The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-19
SMALL TURN BY BULLS
GRAINS STRONG EARLY, BUT WEAK
EN- ON LIQUIDATION.
Wheat, However, Is the Only Cereal
Close N DecIine-ProvisiOns
Fairly strong, Closing Higher.

CHICAGO, Aug 1S.-Grains had an
elusive bull turn to-day. All pits expert
enced good early action with strong up
turns fears of frosts in the Northwest.
flooding rains in the cOrnfelds and general
poor grading. Prices were bid up sharply.
but the unexpected strength was soon lost
when holders turned TO sell in the some
what narrow markets. AT the close Sep
TENDER wheat was sc lower. corn sc high
er and oats a shade up. Provisions closed
212c TO sc higher.
Wheat started firm. Conditions in the
Northwest were considered unfavorable for
the maturing wheat. There was too much
moisture, and even frosts were feared.
England had bad weather and sent over
comparatively firm cables. There also was
a decrease in the visible supply and a
marked falling off in worlds shipments.
The fair early advance was something of
a surprise, inasmuch as the accumulations
from heavy receipts over Sunday were ex-
pected to bear the market. Outside mar
kets. however, started well up. and Sep
TENDER. somewhat sympathetically opened
a shade TO &c 10 14c higher at 7Oa7O1sc and
sold to 7J1zc. A selling movement, aug
mented by unloading by manipulators of
a sharp slump The fact that the seaboard
cleared 1,02S,000 bushels in wheat and flour
did not stay the downward slide. Esti-
mates for to-morrow's receipts and gen
orally heavy movement, especially in the
Southwest, were factors in the weakness.
Possibly much as anything, however, in
the down turn was the bearish influence of
the big wheat yield, which sooner or later
must press on the market. In general it
was bearish sentiment against bullish sta
tistics. September floundered at CSC and
closed weak, sc lower at 69Q691sc. Local
receipts were $50 cars, only three of con-
tract grade; Minneapolis and Duluth
ported 32S cars, a total OF 6lS, against 59o
last week and S4S year ago. Breadstulfs
passage increased 1.64S0O0 bushels.
Worlds shipments were 10000 bushels.
against n,344,OO year ago. Primary re-
ceipts were 1,4S3,000 bushels. against l,44,OOO
bushels last year. The seaboard reported
twelve loads taken for export
Corn held to its strength better than the
other grains. After the early squirt trade
lapsed into a slow. narrow market. The
course of the market was partly Influenced
by the cold, rainy weather and by the ac-
ton in wheat. Iowa had floods /bf rain.
Local operators were scalpers on the bull
side, buying September briskly for the first
hour Offerings were light early, receipts
were small at forty-three cars, cables were
firm and hot winds were reported in Kan
sas. These factors started September un-
changed TO lsc up. at 5llsc 10 5lAc. but
soon took ii TO 52Ac. Then came liberal
selling by the early supporters and predic-
lions of better weather. The cash demand
was small, although contract stuff was
scarce. On the selling and the dip in wheat
September fell back to 5l1se. slight rally
brought a barely firm close 2sc up, at Size.
Oats started strong on the bad weather in
Iowa and on general buying. There was no
unusual feature. however, and. although
cash demand continued good and offerings
were not excessive, prices fell back with
] the weakening of wheat and corn. The
! close showed fractional advances. Septem-
! Der sold from 329sc to 32s4c down to a steady
! close, a shade up. at 31sG32c. Receipts
! were liberal at PSI cars, twenty-three of
contract grade.
! Provisions were rather dull but showed
! fair strength The hog market was steady,
and, together with support by packers.
worked against a slight pressure from the
outside. There was a good rally after an
/ easy opening, but profit taking late in the
! day took off most of the gain. September
! pork closed 212c up, at $l5.95; lard sc higher,
/ at S10.35, and ribs 21ac higher, at 1886.
Estimated receipts for to-morrow-Wheat,
/ 465 cars: corn. IS; oats $780, hogs, IL. 900 head.
Leading futures ranged as follows: