The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-05
ALL PRODUCTS DECLINE
EARLY STRENGTH IN THE CEREALS
Is SPEEDILY OVERCOME.
The Result Is Losses Ranging from
I-2c to 7-Sc-Hog Products Also
Close at Small Losses.

CHICAGO. Aug. 4.-Manipulation and
fears of September shorts in all grains in
huenced an early firmness in grain to-day
out of all proportion to the natural trend
that follows such a prolific season. Sup
port, however. that was necessary to the
schemes of the bulls was withdrawn and
prices tumbled sharply. AS a result Sep
TENDER wheat closed %d7sc down. corn 11c
lower and oats 3s@&4c lower. Provisions
closed 10d15c lower
Fine weather and excellent crop prospects
were almost entirely ignored at the open
ing of the wheat pit in the anxiety of shorts
to cover. Gossip had another deal afoet,
this time in September. Ii was admitted
there were heavy long lines out, and natur-
ally that meant a big short interest Sta
tistics generally were a little bullsh. al
though local receipts were very liberal.
After a trifiing dip early there was very
good buying by a prominent professional
house. September opened &c TO a shade
down, at 7OasG7e11c to 7O7sc and quickly
advanced to Il. Much of the covering was
for foreign houses, influenced by the small
worlds shipments and the decrease in
breadstuffs on passage. At top figures there
was heavy unloading, supposed to be for
the interests that supported early, and as
a result September slumped to 6924q697sc
and closed weak and Aq7sc lower, at $3.50.
The cash demand was reported good, the
local situation was somewhat improved and
grading was very low. Local receipts were
363 cars. eight of contract grade; Mime
apolis and Duluth reported 20 cars, total
of 573, against 647 last week and 534 year
ago. Primary receipts were 1,396,0c0 BUSH
clearances in wheat and flour eQualed So
600 bushels Worlds shipments were $780,
coo bushels, against S,SY7,O0O. On passage
breadstuffS decreased 1904, 900 bushels
There good early strength in corn, in
duced by very small receipts, but ii did not
hold. AS in wheat. there was talk of
the market needed 10 slump sharply was
heavy selling by the bulls supposed to be
under the deal. The local buying early.
although light, was good enough to push
prices up 1c AT the top prices the bulls
let go about 1000, 900 bushels From that
time there support offerings de-
pressed the price and the close was near
the bottom. September opened AQ9sc to
5sGs4c up at 5S1sd5S12c, sold to 5SSsQ5S&4c,
dropped to 57ls@57h and closed weak and
14c down, at 57Aq57$sc. Receipts were only
fortyflve cars.
oats felt the bullish influence of the corn
advance and light receipts and early made
good advances. Trade was light. but cover
ing was fair. When corn broke oats fol-
lowed and the slump that resulted was aug
mented by favorable weather and good crop
advices. September sold from S3c to 1850,
dipped to S2lAc and closed weak and 3sQAc
down at the last figure. Receipts were l2S
cars.
Provisions were quiet and of a waiting
nature. Hogs were fairly steady and
checked a break that followed renewed out
side liquidation of light character. Sep
TENDER pork closed 1212c lower, at $16.7212;
lard 1Oc down, at sl0S21k, and ribs 15c down,
at 5000.
ESTIMATED receipts to-morrow-Wheat 520
cars; corn, so; oats, 800; hogs, 10000 head
Leading futures ranged follows: