The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-30

FEAR OF FROST DAMAGE
DOMINANT INFLUENCE IN THE GRAIN
PITS AT CHICAGO.
All Cereals Close Mt Good Advances
Lard Closes Down, but Pork and
Ribs show substantial Gains.

CHICAGO, Aug. 9.-Frost scared the
grain shorts to-day. and as a result there
were fair advances all along the line. As
a matter of fact, there were no frosts in
the country, but the Northwest was report
ing such cool weather that spectators
feared possible damage. Another bull fac
tor was the likelihood that September OPP
tons were oversold, especially in oats. At
the close Of rather dull trading September
wheat was sake higher, corn sc up and
oats sc advanced. Provisions closed loo
down TO 271zc UP.
Wheat ruled strong after a momentary
e~asiness at the opening. Gables were weak
on brilliant weather, and Minneapolis re-
ported a decline of 1c in spot. Grading Of
new wheat receipts at that point also was
said to be splendid. Offerings were very
light, however, and the fears of freezing
weather brought a sharp upturn. Calgary
reported the temperature at 80. The local
crowd showed no disposition TO sell. save
late in the day for profits. Commission
houses bought fairly. The market appeared
oversold from the effects of the bear move
ment during the last few days Of fair
weather. Corn strength had a stimulating
effect. September started 1sdAc down to a
shade up at 69Ac to zoe, and advanced to
7Oasc. Late there was an easing of or profit
taking to 7O1sc. The close was firm. aqhc
up. at 7Ossc. Trading was not heavy. Lo-
cal receipts were 26l cars, none Of contract
grade; Minneapolis and Duluth reported
900 cars, a total Of 617, against 51 last week
and 1%5 a year ago. Primary receipts We're
1890 Blu, compared with 1,12S,00 last year.
Seaboard clearances in wheat and flour
equaled 527, coo bu. The seaboard reported
eight loads taken for export.
Corn felt the effects of the imaginary
frosts even more than wheat. although
the market was irregular. AT the start a
fairly heavy selling movement developed
Lower cables, favorable crop reports and
improving receipts were the causes. Then
came fears that the cold weather would
swoop down on the green corn fields.
body wanted to cover and prices jumped
quickly TO 51Ssc. After that trade hung
somewhat idle and fluctuations were mar
row. The close was strong, sc up, at 57Asc.
Receipts were 49 cars, six of contract grade.
oats shorts were scared badly at the
opening. Under the rule of the board it
takes white oats of certain weight TO fill
new style contracts. Chicago has prac-
tically nothing of that grade. Oats were re-
ported badly damaged by rains in Illinois
and Iowa, and this, together with the cold
weather talk, sent the shorts ~scrambling
Tor cover until September jumped from
S3Ac to 345sc. Other months also were
strong. Toward the close there was a fair
realizing selling movement and prices
eased off a trihe. September closed strong,
however, Ac up. at 34Bc. Receipts were
liberal at 354 cars, but the grading was
miserable at 16 cars contract.
Provisions We're manipulated for an up
turn, but with only a measure of success
TO the packers. Hogs and corn started out
weak and the former slumped badly. To
counterfeit this influence brokers bought
freely and the whole list had good adj
vances. Late there was a drive in lard
and prices fell off somewhat to an irregular
close. September pork closed 10c up at
SiLeo, lard 1Oc lower at 5000 and ribs 271zc
higher at $10.25.
Estimated receipts for tomorrow: Wheat,
24O cars; corn, 60 cars; oats, $50 cars; hogs
5000 head.