The Indianapolis journal., 1893-07-03
WHEAT SHOT UP NEARLY &C
Chicago Market Displayed BnoyaDcy
10 Which IL Had Long Been Stranger.
No Disaster on July Deliveries, Taken with
Large Export Clearances and the Special
Congress Called, Relieved Grain.
TRADING AT CHICAGO.

Corn and Oats Made Advances, but Pro-
Visions Weakened and Declined.
CHICAGO. July Wheat shot upward
to-day nearly 3c Q bushel. Monthly deliv-
cries accomplished without disaster. export
clearances of two million bushels within
three days. backed up By the calling to-
gether of Congress. seemed to restore con-
fdence and give the market Duoyancy 10
which il had beer stranger for week.
The great July delivery to-day. notwith.
standing widespread apprehension. passed
serenely. The greatest anxiety was direct
ed towards wheat. and. although seven
million bushels or more of the sixteen
million bushels of contract wheat was sent
around, no one was seen running away
from IL; in fact the bulk of il landed back
into the same strong hands which sent it
forth. This lifted load from the spirits
of the speculators.
There was also prospective vision of
the great weight of the silver problem be-
ing lifted from the shoulders os long
suffering business community which had u
far more stimulating effect. The calling OF
an extra session of Congress to consider
the financial situation seemed like soak
ing rain on u parched country. IL had an
immed tate revivIfyinR effect. Wheat felt
1t at 0uco and opened 1c higher for July
and at lac advance for September. That
was only the beginning of y more decided
rise, and as the market was coming to
close the ad vance reached Csc for July and
1l2c for September. compared with Fridays
closing figures. The latest trading
was strong as at the opening of the day.
The weeks clearances from both coasts OF
wheat and flour were the largest of the
crop year. They amounted TO 3.97l.00O
bushels, compared with 3.216000 bushels
n year ago. The exports from the At
laDtic sesbOard reported to-day amount
ed to about 100000 bushels. Cables show
some appreciation of the advance here.
and the reports concerning the spring
wheat prospects were very dlscOuraging.
Those were the main features OF the days
news on the bull side. The per contra
items were some failures reported and
stoppage of the Joliet steel works and also
the absence OF buying orders for wheat at
working limits.
There are some peculiar features in the
deliveries. In many cases deliveries were
made by large houses so as to effect settle
ments on contracts and then the wheat
Was taken back far carrying profits. The
Cudahys. through EgglestOn, delivered out
iDg.around. Armour took perhaps two
thirds. A queer freak in the trade was
Pardridge taking SOC. 600 bushels as car
rier.
Corn vas mOderaneley active. Deliveries
on July contract were not as. large as had
been looked for, and at the opening there
was q good many buying orders for July at
the spread between July and September.
there being 3l4o difference at the start
and later narrowed to 29sc. The ac-
tiop of wheat also helped the
price. Opening trades were at 40 l2c
advance and under good demand July ad-
vanced IS a u cav bile September sold MP but
"a 0asc. reacting later Is O4c. ruled firmer,
and at the CLOSE July had gained 140lasc
and September as <O l2c.
In oats there was q fair trade and q
stronger feeling. prices advancing $50 for
July and l4c for September, and closed
steady. with net gain of y C on July and
lac on september.
Provisions felt the effect of heavy deliv-
cries In July contracts and big b og recel pts.
Trade was light. 1t was almost impossible
for some time alter the opening to dispose
of any thing for July. There were no buy
ers for this month. Toward the close
Cudahy came to the rescue by buying a
little July stuff. There was only one trade
in porK thatwas at its previous price. $40. 10
for September Lard closed at q loss of .15c
and ribs zoe.
Freights were slow at 1c for wheat and
corn TO Buffalo, and pa for corn to Kings
ton. Estimated receipts for Monday are:
Wheat. 110 cars; corn, 200 cars: oats. "a cars;
hogs. %. 600. The leading futures ranged
as follows: