The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-30
LOST EARLY ADVANCE
EXPECTATIONS OF INCREASED
WHEAT RECEIPTS AT CHICAGO.
strong Start for Leading Cereal. but
the Gain Speedily Wiped Out
Other Markets Unchanged.

CHICAGO, Aug 29.-Expectatons Of increased
receipts tomorrow, together with a decrease IN
the visible supply where the opposite had been
predicted caused almost the complete loss of an
early advance in wheat to-day. Compared with
Saturday night September left off isqAc higher
and December gained Adssc. Corn is unchanged
to nc up Oats unchanged. Pork and lard are
unchanged and ribs rose 7lsq10c
Wheat experienced strong start because of
disappointingly small receipts in the Northwest
and higher quotations from Liverpool, although
the latter were most unexpected in view OF the
advance on this side Saturday. Minneapolis and
Duluth received $50 cars, compared with 9S9 on
the previous Monday and 524 on the corresponding
day of last year. The visible supply statement
showed a. 600 blu, an increase for the week, maxi
ing the total 1872 900. A year ago the visible
decreased 600 blu, and the total then was
10 47S, 0CO. AS a decrease had been expected in
to-day's statement the bullishness Of the market
received a partial extinguisher. People who
needed September wheat and had found con-
siderable difficulty in buying were now enabled to
have their wants supplied without shouting Tor
the wheat, sellers being compelled to take turn
at the shouting. The estimate that the carloads
of wheat at Chicago for Tomorrow inspection
would number 405 was another blow to the bulls
in the market That in addition to the disap-
pointment about the visible, caused September to
drop for time, all its early advance. Deem
Der was relatively frmer and did not decline
more than 1zc while September was losing 1c.
December was much more largely dealt in than
September and has most pronouncedly become the
active trading future. September difficult to
buy when wanted and hard to sell when thatswas
considered desirable The total for the day at all
primary Western markets amounted to 1,2S1, 900
bushels, compared with lap. 900 year ago. The
clearances from Atlantic ports for the day were
smaller than of late. the total in wheat and -four
being 1000 bushels. September opened unchanged
to Ac higher at 64q64Ac. but before much could
be bought 1t was up to 6412c and from that worked
gradually upward to Csc. 1t declined again to
64c, touching 63ss@64c for a moment, and was
CAS- J164Ac at the bell tap. December Started 40
sc up at 61%@62c. advanced to 62ss@62l3c and
reacted to 61N@62c, which its final trading
price
good speculative business done in corn
and in the main the market was strong. The
bone of contention was the condition of the grow
ing crop, upon which subject there wide
difference of opinion. The wheat market in
fuenced corn when it advancing and corre-
spondingy depressed the latter when it was de-
clining. September opened unchanged to 1sc lower
at 297s@SOc, advanced to SO1sQ3OAc and closed at
Boise, sellers.
There little done in oats except changing
from September to December and from December
to May. The bulk of changing from September
to December was made even. September opened
1sc lower at 1910, to 20lsc and reacted to
1890 at the close.
Moderate buying by English houses held pro-
visions firm. Lard and ribs comparatively
stronger than pork. September holdings have been
transferred sold and the trade was no longer
under the influence of operations by people who
had no use for provisions for delivery day, now
close at hand. September pork opened 21kc down
at $S.S21s and sold up to $685.. September lard
started unchanged 10 2lac lower at $5.1OQ5 121a.
declined to s5.C7h@51O. then firmed up to s5.17la
at the close. September ribs began 219d5c off at
$3.50 and improved to $5.321s the closing figure.
Estimated receipts for tomorrow are: Wheat.
4O5 cars; corn, 1850 cars; oats. 655 cars; hogs.
1900.