The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-17
WHEAT FLOPPED BACK
DECLINE IN THE FACE OF sENSA-
TIONAL LIVERPOOL ADVANCE.
All Markets Soon Turned Weak ON
Belief that Foreign Prices Were
Being Manipulated.

CHICAGO, Sept. 16.-Increased receipts
and decrease in cash demand were the
causes for the setback in wheat to-day.
September closed 1l4c lower and December
lost Ad7sc. Corn IS unchanged. Oats de-
clined 1sc. Pork left off 5G715c lower, lard
2l2Q5c and ribs &C.
Anxious shorts in wheat covered yester-
day that there was no further alarm
created when Liverpool before the opening
here reported an additional sensational jump
of 21sd for September delivery. If Lvernnol
December wheat had done proportionately
as we'll as September the effect on specu-
lative sentiment in Chicago would doubtless
have been different, but it showed decline
of 12d, so that the September strength was
concluded to arise from a mere squeeze on
the other side, which had no significance
for any one outside of the ranks of the IIiv-
erpool shorts. On that account the start
here was at lie decline for September and
B@Ac for December. The Northwestern re-
ceipts were heavy as usual and there was
no change in the corresponding lightness of
the winter wheat receipts. Chicago re-
ceived 162 cars, against 27S year ago, and
the Northwest 1908, compared with lob the
year before. The spring and winter wheat
receipts together at all Western primary
markets were 1,3O8. 600 bushels, which only
exceeded by 1000 bushels the quantity re-
ceived the similar day of the previous year.
The Atlantic port exports of wheat and flour
were equal to $4,000 bushels. Soon after the
opening Duluth showed 4c bushel advance
in price of cash wheat and some little
strength was thereby impaired to the mar
ket here, but not long thereafter a decline
of 1c took place in the price of Duluth cash
wheat and that put a damper on bullish
sentiment. Later in the day Minneapolis
dropped 1c for spot wheat, and weakness
here became more pronounced September
opened 1c lower at 651kc, sold sparingly at
66c and was inclined downward most of the
time after that. December started 1s@Ac
down at from CSC to 6S1sc, recovered to 6S1s
Q63Ac and from that it gradually declined
until about an hour from the close it was
down to 62l2c. An advance of 10 centimes
at Paris and so centimes for American red
wheat at Antwerp had no effect on this
! market, which IN the last hour of the ses-
sion had apparently become weak to stay.
The absence of demand for cash wheat in
any quantity at the East and the reported
delivery here and at Toledo of spot wheat
on September contract created a heavy feel
ing near the end and caused further de-
clineS September got down to Coo and
closed at 65Ac. December opened at 62Ac
and closed with trading at e2asq6212c.
The corn experience was just the reverse
while wheat was weak. The fact that the
market did not break with the break in
wheat was the incentive for covering. Fair
buying by commission houses also helped
establish firm undertOne. The demand for
visible room was quite urgent and resulted
in shade Improvement in the rate of
freight December began at 2912c, rose to
$3.50, declined to 29ssQ2915c and closed at
2912c buyers.
Oats struggled along in the wake of corn,
although they did not display as much
strength as the leader. There was a fair
cash demand and the clearances were quite
liberal. May opened unchanged to 1sc lower
at 220221sc, held steady for a time at 221sc,
declined to 217sd22c and frmed Up to 22c
buyers at the close.
Provisions ruled weak, suffering from
pressure of hogs Heavy selling of lard and
ribs also added to the decline in prices. De
cember pork opened 10Q1215c down at $83712,
advanced to $S.45, then weakened to $S.4212,
the closing price December lard started un-
changed to 2lsc lower at 81. SOFAS 212, sold off
to s4.s71z and closed at $4771 4Asl Deem
Der ribs began 21kc off at $4.7212, declined to
$4671h and rallied to $47O the closing figure.
Estimated receipts o-morrow-Wheat, lao
cars; corn, APO cars; oats, 26O cars; hogs, 49,
coo head.