The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-18
CORN LED THE MARKET
BEARIsH CROP NEWS BROUGHT OUT
QUANTITIES OF LONG STUFF.
Wheat Weakened in Sympathy and
visions Joined in the Decline.

| CHICAGO, Aug. 17-Corn was the lead
er to-day. Holders of the coarse grain un-
loaded on a large scale and a loss of nc
bushel followed. The unloading was the
result of bearish crop reports Wheat was
weak in sympathy September closed nc
| lower, and December lost Sc Oats declined
A@ssc. Pork is down TIC, lard 121zc and ribs
| 71SG10c.
Conditions have been propitious for re-
covery from the severe setback which the
corn crop suffered in consequence of the
late drought and the present outlook was
said to be vastly more assuring. The start
was fairly steady at about the previous
days closing figures, but the strength did
not last long. Very soon it became apparent
that large lines of long corn were for sale
and that brought smaller lots in large
numbers AT every slight reaction during
the session offerings overwhelmed the buy
ers, so that at last shorts, who had been
willing to take moderate profits, held off
and this deprived sellers of their chief Gus
toners. The market continued to decline
right up to the close. September opened I'M
changed at 3212c, declined to 31A@31Ac and
closed at 31Ac bid
Wheat was momentarilyNweak at the open
ing and then turned strong. The start for
September was at from 654c to 653sc, COM
pared with 651sc bid at the close yesterday.
In the course of the next hours trading it
rose to 657sc, and turned down again from
that point on account of weakness that be-
gan to develop in corn. The receipts of
wheat were so small that short sales for
September seemed risky and extremely so
in connection with the fact that at the same
time that September was worth only 651hc
in the pit No. red winter was sold for
shipment at 7OAc in store. The early adj
vance to 657sc for September was more the
result of light offerings than heavy pur-
chases and the buying was for the most
part to cover wheat previously sold short.
Some buying was probably done for the long
account, but there being no Moses in the
pit to lead the bulls from the bondage in
Which they were being held by the gener-
ally prevailing bearish sentiment their buy
Ing naturally lacked the enthusiasm neces-
sary to badly frighten the long-staying
bears. Chicago received 81 cars of which
only one car was of contract grade. A year
ago lSS carloads We're received. The total
quantity at the Western primary markets
was 10000 bushels against S43O 900 bushels
last year. Minneapolis and Duluth reported
1874 cars, against s. the corresponding day
of the week before, and ia the same day
the previous year That slight increase IN
the Northwest was the only point in the
bears could claim in their favor but they
took more comfort from it than the bulls did
from all the rest.
The clearances from Atlantic and gulf
ports were heavy, aggregating 727 900 blu in
wheat and flour, but even that strong fea-
ture failed of having more than momentary
erect. Antwerp reported decline there of
S71s centimes, or &c bushel Tor American
led. That was the cause for one of the
many downward reactions here. September
opened unchanged to nc lower at 65ild65sac.
advanced to 63zsc, declined to 65asc, rose
again to 65$c, after that worked slowly
down to 65Ac, rose once more to 65ksc and
became weak again. selling a 656651sc, and
closing at 651sc December started 1a0IAc
down, at 63Ac, sold up to 655sc, and was
closely hugging the CSC mark toward the
end, but finally dropped to 62s4c, and closed
at 6234@627sc.
Oats were active and relatively stronger
than corn, although the weakness in that
market had a depressing influence Eleva-
tor people sold freely of September and
the American Cereal Company heavily of
May September started unchanged to lac
higher, at 2012c, firmed up to 201h0203sc then
reacted to 2O1sc bid, the closing price
PROVISIONS were generally easy, offerings
being in excess of the demand The selling
was largely due to yellow fever talk Sep
TENDER pork opened &c lower, at 1885, sold
off to $S.8712 rallied to $S9212 at the close.
September lard began unchanged at $5.2715
declined to $5.15, the closing figure Sep
TENDER ribs started 21a@5c lower, at $50
and weakened to $5.15. the closing price
Estimated receipts for to-morrow-Wheat
215 cars; corn, 525; oats, 375; hogs, $4,000
head.
Teadin0 f,,f,,roe ro,crad oa eoIIo-z