The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-12
BEARS HAMMER PRICES
ALL Raj DECLINE AFTER A
FAIRLY STRONG OPENING.
Fear Of n Bearish Crop Report an In
ucts Erratic, Closing Lower.

CHICAGO. Aug. T1-Grain traders had
only momentary relief to-day from the
selling pressure which put all markets on
the %toboggan slide last week. Following an
early rally on frost reports from the North
west, prices began sinking again. and so
general was the selling that covering for
short accounts could not offset the declines.
At the close September wheat was sac of.
corn ease lower and oats 14c down.
Provisions were cratic, and closed 121sq
45c lower.
There was some uncertainty at the start
in wheat. Talk that there was a good short
interest and the cold weather in South Da-
kota and Minnesota and fairly bullish
weekend statistics started a good early
demand. Sentiment more than news made
the market weak, and bears, who held the
whip hand, simply hammered prices to suit
themselves. one of the principal incentives
was a bearish forecast of the government
report, that was due this afternoon. Ca
bles were lower, commission houses sold
and prices slipped off. Later there was a
rally on good scsboard clearances and a
fair export trade. Selling, however, set in
again and the close was near the bottom.
September opened a shade lower to HQ4c
UP, at 67kq6S1sc. and sold at 6S4c, declined
TO 67lsc and closed weak 10 sc Off at 671sQ
Sic. Local receipts were 421 cars, three of
contract grade; Minneapolis and Duluth
reported III cars, a total Of SOS, against 673
last week and 649 a year ago. Primary re-
ceipts were 1,170,O00 bu, compared with /, 49,
600 last year. BOARD ~clearanceS in wheat
and flour equaled 10000 bu. Breadstuffs
on passage increased 2sS. 900 bu. Worlds
shipments were $4,000 bu, against 10, 40, 900
a year ago. New York reported fifty loads
taken for export.
After opening firm and higher corn turned
weak, and September sold down to q new
low mark, soc. There was heavy stop-loss
selling and considerable selling for short
accounts. Crop reports were good, but re-
ceipts were still small. Frosts in Iowa and
early covering helped prices up a trife,
but news that the corn Southwest was
ready for feeding and that shipping would
soon follow started renewed depression. Ex-
pectations were for a very bearish govern
msnt report. Toward the close a decrease
i'm the visible supply and covering for
shorts helped in a rally. September opened
1sQhc TO 3sQ12c up, at 519s0517sc, slumped
TO soc and closed weak, AQ3sc down, at
5oSsc. Receipts were seventy-hve cars.
Heavy liquidation and weakness in other
pits brought weakness to oats. Offerings
were very liberal and receipts were heavy
at 800 cars. At the start there was a slight
up-turn, but the close showed prices at the
bottom. September sold from 9O1z to 29c,
where il closed weak, 1Ac down.
Provisions were %erratic. There was an
early decline on a weak hog market. but
this was checked for a time by influential
covering. Then came the depression in
corn and oats and another slump set in.
September pork closed Csc down at SIC; lard
12lzc off at $l0.55, and ribs 45c lower at
50. 57l5.
Estimated receipts for tomorrow: Wheat.
500 cars; corn, seventy cars; oats, 545 cars;
hogs. 1900 head.