The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-24
ALL INFLUENCES BEARISH
WHEAT DULL, WITH THE CLOSE
THREE QUARTERS DOWN.
Corn Leads in Weakness, Losing More
Than n Cent-Oats Also Lower,
Provisions Generally Higher.

CHICAGO, Aug. 23.-Corn was heavily
sold to-day and led a decline of other
grains. Wheat closed &c, corn lac and
oats &c lower for delivery in September.
Provisions closed a shade lower to 5q7hc
higher.
Trade in wheat acked even a suspicion
Of animation. The market opened easy
on disappointing cables, September 1Q2sc
down, at 70kc. Selling for the outside ac-
count Influenced a small selling movement
by the bear contingent. When some of
them attempted to cover a little later the
market suddenly ran up to 70Ac. This
proved the best price of the day, and there
was scarcely a moment during the rest
of the session when the early short sellers
could not have covered at a profit. The
magnitude of seaboard clearances and re-
ports of good buying in the cash market
put something of a check on the bears for
a time, but did not materially affect prices,
and by noon most of the pit, influenced
by the outside liquidation and the corn
weakness, Joined the ranks CT sellers, and
in consequence September worked down
to roc. The close was weak and &C under
yesterday, at 7O@1lsc. Exporters reported
thirty loads taken. Seaboard ~clearances
were 1,221,00 bushels. Primary receipts
aggregated 1,021 900 bushels, almost exactly
the equivalent of last years. Local re-
ceipts were lac cars, eleven of contract
grade. Minneapolis and Duluth reported
566 cars, making a total for the three points
of ZIP cars. against 442 for last week and
I42 a year ago.
Corn gave an exhibition of it's dependence
upon speculative support and showed how
insufficient an undoubtedly strong situation
could be when spectators relax their ef-
forts IN hO0cf nricpS The feature of the
days trade was the large quantity for sale
on outside orders. This was supposedly the
response of the country districts TO the
call for more margins sent out shortly after
the decline began a few days ago. Heavy
Argentine shipments were an additional
factor in weakening the market. The liqui-
dalton was embraced by the bears to AXE a
profitable ride downward with prices, and
although there was considerable profit
pressure continued the stronger and the
close was weak. September sold between
56A a5Sssc and 54zsc, and closed rs lower
Argentine shipments aggregated 2,064, 900
bu, 100000 more than a year ago.
The oats market naturally turned weak,
in sympathy with corn. Liquidation was
both for the country and the local ac-
count, and there were rumors that a big
A more severe drop in prices was checked
by buying by a packing house. September
sold between S5c and 34c, and closed &c
down, at SAC. Receipts were pa cars.
Trade in provisions was moderately ac-
tive. Prices at the opening were slightly
irregular, and a slight decline followed in
sympathy with the surrounding weakness.
During this time considerable lard was
sold. Following this a better cash demand
was claimed, and as ribs in good quantities
were bought by packers prices recovered,
and the close was firm. January pork
closed 5Q7Nc higher, at S15.50G15. SPY; lard
a shade lower, at $3.50. and ribs 2lzc higher.
at 81. z
Estimated receipts for to-mrrow: Wheat,
10 cars; corn, 275 cars; oats, 235 cars; hogs,
$1,000 head.