The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-13
CASH WHEAT STRONGER
PRICES IN NORTHWEST HIGHER IN
SPITE OF LARGE RECEIPTS.
Early Declines Overcome In the Lead
ing CereaI-Other Grain Lower
and Provisions Unchanged.

CHICAGO, Sept. 12-Light commercial
stocks and smaller Western primary re-
ceipts to-day strengthened wheat. After
an early decline September left of l5c high
er and December rose lose Corn lost
&c; oats gained 1sc. Provisions are I'M
changed.
Lower Liverpool cables, big receipts in
the Northwest and the increase in the
worlds shipments especially the increase in
the shipments from Russia, which seemed
to discredit the reported crop disaster in
that country, started wheat a trihe lower.
The corn market was also weak, and had
depressing influence on wheat. Trade was
dull, and longs liquidated freely from the
start with a good sprinkling of selling ord
ers from the outside. Later, however, it
was found that the Northwest markets were
holding strong and higher in spite of big
receipts there, and that both cash and flu
lures were advancing. That, together with
light speculative offerings here, alarmed the
early sellers and there was some heavy
covering for time, which turned prices up
ward Chicago received only 235 cars,
against 55S year ago, while Minneapolis
and Duluths arrivals were liza cars as
compared with 1O3 for the corresponding
day last year. The sum total of Western
primary market receipts was 1,644 bushels,
or 252,0O0 less than for the similar day tire
year before. The amount of wheat and flour
on ocean passage showed a decrease for
the week of 100000 bushels, compared with
2,O00,O0 bushels increase the same time last
year The decrease in the American vis-
BILE was Tsp coo bushels, whereas the crowd
had been led to expect an increase of
10000 bushels. Such a great array of
bulIish statistics had its natural effect and
was largely instrumental in keeping the
prices on the advance as they Severally
came to the knowledge of the traders. There
was good demand from shippers from the
seabodrd on a basis of cents premium in
store here over September prices. Septem-
Der opened 1sQssc lower at 6212Q62S4c, held
at 6212c for a little, then rose gradually to
641sc and reacted to 6S3sc, the closing price.
December started &c down at 607s@61c,
weakened to 605s060$4c, tirmed up to &c
and declined to 6l9sc buyers at the close.
Warm weather. large receipts and an in
crease in the visible supply weakened corn.
Inc government report was also dlSap-
pointnent to the bulls, as it showed less re-
duction in the condition of crops than had
been anticipated AT the start there was
general disposition to sell out long property,
and such was the inclination manifested
moro or less throughout the session. The
pit sentiment was very bearish, and there
were few buyers on hand to take the Of
ferings. AS result, a feeling of extreme
depression settled over the market. Buying
by shorts to secure profits when prices
rested at bottom figures occaSioned slight
rallies, but the underlying tendency re-
main downward: December opened 7ad3sc
lower at 29$4Q 297sc, rose to S0c, back again
to 2Ss461 297sc, and closed at SOC, sellers.
Oats held firm under a good demand for
September from shippers. Trade was active,
speculation being Of more general char
acter. May began unchanged to 1sc down
at 21$zc, declined to 215sc, then rose to
217s02zc the closing price
Provisions were firm on an excellent cash
demand together with heavy buying of lard
and ribs. December pork opened &c lower
at $3.50, sold up to $S.6272, then reacted to
$3.50, the closing figure. The range in lard
and ribs was narrow.
Estimated receipts for o-morrow-Wheat,
400 cars; corn, 1850 cars; oats, $40 cars;
hogs, 1900 head.
loading f1tlres RANGED &c foIlows.