The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-07-17

Futures Reach % Low a. S4st Gents, After
ward Recovering.

:, CHICAGO. July 16.-Wheat opened with
almost avery condition in favor of the
bears" good weather, iiberafreceipts and
weak cables all led to disbursement on
the part of holders. and there was q strong
selling pressure for an hour or so after the
opening. which carried the prices of. 7sc
FRI IN last nights close. and it looked for
time as if still lower prices were newt
s0le. but this was prevented by purchases
TO protect puts The weakest feature, per-
bsps. was. the free liquidation of July
wheat. which has been held in anticipa-
ton of squeeze in that month. With
this hope gone il was flung on the
market recklessly. and fell from set0s6Dsc,
early, TO S4s4c. and carried December
down with il from s6lsc early to s5a.c.
After the July longs" had liquidated and
quick recovery and July sold back to s. i2c,
and December 10 o6s4c. Cables were some
what conflicting. Councilman and Day
had dispatch saying that Paris opened
easier. bnt came strong and recovered all
the decline. On the other hand Hately
Brothers cable quoted Paris. London and
Antwerp demOralized. Partridge Cudaby
and number of other big shorts" took
advantage of the break TO cover big line
of short" wheat. This buying be-
came so sharp that the scalpers who
had sold short 60 freely became alarmed
and began To buy in. The advice In
corn about the same time helped to give
strength TO wheat. The market continued
strong after the noon hOur. notwlthstand-
ing unfsvorable cables. The Board of
Trades dispatch quoted Paris and Berlin
rs both lower but this was lost sight of In
view OF the sharp up-turrn in corn and the
advance IN pork. Shorts" covered freely.
and December sold up TO s67sc. and at
o'clock was abOut Sj3.c. Partridge began
To put out ''shOrt" line and the advance
was checked. but another rally carried the
price to SIC, and the close was lsc under
that.
Corn started at about yesterdays close,
grew weak ana sold off some but the de-
mand soon increased. and New York being
strengthened. and there was a rapid ad-
vance. The receipts were about SEVENTH
ears below the estimates. and the estimate
for Tomorrow was only for 49B ears These
figures were factors IN the strength. which
continued. There was also a sharp demand
for cash. No.. selling up to 6Oc aud No 2
yellow to Ole. The ''snOrtsV got scared and
helped along the bulge by covering their
sales September opened at 81 7sc, sold OFT
to 5ll2e. then rallied To 52s4c. and closed
at 523Sc.
Oats were rather quiet, weak er and prices
ranged lower and closed with net loss of
19c on July, lsc on August and steady on
September. There were no special features
developed few orders being on the market
Provisions opened higher on smaller re-
ceipts of hogs than expected and an adj
vance OF Zoe in prices at the yards. A
strong feeling was developed. especially in
pork and ribs. The story that France was
about TO remove the embargo ON hog prod
ucts started It. and with every advance
shorts" came IN To cover. Ream and Pard-
ridge bought freely and there was a steady
advance IN September pork to sll.l0. This
was followed by recession To SO SLY. but
ths close was At sl0g7l2 against sl0.52i2 at