The Indianapolis journal., 1888-07-25

higher bat ouies. closing strong: Western steam.
spot. s5c, closing at $500; July. 16c; August.
s12a675c; September, 8.73a87 7Sc; October.
g a73 0655; city steam. 8 Zoe.
Butter dull; Western, l2a20c. Cheese dull
and easier; Ohio fat. 7Ss.c.
CHICAGO. July 24.-Ths prime cause Of the
weakness in wheat that developed here to-day
was the practical abandonment OF the idea,
which has been generally entertained by many
of the trade. that there was going to De squeeze
IN July. During the last few minutes or the
trading session yesterday the July premium
narrowed lc, and later. on the curb. July got
down TO the level of August, or nearly So 1t be-
ing offered at 79ec The opening quotation this
morning was sole. OF lie above August Trad
ing in July Was not large, and throughout he
morning The difference ranged from lc to lsc.
The opinion gained ground, however, that fears
OF deal or squeeze IN July might safely be
abandoned This caused great lot OF miscei-
lausous wheat, bought in anticipation that
the alleged July deal would be carried over
into August, to be sold out Tne effect OF
this procedure weaken the nearby
futures sdisproportionately. The greatest press
ure Was at this end Of the market IL wes not
until after IL o'clock that the market got es-
pecially downcast. but about half On hour be-
fore the close the props gave way and further
break Of 4c occurred July went to soc. August
20 1870 and December to Sic. Measured by the
elosings of the Two days, August shows q depre-
citation of l4c and Deesmber of 4c. Last prices
we're at the inside. The volume OF business was
large during the last hour and light previously.
Corn was weak and lower, further shrinxage
In values. amounting TO ! o &c, occurring. As in
wheat the closing quotations were practically at
the bottom. Al 45s q 45ac for August and 45s O
454c. o large firm came in with large buying or
ders This turned the market and il rallied Sc,
holding steady for an hour or two
At the improvement with mod
crate business. The first half of
the session witnessed the covering OF large lines
gone lower. Brilliant crop prospects and good
receipts have created q widespread bearish senti-
ment, against which the bulls find IL Impossible
to make headwsy. Oats exhibited further
weakness to-day, with decline in July OF fully
l4c, and In most other futures Of 63c. The
speculative demand for new crop deliveries was
pretty well distributed all along the lines. There
were some outside selling ORDERS and to the
further decrease in the demand from July
shorts" and moderate estimated receipts for
tomorrow was largely attributed the
weakness. In provisions the movement
TO be marx etsd In comparatively small mum.
bers. and with no dimnution 10 the d!stribu-
tive trade the kst 10 steadily gaining friends
and support For the past twenty-four hours
the shipments made from this point amounted
70 1888. 842 pounds Of meat 402. OIL pounds of
lard. aud l,257 barrels of pork. In to-day's
market. speculation was quite active. Short
ribs led in interest. though lard and pork re-
esived considerable attention. A heavy local
speculator was the largest individual seller,
while the buying was general Higher prices
were the rule. The advance actually established
short ribs .l0c. the leading futures ranged as