The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-14
ACTIVE TRADE in GRAINS
PRICES SEE-SAw RAPIDLY. But
CLOSE AT SUBSTANTIAL GAINS.
Wheat Strength the Dominant Indu-
sions Close Weak and Lower.

CHICAGO. Aug. 13.-Grain markets see
sawed to-day, starting firm, slumping and
then r~eacting to strong closing figures.
Trade was active and changes in the spec
ulative feeling were radical. Less conf
dence by the bears in the spring wheat
harvests was the principal bull argument.
At the close September wheat was 11sG114
up, corn sc higher and oats 1c higher.
Provisions were an exception to the gem
eral trend, and, turning sick, closed 5qSOc
lower.
Wheat was unsettled. Strong Liverpool
cables on the bad weather abroad gave
a bullish incentive TO the early trade.
Winter wheat receipts, however, proved
heavy and much of the short wheat covered
yesterday was for sale again. Selling in
good volume began and prices slipped off
rapidly until almost 1c was lost. Then
came reports of disappointing yields in the
spring wheat country. The weather North
west was too rainy. Buying set in for the
foreign account. Minneapolis expected
stocks there to decrease 10000 blu, and there
was a decrease in worlds stocks. The sea-
board reported fifty loads taken for ex-
port. Shorts at once covered aggressively
and prices jumped &c from the low prices
of the day. September opened Aq1sc up
at 69h Q691sc, slumped to 6S1sq6S4c and re-
acted to a strong close, 1sQ114c up. at
70lsQ704c. Local receipts were POI cars.
ten of contract grade. Minneapolis and
Duluth reported 105 cars, a total of 3y6,
against 4y last week and 395 a year ago.
Primary receipts were 1905, 900 bu, against
1,176,O0 last year. Seaboard clearances IN
wheat and flour equaled 225,00 bu.
Prices in corn started strong on a fair
cash demand and the filling of buying or
ders by commission houses. Then began
selling in sympathy with the wheat break.
The weekly crop report was bearish and
many timid holders let go. Shipments 10
this point were only twenty-four cars, yet
prices sagged off until September sold from
52ssc to 5lSsc. Then came fresh buying by
influential houses, started principally by
the wheat rally, and prices reacted well.
September closed firm. 1c up, at $3.50.
Oats showed more consistent strength
than anything on the floor. Bears in this
pit are figuring a so, 900, 600 bu yield this
year and declare prices cannot hold, but
at the same time the bulls give the market
much support that prices must advance.
1t is impossible TO get contract oats piled
up here. The cash situation to-day was
strOSg. September buying was excellent and
the late strength in wheat and corn helped
prices. Trade was largely scattered. Sep
TENDER sold as low as 30c. but closed strong,
1c up, at 3lQ3l1sc. Receipts were 1S9 cars.
Provisions opened steady on a show of
frmness in hogs, but at once turned heavy.
Although hogs declined later offerings were
moderate and the poor demand took prices
down quickly. Liquidation went on all day.
Late there was a rally on the grain
strength. but the close was weak. Sep
tember pork closed SOC lower at SIS: lard
sc of at $3.50 and ribs Soc lower at $3.50.
m receipts for tomorrow: Wheat,
295 cars; corn, 80; oats, $50; hogs. 5000
head. Leading futures ranged as follows: