The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-03
FARMERS HOLDING BACK
BULLS TAKE ADVANTAGE AND SHOVE
UP THE PRICE OF WHEAT.
Better Liverpool Quotations and Bull
iSh Russian RumOr-POrk
Scores SOC Decline.

CHICAGO, Aug 2-Sman domestic re-
ceipts and good demand sustained prices
in wheat to-day. September closed 3sQ1ac
higher and December 1850 higher. Corn
left off &c lower. Oats are down sc. Pork
dropped SOC, lard 1OQ121ac and ribs 1Oc.
Better Liverpool cables than expected in
addition to disposition manifested by
farmers to hold their new crop for improved
prices caused a bullish feeling in wheat at
the opening. Chicago got only $50 carloads,
against 331 a year ago. Minneapolis and
Duluth reported 81 carloads. compared with
81 the year before Receipts at other i'm
portant Western points being disappoint-
ingly small added to the f1rInness with which
trading commenced. Not much attention
was given to a dispatch from Washington
saying that the Russian government would
probably issue a ukase prohibiting grain ex-
ports on account of small stocks and crop
failures Some such report was received
here during the Letter deal, and to-days
rumor was generally thought to be the
original story repolshed by some enthusi-
astic bull who possessed a knowledge OF the
general forgetfulness of the speculative
crowd. Prices here were kept strong on
statistical figures until the continental mar
kets turned weak. Paris came 1c a bushel
from nc to 4c a bushel. September which
was selling here at 647sc, declined to 64Ac
on that showing of weakness abroad. There
was evidently lots of short wheat to cover
on weak spots such as that, and the price
did not remain down for more than few
minutes. The total receipts at Western
primary markets amounted to $4,000 BUSH
els, against 900 bushels last year. At
1or RI wheat
were 337 900 bushels. The worlds shipments
of wheat and flour to Europe for the week
summed up 3,SSOO00 bushels. The quantity
on ocean passage decreased 100000 bushels
for the week. September opened 1sc higher
at 641b0I645sc declined to 64Ac, rallied TO
Csc and closed at 647sc bid. December pc
gan H0Ac up, at 6414Q64Ssc, sold of to 64c;
rose to 649sc, and settled back TO o4ssc plu
The longs in corn could. not stand up
against the generally bearish sentiment IN
duced by the liberal rainfall of the last few
days Liquidation by bulls was more eager
ly pressed than fresh buying, and kept the
market weak throughout. Holders of puts
and shorts were good buyers at the decline.
September opened AqSsc lower at d IRON N
33Ac to S31kc. gradually declined to $3.50
321bc, and closed at 325sc bid.
Oats suffered fractionally with corn
Traders who bought literally on Shows
crop report last week were sellers To-Day oI1;.
try on unfavorabe crop reports. Septem-
Der opened hc lower at 2Os4c declined to
2OA@20ssc, and firmed up to 2O1sc at the
close.
Lower prices for hogs at the yards to,
gether with the decline in corn weakened
provisions. Packers liquidated freely. Sep
TENDER pork opened nc down at $40 and
dropped to $9.1712, the closing figure. Sep
steaded up to $5.4212@545, then sold off TO
s5.35 at the close. September ribs began ga
2hQ5c off at $5.z9d5. 421s, weakened to $o3212,
then firmed UP to s5.S5, the closing price
Estimated Receipts for Tomorrow
Wheat, 125 ears: corn, 800 cars; oats, 2l0
cars; hogs, $4,000 head.
Leading futures ranged as follows: