The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-11
EARLY RISE WIPED OUT
FINE WHEAT CROP PROSPECTS IN
DUCED FLOOD OF SHORT SALES.
Weakness Extended Through All the
Were Strong, Pork Advancing 3215c.

CHICAGO, Aug. 10.-Short selling to-day
encouraged by magnificent crop prospects
wiped out an early bulge in wheat. Septem-
Der closed sc lower and December 5sGAc.
Corn lost sake. Oats declined sc. Pro-
visions closed strong at 321ac advance for
pork, 121RG15c for lard and 15c for ribs.
Liverpool opened I'd higher for September
wheat but had moderated it's bullshness
to Id before trading commenced on this
side. The Liverpool news was enough to
cause an advance of Zee bushel here in
September. 1t was not sufficient, however.
to maintain this markets half-hearted SYM
pathy very long. The heavy traders fixed
/ their attention on the promised abundance
of home crops. They treated the smallness
of current receipts and reports of unfavor-
able weather with supreme Indifference and
in some instances express their undisguised
contempt for any consideration outside of
the alleged fact that this seasons harvest
in the United States would yield 7O0,OOOOOO
bushels and that Europe would need less
of it than usual. The Northwestern grain
men appeared similarly impressed and were
advising their friends here of the near ap-
proach of liberal receipts which had been
temporarily arrested by the wet weather of
a week ago. The various influences changed
weakness before the session was half over.
September, which started at $685. with a
sale or two at &C. had declined to $3.50
by the time referred to. Receipts at pri-
mary markets were conspicuously small.
Chicago received liz cars and Minneapolis
and Duluth S. cars, against 231 cars last
year. The aggregate at the principal West
ern markets was 511 600 bushels, whereas on
the corresponding day a year ago it was
76o 600 bushels In connection with reports
of small receipts some bulls took notice of
the liberal clearances from Atlantic sea-
ports which in wheat and flour amounted
to 4750O0 bushels. The shipping demand
was active at 51zc premium over Septem-
Der for No. red In view of the latter
features of the situation the decline was
surprise to the bulls, who were forced in
instances of insufficient margins or from
motives of prudence to abandon property
that they considered dirt cheap at the
price they were compelled to part with.
September opened 12Q9sc higher at $3.50
&c, declined to $3.50 and closed at 65Ac
bid. December began 3s@12c up at 6512
0655sc, weakened to 641sc and recovered to
643s@6412c at the close.
Light receipts and a good cash demand
started corn higher. The market soon be-
came heavy, however, on the continued fine
growing weather and in sympathy with the
decline in wheat. The uncertainty OF the
government report restricted trade. Sep
TENDER opened 1s@Ac up at SS1s@33Ac, de-
cined to 3234c and closed at 32AQ32Bc SELL
ers.
Oats ruled easy with the other grains.
There was some inquiry for cash, but bids
| fell short of holders views September be-
gan 1sc higher at 2lc, sold or to W9sQ2o34c
| and closed at 2O34c bid.
The cash demand for provisions was, ex-
cellent and speculative buying by. packers
| was heavy The market opened at a mod
| crate advance, which was well maintained
| and in the end received a respectable ad-
| dition the latest trading being at top prices
| of the day September pork opened TIC
| higher at $S.921a. declined to $3.50 and rose
| to $9171h. the closing price. September lard
| began PFC up at 1925 and advanced to
$5S71a, the closing figure. September ribs
started 211Ac better at 500; sold down to
| Estimated receipts for o-morrow-Wheat.
las cars; corn. 465 cars; oats, 800 cars; hogs,
| 2S,0C0 head.