The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-07-18
The Grain Pits Influenced by Heavy Re
ceipts and Lower Cables

The Grain Pits Influenced by Heavy Re-
ceipts and Lower Cables.
CHICAGO. July 17.-Wheat opened dull
and lower. The news was generally un-
favorable for holders, offerings were free,
and about the only demand was from
shorts" who wanted To cover their sales
made at higher figures ana take their
profits. This they were enabled to do adj
vantsgeously. as their takings were on a
market whose tendency was downward.
The opening sales were at about 12c decline
from last night. and finally lost about as
much more. but reacted later. The situa-
ton both at home and abroad seemed
Enthusiastically bearish. Liverpool cables
quoted decline of Id on spot
wheat and LII on futures, while private adj
vices from Paris reported q decline of ~
franc in that market, with weather brilliant
and crop prospects improving. The wealth
or In this country was favorable for har-
vesting. and the receipts at the winter
wheat markets were large. Toledo getting
$50 cars of new wheat. st. Louis 17S,OOO
bushels and Chicago 700 cars over one
hundred cars IN excess of estimates. About
the only comfort the bulls" got was the
report that Portugal lad reduced it's tariff
on wheat oDe-half. After buying to cover
early. Partridge and his following proceed
ed to put out fresh lines of
shorts" on every sign of q reaction.
Moore sold out big line of long
wheat taken on yesterday. A reported
failure IN the grain trade In London, re-
ports of big yields from the threshing and
weakness in nearly all markets at home
and abroad were depressing factors. De-
cember opened at Ssh a S6l2c. huctuated
downward TO soc. rallied To S6osc. and
weakened TO s6l2c. Later the market was
strengthened some by the liberal export
purchases at New York and the sharp ad
L.
sold at s6s4c. Later cables. however
showed weak and declining markets at Par
is.Liyerpool and London. he aforementioned
showing a break of Is IL l2d. equal TO over
Sc per bushel. December weakened on
TINS 10 eoSsc. at which 1t closed.
Corn showed much strength early on
smaller receipts than were expected, firmer
prices In Metz York. an active demand for
eash and the light offerings, and was also
helped oy the advance in provisions.
shorts showed a good deal of alarm and
covered freely. September sold around the
opening at 52SiG53l4c. and went up quick
~ 10 5s'sc- AZ this point the selling be-
came free and there was a drop to 5234c, but
this was followed by a reaction TO $3.50.
from which it broke again with the late
weakness IN wheat and closed at 523,c.
Oats were weak and one time rather
panIcky. especially for August, due chiefly
TO n rumor OF large receipts of new oats to-
morrow. July was steady at Si4G34l9c.
August opened at 2Sloc. but soon became
siumpy on Tree selilng ana Tell To &c, but
reacted 20 2lzc. September sold from 21loo
TO 26l2c. but recovered to "a 1ac.
Provisions started in excited and higher
especially pork. Receipts of hogs fell be-
low estimates. and prices at the stock y ards
were higher Then II was reported that
France was abont 10 reduce the duty and
shorts got excited and began TO cover.
Ream and Partridge were said to be buy
ing heavily. and the whole crowd seemed
TO DO bullishly inclined, This feeling was
assisted by a bullish article in the Cincin-
natl Price Current, which. taking the
stocks IN hand and the probable pc Ling,
estimated that the entire product would be
taken for consumption. September pork
which closed at Sl0.97l2 yesterday, opened
at sl105. advanced irregularly TO sl1.50.
broke to sll.25. advanced again to s.I.35.
then. the shorts" having covered, weak