ing sent cablegrams indicating a somewhat
tired feeling among them after their late
exhausting climb. AS a consequence there
was a drop at the opening of from 1Hc to
1ac in September wheat. Although the
buying against puts was heavy, it did not
prevent it dropping another cent per bushel,
to 76c, or 212c below the closing price of the
day before, in about forty-hve minutes
from the opening. Liverpool noted a de-
cline of I'D per GENITAL before trading began
here, and Berlin reported a drop of 21ac per
bushel. Very few of yesterdays cabled
offers had been accepted, and but for the
taking of five boatloads of No. 2 spring
by Antwerp that had been offered by a Chi
cago house to Antwerp no foreign accept
ances could be heard of here. Pyramid
builders had to stand aside and see their
bOp-IlCdNy 6ISCllOllS IOPplS ONGI Will Tie
Earring of the weak cables. The selling out
yesterday of the leading line of long wheat
in this market had much to do with it's col
lapse this morning. The decline here
brought into play a host of resting orders
for cash wheat, both here and at the sea-
beard. New York reported sales for export
up to II o'clock of about eighty-five boat
loads. Although exporters in Chicago said
tbaU p0116 sell very LITTLE hU making 6irppt
offers to Europe, they were during the fore
noon inundated with bids from the sea-
board for No. 2 spring wheat, and while
they disposed of several hundred thousand
bushels on bids of that kind, it was as moth
ing to the quantity wanted. One and three
quarters cents over September was paid for
the least desirable of the No. 2 spring in
store and 2Ac premium for some in favorite
houses. Chicago receipts We're 149 cars,
against 15l a year ago. OF to-days receipts
seventeen cars were new spring. the
quantity inspected out of store was Isl, 600
bushels. Minneapolis and Duluth got 241
cars, against 327 on the correspondent day
of 1896. The total receipts at Western mar
kets was 500, 600 bushels, against $50, 500
bushels a year ago. Exports from the sea-
board were equal in flour to $4,000 bushels
Gables reported Liverpool lower than it
closed yesterday. Paris was somewhat
higher for flour and unchanged for wheat.
While nearly 400, 900 bushels cash stuff were
sold here, buyers options grew scarcer, ard
the market finally declined to 1880 for
September, rallying to 7512Q759sc, a net de-
er, at 77Q775sc, sold between T5sc and 75%c
and closed at 7512Q752sc. No one not
previously short wanted to GUY any corn.
Longs were only anxious to find other
shoulders to transfer their burden to, and
fresh lines of shorts being put out were
more in evidence than buyers to cover corn
already sold. The weather was all that
could be desired. In view of such pros
pective addition to the present enormous
country holdings or old corn the acceptance
of yesterdays offers to country dealers
were very heavy, and the sales against such
purchases made in the pit was one OF the
depressing influences of the day. The low
est prices of the day were current near the
close. Receipts were 800 cars and export
cIearances 525.627 bushels. September
opened &c lower, at 2712c, sold at 2l9sc and
at 274c, the latter at the close.
A big business was transacted in oats and
the market was a very lively one all DAY.
Liberal liquidation of September was the
chief cause of the decline In prices. Inc
Price Current stated crops would be much
larger than anticipated: This helped the
bearish tendency. Receipts were posted at
566 cars, of which 293 We're new and III or
the contract grade. Withdrawals from store
were 1,5O7 bushels; september g oPeh f7Iz d
which was bid at the close.
Provisions were weak from start to hnlSh.
The drop in corn had something to do with
the decline that occurred, and heavy re-
ceipts of hogs here and in the west was
another influence that pulled down most OF
Yesterdays advance. Lard lost all OF the
previous DAYS 1712c gain and ribs all but
&c of the rise they made the day before,
pork retaining only ~, or $s.G5z2i OF the the
sides AZ 900 hogs received here, Kansas City
got 1900 and Omaha $4,000 head. Septem-
Der pork opened zoe lower, at $50 and
closed at $S.07. September lard opened DC
lower, at $3.50. sold off to $4.321a, closing at
$4 35G4. 371b. September ribs OPEN 12c low
er. at 4.85, sold between $3.50 ana A.S212 and
closed with sellers at $4.S5.
Estimated receipts for tomorrow: Wheat,
1870 cars; corn, $50 cars; oats, 40 cars; hogs,
26, coo head.