The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-19
WET WEATHER HELPED
INFLUENCED TRADERS AND START
ED A STRONG CASH DEMAND.
Visible Supply Never Before So Light
ut This Season of the Year, and
Active Buying for Export.


shorts to-day. ocasioned by a good cash
demand. rescued prices in the wheat pit.
September closed 1sc higher and December
rose 4z@ssc. Corn left off unchanged to Bc
higher Oats are unchanged Pork ad-
vanced sc, lard declined &C and ribs remained
unchanged.
Wet weather in the Northwestern spring
wheat territory. together with higher ca
bles from Liverpool, were responsible to
some extent for the firmness that character
lied the commencement of trading in
wheat. An increase in the arrivals up
north and prediction by the Weather
Bureau of fair weather tonight and Fri
day in the spring wheat country changed
the temper of the speculative crowd and
the direction of prices When weakness set
in 1t was more especially apparent in De-
cember, the disposition among traders be-
ing to get out and stay out of September
in view of the small stocks here and else
where. The hope of higher prices INDUCED
in by the bulls in the market have of late
been largely based on the expectation that
the bears would oversell themselves for
September. The bears also appeared to
have some apprehension on hat score and
transferred their ventures to December
thus giving nervous character to the trad
ing in September and reducing December to
an altogether unusual discount under such
conditions as exist at present. The condi-
lions have no exact parallel in former sea-
sons, for never before were visible stocks
SO small. Chicago received 101 cars Mime
apolis and Duluth got 400 cars, compared
with seventy-seven a week ago and 146 the
corresponding day of the previous year
The aggregate of the primary Western mar
Inf Atvaf-
previous year. The total to-day was 673 900
bushels and year ago $4,000 bushels The
Atlantic port clearances were equal in
wheat and flour to $4,000 bushels The
course of the market wa. rather change
able, with spells of weakness followed by
considerable strength. September was
much more susceptible to buying than SELL
ing orders and readily recovered from mod
crate declines. December was less easily
affected, but also responded when Septem-
Der was in urgent request. The shipping
demand for wheat was as brisk as ever
Ihe sale of 10000 bushels No. 2 hard for
Shipment at 7OAQ1O12c started the shorts,
With tSa d Price nes &c over September
Inc covering that followed that tranSac-
ton rallied the price of September and De-
cember over cent each. and the market
closed without enough offerings to satisfy
the demand. September opened Ac higher
at 65$sc, gradually worked down to 645km
64Ac, advanced quickly to 66A0663sc and
closed at 66Ac. December began &c up at
624sq63c, sold down to 623sc, firmed up to
6312c and closed at 63asc bid
Corn opened weak and became very heavy
during the forenoon on liquidation by longs
and heavy selling by commission houses on
stop-losS orders. Reports from the country,
however, about the probable yield of the
crop, were far from corroborative of the
government figures on condition. Owing to
that fact the buying of short corn on the
early decline was general and had not been
all satisfied when the wheat market COM
menced It's big advance That started more
shorts covering and a good many people
bought who had been waiting for the bot
count. All the early decline in September
was recovered and December did even bet
ter, advancing to Ac over September and
closed with that much premium attached to
1t instead of 1sc discount, it did the day
previous. September opened unchanged to
S03ac, and rallied to 31A@31asc sellers, at the
close.
Oats followed corn, being weak early and
recovering later. Elevator people sold at the
decline September started unchanged at
2O1sc, declined to 1890 and firmed up to 2O1sc
asked, the closing figure.
Provisions ruled dull most of the time,
but had few redeeming intervals of mod
crate activity. The feature of the DAVIS
business was liquidation by packers of prod
ucts previously bought and the ready alb
sorption of offerings without much reduc-
lower, at $3.50, sold off to 1886 and rose to
$S.9712 at the close. The range in lard and
ribs was narrow.
Estimated receipts for to-morrow-Wheat,
50 cars; corn, $40 cars; oats, 357 cars; hogs,
5000 head
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