The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-07-11

Wheat Was Weaker and Corn Lost Much of
Its Recent FIrmness.


CHICAGO, July 10.-"Bearn sentiment
was in control of the wheat pit at the OPEN
ing this morning. but il was not aggressive.
and contented itself with making q dull
and easy market. This was to be expected.
because there was nothing in the news TO
unsettle traders in the attitude of expect
ancy with which they were awaiting the
appearance of the monthly government
crop report The weather continued favor
able Cor the gathering of the harvest. Ca
bles. while quoted firm at Liverpool. showed
no advance elsewhere. The receipts of new
wheat were heavy. being l4s ont of q total
of 162 cars. and l2 cars of the new graded
contract. The increase of new wheat was
also heavy and increasing at all
w~intsr-wheat points. In the absence
Of any stimulating news 10 was natural
that the tendency OF prices should be
downward. Longs and shorts offered
freely for . time. but when the low figure
Of the day was reached the shorts" who
had sold with considerable freedom around
the top yesterday, saw an opportunity to
acalp good profits. and began to cover. led
by Pardridge u Cudahy. who took in
i0pg lines At about the same time New
York buying orders began TO come In
through Milmine-Bodman, Logan q Co.
III -. W. "uitc. his DuYlnk, with Iat6
private cables quoting q better tone. liberal
r~learances at New York, the taking of
twenty-eight boat-loads there for export
and the reported loading of 200. 0c0 bushels
here had q strengthening effect. and caused
y recover TO near the closing price yester-
day. This proved only temporary. how
ever; fears of the government statistician
took possession of raders; the market grew
dull. and again sagged off to the bottom
tigure. but rallied a shade before the close.
laoap ahQ~ ~ hAas nnanaI - GC6-~ -
SIC at the close yesterday. sold OIL TO SSssc.
rallied to SS1sc. dropped again TO SS3sc. and
closed at SSl2c.
Corn opened weak and lower, chiefly be-
cause of the continued favorable weather
Tor the growing crop and because the re-
ceipts were about ninety cars above the
estimates. There were free offerings at
the outset with only a limited demand,
but business was not pressed and there
was only n small recession from the open
ing figures. This was succeeded by a better
feeling later. when wheat began TO adj
vance. shorts in corn began To cover
&C about the same time 10 reallZe profits,
and an improvement IN values took place.
An active demand and better prices for
cash corn also had a tendency to advance
futures Another element was the free
movement of that cereal. Chicago alone
shipping $4,000 bushels, with the Rggre-
gate for all points of 81. 900. while the To-
eelpts were only $4,000 bushels. Septem-
Der opened at 51is65ll2c, touched sic for a
moment, hung within the opening range
for . time. went To 51s4c, reeeded and
closed at 81 3sc.
Oats were dull and easy. with frequent
fluctuations; September was confined TO
25492ol2c.
Provisions were generally strong on small
receipts of hogs and better prices at the
Yards Pafkers were good buyers. Sep
tember pork opened unchanged at $40 Pill.
sold to $3.50, and closed at $l0.57l2, making
met gain Of 2oc Lard advanced .l5G and