The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-10
SAVED BY THE DEMAND
ONLY THING THAT PREVENTED DE-
EQUALIZATION OF WHEAT.
Tendency of All Markets Was Down
ward and Fractional Losses
Resulted in Cereals.

CHICAGO. Aug. 9.-An urgent cash de-
mand to-day prevented Generalization of
futures in the wheat pit. September closed
Ac and December &c lower. Corn lost 14c.
Oats declined 1sc. pork and lard declined
PFC each. and ribs rose 212q5c.
Wheat was for sale during the first hour
in larger quantities than the market would
take without the inducement of further con-
cessions in price. The required reduction
was submitted to, and &c was what 1t
amounted to for the sixty minutes The
news that chiefly influenced the sellers at
the start was a decline of from 1ssd to 1851
at Liverpool and a slight drop in Paris quo
tations. Otherwise the early information
was somewhat bullish. That did not, how
ever, include Chicago receipts, which, al
though twenty-six cars less than expected,
were still 399, against 224 a year. ago. Min
neaEolis and Duluth, on the other hand, got
only 40, compared with 1853 the corresponding
day last year. The total primary market
receipts were only 43S,O0O blu, against 719,Ooj
bu a year ago. Not until the number OF
cars expected here tomorrow were put AZ
ninety-three did the market show any sign
of recovering from the depression it dis
played during the first hour. The greatest
selling pressure came from the Northwest,
where spectators were doubtless very
bearishly affected by the magnificent pros
poets for the spring wheat crop. The de-
mand for cash offerings in the sample mar
ket was active. Offerings were insignificant
in comparison with the demand, and, not
withstanding the decline in futures, the
prices paid for the spot grain were fully as
high as those realized yesterday That
showing, together with the strong compe-
tition among shippers for the limited
amount procurabe for immediate shipment,
prevented futures from the Generalization
they were occasionally threatened with by
the bearishness ofsthe crowd. Atlantic port
clearances of wheat and flour were equal to
$4,000 blu. September opened ls43sc lower.
at 664G6612c, declined to 655sc and kept GO
ing up and down between the latter figure
and 661ec until near the end, when it rose
to 667sQo613c and closed at 66ssc bid De
cember began Nc down at Csc, rose to 651sc
fell off to 643sc and rallied to 651sc asked
at the close.
Receipts of $40 cars, ideal weather for the
growing crop and the weakness in wheat
had bearish influence in corn ScalperS
and commission houses generally sold, while
Undated on the break. The estimated re-
celptS Ter tomorrow were 325 cars, and
that small number advanced prices some
what near the close. There was a DISPOSE
ton on the part of traders to wait for the
government crop report, which is due to-
morrow. September opened 1s@9sc lower, at
S30331sc, declined to 325s@32s4c and rose to
S3c, sellers, at the close
Oats were weak and lower in sympathy
with the other grains Receiving houses
and elevator people sold heavily, presuma-
bly, against country purchases. September
opened 1sc down, at 207sc, sold up to 201s@1
nc, declined to 205sq20S4c, and then trmed
up to zO3sc at the close.
The early break iii provisions was occa-
stoned by general outside liquidation and
selling on stop-loss orders by commission
houses. Prices took a sudden squirt near
the close on heavy buying by packers. The
bulk of the days trading was in the way of
changing over September deals to later de-
liveries. September pork opened 21ac lower
at $.S5, declined to $3.50, rose to $3.50, and
closed at $S.85. September lard began sc
to $5.221s at the close. September ribs start
ed from unchanged to 212c lower, at $5.121a
weakened to $5.O5Q5.07R, rallied to $5.1T19
the closing price.
Estimated receipts for to-morrow-Wheat
SO cars; corn, 325; oats, 29O; hogs, 5000 head
Leading futures ranged as follows: