The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-15
ERRATIC GRAIN MARKETS
EVIDENCES OF MANIPULATION MAKE
A RAGGED SESSION.
Wheat and Corn Close Lower and
Oats FractiOnaIly Up-Mixed
Changes in Hog

CHICAGO, Aug. dragged grain mar
kets, the result of renewed manipulation.
were the rule to-day. Traders thought
that with the end of the July deals and
with the excellent harvests in sight trade
would get back on a natural basis. But
the middle of August finds the floor in a
tumult again. One firm is supposed TO have
all the No. ? red wheat in sight and conse-
quently the wheat trade to-day was err
ratio. Four big houses are moving in the
December corn and some OF the same people
have out long lines of oats. The pew har-
vests to date have done nothing to relieve
the danger of manipulation. Bad weather
has worked against grading to such an
extent that contract stocks are low. All
these conditions had turns at the markets
to-day and the result was wide and incon-
Slstent fluctuations September wheat
closed 14USsc lower, December sc down;
September corn sc lower and oats AG3sc
lower.
Wheat opened weak because the bad
weather predicted yesterday for the North
western harvests did not nlaterialize. Ca
Dies also were Indifferent. though later
they dipped. With unbrOken fair weather
and the continued heavy movement of win
ter wheat the bears could see nothing but
lower prices. This started a heavy selling
movement, and in a short time over LOCO, 900
bushels Of September were thrown over
board. The crowd thought the leading
bull was r~eceding from his position. After
the preliminary breaks, influential buying,
evidently Tor manlpulatOrS, started a good
rally. Contract stocks were small and
grading was poor. The big bull, with near
" 100000 bu of September, was feared.
Talk was to the effect that an effort was
10 De made to control the cash market,
held TO the line and eventually take all the
september long stuff. Other traders said
this was only a scare and that this big line
was being reduced on the bulges. The over
sold crowd bought literally and sent prices
up sharply, only 10 resell when the manip-
uIators put on the pressure again. Sep
TENDER opened very irregular, 3S0kc 10
sale down at 69AG69hc, sold up TO 1880
tUS4c, saggcd TO zoe, rallied again 10 704lc,
ana closed weak, AQ2sc down, at $3.50. De-
less amenable to bull news, and closed
sc down at 66AQ667sc. Local receipts were
ZS cars, . of contract grade; Minneapolis
ana Duluth reported 100 cars, a total Of
AZ, against 33 a year ago and SIS two years
ago. Primary receipts were $4,000 blu,
against $4,000 last year. Seaboard clear
ances IN wheat and hour equaled 534. 900 bu.
Exporters held aloof from the market, ar
gulng that with December at SIC premium
over September purchases were irrational.
Corn broke early with wheat and on
good crop reports. One statistical journal
stated that the total harvest in the prin-
cipdl grains would total LOO, 5000 900 bushels
over last year: Corn was said to be in
promising condition, and as cables were
easy prices sagged. September started sc
down at SIC, dipped to 5l9c and then raj
lied on fair covering and the wheat re-
action to 52$sc. Other options held some
what steady on talk OF manipulation in
December. Commission houses were on
both sides of the market and fluctuations
were irregular. Receipts were small at
siXty-one cars. and reports were to the
effect that the country was almost bare
of corn. Late weakness in other pits start
ed selling again and September closed SIC
down at 515sc.
Oats again showed better strength than
anything on the floor. Heavy buying. sup
posedly for the old-time bulls. sent Septem-
Der up over 1c early. Liberal offerings
worked against the bullish influence of
good cash demand and poor grading. Late
corn weakness also caused some selling.
Trade was not large. September sold from
SOAc to 32lsd324c. and closed firm, AG3sc
up, at 3lSsc. Receipts were 34S cars.
Provisions were irregular under the in
tiuence of outside liquidation and a weaker
hog market. Lard was offered most freely,
but was absorbed fairly well. Very good
support was under pork and ribs. Septem-
Der pork closed sc OFF at $15. 95. lard ac down
at 5000 and ribs 12Rc up at s.. 6219.
Estimated receipts for tomorrow: Wheat,
800 cars; corn, 40; oats, go; hogs, 1905
head.