The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-01
SAVED FROM A BREAK
CHICAGO WHEAT SUSTAINED BY
ACTIVE DEMAND FOR CORN.
Receipts of the Leading Cereal i'm the
Northwest Construed as Good
Bear News by shorts.

CHICAGO. Aug S1.-A sharp advance in corn
to-day, although not holding until the close over
Swallowed the bearish considerations in the wheat
pit and partially sustained wheat prices. septem-
Der wheat closed 1sGssc lower and December lost
A@ssc. Corn, compared with last night. is isq4c
higher Oats are unchanged to Isc lower. Pork
declined 17l2c. lard 12i2c and ribs 2l2c
Liverpool before the opening here showed de-
clnes in wheat of Esd for September and 14d for
December which was sufficient to account for
lower prices at the start. More confidence was
soon expressed by the traders. however, when
they observed how little wheat for sale at
the reduction and how much appeared to be
wanted The Northwestern receipts were sufi-
GENTLY liberal to keep bullishness from taking
very firm hold of the crowd, but there were
fewer expressions of bearishness to be heard
New York reported early in the day that foreign
demand there for wheat for shipment was more
active than for some time previous. 1t was part
" because of the improved export demand. but
perhaps more on account of the early bullishness
of corn that September and December wheat at
Chicago quickly recovered the slight dip II made
at the opening. Cash wheat easy at about
1a01c decline for contract grade and lower grades
at about yesterdays prices to a shade higher.
Chicago receipts were 236 cars against AS year
ago. Minneapolis and Duluth received CAT cars.
gate at all the principal Western markets
amounted to l. 146O00 blu. compared with LIS. coo
the corresponding day of the previous year. That
catching up of the receipts to the volume of last
year one of the most marked features OF the
days developments Shipments from Atlantic and
gulf ports, equal in wheat and -four to 100000 bu,
passes without comment. illustrating the greater
influence with the crowd of anything capable of
bearish Interpretation. In the last hour the adj
vancing tendency in corn having been checked
wheat turned weak and prices gradually worked
lower. September opened 1sG7sc lower at SAG
64l4c. advanced to 645sc. reacted to $3.50 and
closed at 6Ss4 0637sc. sellers. December started 1sc
down at 6l7sQ62c. up to 627s@s21ac; off to 61ssc,
recovered to 61stc, buyers, at the close.
The growing conviction of a prospective short
crop being al present cnched into assurance
of poor yield by the continued high temperature,
strengthened corn. Prominent bulls bought heav-
lily and the efforts made by the shorts to cover
were hardly less active. There was some recess
sion from the top near the close, caused by real
izing and liberal estimates for tomorrow. Sep
tenber started sc higher at SOAQSO9sc declined
to sO1s@SOAc, up to 3O%c and closed at SO2sc.
buyers.
Oats acted independent of either wheat or corn
and prices ruled steady within a narrow range
The most of the trading done changing from
September to December. September opened
changed to 1sc up at zoe, declined to 1910 and
closed at 197sc.
Large receipts of hogs and lower prices at the
yards started provisions weak. Yellow fever
rumors brought about heavy selling of pork and
lard and prices declined sharply. September pork
opened 10c lower at $S.75. to $3.50 and de-
clined to $S.77ls at the close. September lard
opened sc down at =. 1919 and sold off to sos.
the closing figure September ribs started TIC off
at $5.2715 rose to S5.35 and weakened to $5.S2h
at the close.
Estimated receipts for tomorrow: Wheat. 900
cars; corn, SIS cars oats 375 cars; hogs %, 900.
leading futures RANGED aS follows.