The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-15
BIG RECEIPTS EXPECTED
BULLS FEAR HEAVY SPRING WHEAT
MOVEMENT WILL SET IN.
Notable Slump In Cash Prices in the
Northwest, and September Closes
5-Sc Lower at Chicago.

CHICAGO, Aug. 13-Indications Of a
spring wheat movement on a scale COM
mensurate with the exceptionally heavy
crop caused a sharp decline in wheat to-
day. September closed 15sc lower and De-
cember lost 1c. Corn left off unchanged to
1sc lower. Oats were down 1sc. Pork adj
vanced &C, lard 5@71Ac and ribs 1Oc.
Liverpool quotations, instead of showing
any sympathy with yesterdays prices on
this side, were a little lower than the day
before. That gave the direction to specula-
ton sentiment here at the start. First
trades in September wheat were at 66$sc,
down to 661ac, against 671sQ6714c, last nights
closing figure. The weather for maturing
wheat still unharvested of the spring wheat
crop was all that could be desired, and re-
ports from the Northwest were far from
encouraging to the longs in the market. A
dispatch from UP north said it was conf
IDENTIFY expected Minneapolis and Duluth
would, in about two weeks, be receiving an
average of 400 cars a day. In addition TO
that about an hour after the opening, Min
neapolis reported &c a bushel drop in price
of cash wheat to arrive. Such information
and foreshadowings of the future drove
from the minds of the traders all concern
about to-day's actual receipts, which were
conspicuousy short of last years move
ment as they had been for some time. Chi
cago received 100 cars, and Minneapolis and
Duluth 142, against 2SS last year. The mar
ket was kept from getting radically weak
for time by estimates that Chicago would
only have 100 cars of wheat Monday but
that gave way again to the impending free
movement of spring wheat and the market
wound up very heavy: September opened, Y
and closed al 651aGI655sc. December began Is
Q1ac down, at 64ls@6414c, sold off to 6312c and
closed at 635sc.
Corn was steady for September, but De-
cember was sold with considerable free
dom and got to a shade discount under the
nearer delivery. The weather was as ia
vorable as could be desired for the recuper-
alton of the sick portion of the crop. The
price, however, was not generally consld-
cred high for promise of 1880 900 blu
crop that has still to undergo the VicisSi-
tudes of the weather for another six weeks.
September started 1sc lower at 921zQ325sc,
advanced to 32s4c, and closed at 325sc.
Shippers were the only buyers to speak
of in oats, and that grain merely followed
the fluctuations of corn. September started
from unchanged to sc down al 20Ac, weak
ened to 1880, and tirmed up to 2O5sQ2Oa4c at
the close
The yellow fever scare that shook the
holdings out of the Weakened members
of the provision crowd yesterday was to-
day pronounced matter of no account ex-
cept for such purposes as it had accom-
plished. Buying by brokers acting for
packing houses quickly absorbed the offer
ings and prices took an upward turn near
the close September pork opened 10c down
at 1886, sold up to $9.15, and declined to $40
the closing figure. September lard began
unchsnge at $3.50 and sold up to $5.35. the
closilN price. September ribs opened &c
lower at $5.121A and rose to $5.2712 at the
close.
Estimated receipts for Monday-Wheat,
100 cars; corn, $40 cars; oats, 425 cars; hogs,
SO, 900 head
Leading futures ranged as follows