The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-09
HEAVY DAY FOR WHEAT
MARKET STAGNANT AND PRICES
GRADUALLY DECLINED.
Break I'm the Drought Resulted I'm
Corn Losing It's Firmness-Pro-
visions Scored Losses.

CHICAGO, Sept. s.-Wheat was heavy to-
day for the deferred futures and compare
lively steady for September. Elevator COM
petition helped the latter. while futures de-
clined A@ssc on the heavy receipts and
light demand. The break In the drought cut
CSC off the price Of corn. Oats closed about
&c lower and provisions 5Ql5c lower.
Heavy receipts in the Northwest and in
difference of foreign buyers were infu-
ences at the opening in wheat which caused
an initial decline Of AQSc and which re-
suited in a heavy market throughout the
entire session. Early Liverpool cables
showed about I'D decline and reported
very slack cash demand there. Heavy re-
ceipts from Russian ports were also re-
ported and Argentine shipments were no-
eral. The fact that the Transvaal situation
did not improve the foreign demand appar-
emily brought traders back to the old basis
of supply and demand, and the continued
large receipts at primary points and the
small cash demand here resulted in more
or less liquidation by longs in all the de-
ferred futures. September, however. was In
good demand from elevator people. At times
there was brisk competition from that
source and prices were steadily maintained.
Shortly before noon a more rosy aspect
was given the situation by reports Of good
export engagements at New York and by
the more serious tone Of Transvaal advices.
This resulted in contraction Of the SELL
ing movement and induced some covering by
shorts, slight rally in prices resulting.
but by noon the market had fallen back
into its old rut and the slight advantage
was soon lost. The real feature OF trading
was its extreme narrowness. Prices all day
kept within 1sc range and trading was al
most entirely professional. The market for
long periods was absolutely at stand
still. Heaviness prevailed to the end. Mime
apolis and Duluth receipts were 81 cars.
against 900 last week, and s44 year ago.
Chicago receipts were 1872 cars. IL OF con-
tract grade Total primary receipts were l..
0S7.000 bushels, compared with 1,SoS,oW
bushels Of ago
bushels. New York. late In the afternoon,
reported II loads for export. The shipping
business here, however, showed no improve
ment. During the latter part Of the ses-
sion about the only support the market re-
ceived was buying against puts. which was
touched early In the day; December opened
7lG7I1sc, reacted to 11zc and declined again
to 71AGI%c, where 1t closed. September
sold as high as 7O5sc and closed unchanged
Corn was weak and lower. The breaking
Of the drought throughout the. corn belt
and cooler weather helped the bears, and
brought considerable long corn on the mar
ket, resulting in gradual decline in prices.
Selling of deferred futures was especially
free. The shipping demand was good and
export engagements were placed at 60 loads.
Receipts here were $50 cars. December
ranged from 2s1zc to 2S7sc and closed at
2S5sc.
Oats acted independent Of other grain
markets. Some easiness was shown In Sep
TENDER, but deferred futures were steady
and in good demand Elevator people were
free buyers of September, but there was
quite free selling Of that future and prices
sagged a little. The urgent cash demand
was the prime factor i'm the steadiness. Re
ceipts were 1923 cars. December ranged from
2Olt@2Ossc to 2O1sG209sc and closed shade
lower at 2oasQ2011c. September closed 1c
lower at 21Ac.
Provisions were slow and weak. There
was steadiness early on the firm hog mar
ket and on the continued cash demand, but
later in the session there was quite general
realizing and prices declined all around.
The close was heavy. October pork 15c low
er at $S.071z: October lard, TIC lower at
$5.27Ia and October ribs 5q71sc lower at
$5.271aG5.30.
Estimated receipts for Saturday-Wheat.
160 cars; corn. 175 cars; oats, $50 cars; hogs,
IL 900 head.