The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-20
WHEAT PRICES TUMBLED
CASH QUOTATIONS DEMoRALIZED
AND SEPTEMBER LOST L 1-4C.
All Grain Fell on I'm Face of Higher
Cables from LiverpooI-Provision
Firm and Pork Higher.

| CHICAGO, Aug. decentralization of
cash prices for spring wheat to-day was the
source of weakness in futures. September
closed nc lower, and December declined
| &c. Corn lost A@Bc. Oats are A6l$sc
| down. Pork and lard gained 121sc each, and
| ribs 5@71kc.
Liverpool sent higher quotations for
! wheat, but it was supposed to be a mere
reflection of yesterdays advance here and
| consequently did not influence the trading
| at the start. The shorts were evidently
| less anxious than they were yesterday and
apparently more confident that there would
| be more wheat before the last day of
September than bulls would want for legiti-
mate purposes. The weather in the North
| west was of the same favorable character
| for securing the fine crop of spring wheat
| that has generally favored the operation
| since cutting commenced. Chicago received
| 121 cars, whereas ninety-fve were estimated,
| but year ago 29S cars were received. Min
neapolis and Duluth reported 327 cars,
| against 80 the similar day of the previous
week, and 163 the corresponding day of
| 1897. A Liverpool cablegram reported offer
| ings Of new crop Russian and Danubian
| wheat at about the equivalent of DC to sc
| below the present price of shipping parcels
of No. 2 Kansas hard. 1t was under the
| influence of such information that Septem-
| Der wheat opened at from 66Ac, down to
| 661sc and declined to 651sc inside of the
| first half hour of the session. The statistics
| of the days movement were by no means
! all in favor of the bears. Receipts at pri-
| mary Western markets amounted to only
| 900 bushels, compared with $4,000 bushels
| a year ago. The clearanceS of wheat and
| flour from Atlantic ports were equal to
| 677 900 bushels, and 1t was calculated that
| the visible would show a decrease of 100000
| bushels. Prices at Minneapolis and Duluth
were so much lower again to-day as to
| give an air of sincerity to the statements
| about heavily increased receipts in the
| Northwest in the near future Spring wheat
was especially Neak in the market for car
| loads and that together with a reduction
| in the premium bid for wheat for shipment
| had much to do with the weakness that
| developed in the trading for futures.
| September opened unchanged to 4c lower
| at 66@66Ac, declined to 6512c, recovered to
| e5A@65%c, fell off to sac, and firmed up
| to Csc asked at the close. December began
| 627sc, down to 623sc, and closed at 625sc
Perfect weather and large receipts de-
pressed corn. A good many who had sold
out September and replaced it with De-
| cember yesterday were indisposed to stand
much further loss and became sellers as
soon as weakness developed. There was a
| but as the session advanced the general
| trade fell off in volume and the market
| closed at the low point for the day. Septem-
| Der started 1sc down at 311s@31Ac, ranged
| from S1Ac down to 9O12c, and closed at the
| latter figure.
oats ruled dull on small scaIping trade
during the first hour of the session, but
| finally turned easy with corn. September
| opened &c lower at zoe, rose to 201sc. de-
| ciined to 1870, and left off at 19a4@197sc
| asked.
The execution of some heavy transactions
d. ~fxN he xrt1,1n
| provision market. Early there was some
| liquidation and dip in prices, but that loss
| was all recovered and something more.
| September pork opened 212c lower at 1896,
| declined to $S.921a. advanced to $9.1212, and
| closed at 1910. September lard began sc
down at sos and sold up to $5.221s. the clos
| ing figure. September ribs started 212c off
| at $5121b weakened to $40. firmed up to
| S. 2215, and closed at So 2065. 22Ea.
Estimated receipts for o-morrow-Wheat,
| 100 cars; corn, 610 cars; oats, AIS cars; hogs,
! 1900 head.