The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-24
TALK WITH "PHIL" ARMOUR
THINKS FARMERS ARE ENTITLED
TO A DOLLAR FOR THEIR WHEAT.
Bull Movement Checked at New York
Where the Selling Was Heavy
Conditions in Europe.

CHICAGO, Aug. 23.-Speculative markets
on the Board of Trade to-day succumbed
to profit-talIing sales and registered the
first declines of moment in a fortnight.
Liquidation, which began on Saturday,
continued on an enormous scale at the
opening. During the first fifteen minutes
of the session fluctuations were the most
violent in many years, covering as they
did a range of cents. The bears, who
have been in Information for some time,
took fresh courage and pounded the market
on every bulge, only letting up after es-
tablishing net declines of 31a cents for the
day in September wheat, Zee in September
corn and 9sc in September oats.
Sales of September wheat were made on
the curb this morning at the highest fig
ure yet reached-$102l2. The regular ses-
sion opened with wild rush to sell, with
trades made on range of cents, Sep
tember going at from 97c to 81. Every
one in the pit seemed to have but one end
in view and that was to let go. September
tumbled with a rush to CSC, December
touching 94a4c. A few buying orders We're
then distributed where they would do the
most good and what looked for a moment
like panic was turned into a rush for
covering. September sold up without re-
action of more than zee to 9915c. Another
drop took place, but in a slow, deliberate
way. The visible supply was very much of
a disappointment to the bulls, showing less
than half of the decrease they had con-
fidently figured upon. Short sales were
thought 10 be good speculation when
the sellers obtained within a few cents
of dollar and the bears opened their
spouts with will only ceasing operations
when the price of September again rested
at Soc.
The routine news of the day was prac-
tically disregarded. Foreign crop damage.
news of sensational advances in English
and European markets only had a ten
dency to invigOrate traders with bearish
tendencies, seemingly. The bull pool, whose
operations have helped the late advances
in grain, were rather inconspicuous and,
in fact, individual operations were lost
sight of entirely during the morning Later
1t was the general belief that the pool let
go of much of its late purchases more es-
pecially corn.
The market for corn was extremely ex-
cited. Every one with a profit seemed pos
sessed only of desire to unload while
there was still a profit in sight and manv
of the paper fortunes melted away Favor
able weather and increasing receipts everv-
where discouraged holders Sales were
made at the opening on range of a full
cent, something not often seen in the corn
pit English markets were reported excit-
ed at goodly advances. September opened
12Ql15c higher on this news, sales being
made at 32Q33c, but when the trade saw
chicago receipts posted at nearly 1000 car
cries OF starvation, ETC., were quickly
turned into orders to sell. The market sold
off steadily to the close but owing to the
early advance showed only 1bc loss for the
day.
The market for oats sympathized with
corn and wheat Liquidation by prominent
interests, helped by a good-sized increase
IN the visible supply, induced an easier
tone, although outside trade was fair and
principally on the buying side December
option led in volume. Opening &@1c high
er, it declined steadily to the close. estab-
fishing net loss of 1c