The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-31
NO BOTTOM YET TO WHEAT
Chicago Cash Article Sold as Low as
564c While September Was at Colo.
The Liquidating Spirit Was Rampant from
the Minute the Board Opened and Con.
tinued Almos. Unabsted All Day.
TRADING AT CHICAGO.
Corn Firmer Than Wheat, with Nothin
Me- in Provtaians

Corn Firmer Than Wheat, with Nothing
New in Provisions
CHICAGO, July 29.-The liquidation of
wheat, which has been so much of fea-
ture during the last few days. was contin-
ued this morning. Prices to-day again
beat ell records for cheapness. Ssptemb Der
selling off at ono time 234c from the
Close last night. and December went
2lac lower. Everybody seemed to have
wheat for SALE As the decline went on.
margins became exhausted. and many
trades were closed on that account. Cash
sold rs low as 56Ao. September
6O4c, aud December 677sc. Near the
close. however. shorts began to cover
freely and large export purchases were re-
ported which caused q rally of lac from
the low point. All the conditions outside
of monetary matters were favorable. with
big exports for the week. 365. 900 bushels
tho big export purchases here and at
New York. Some of the trust securities on
the New York Stock Exchange started
panIcky. and that gave the wheat market
it's direction at the opening. The start in
the pit was wild, q few purchasing
orders were filed at the start at
pit. while in another group of traders
it was being wildly offered down Il at q
time, from $50 TO 614c. before buying be-
came at all general The price dropped 19sc
in u few seconds, with little fuss or ex-
clteinent attending he collapse in prices.
Holders had evidently made up their minds
10 get out OF their Ions lines OF wheat and
were consequently prepared for the inevi-
table sacrifice. There was some buying on
the first decline. which caused reaction
IN r.
ders caught at such chance, and
the prico again went down be.
fore every fresh offer to sell. Not until
the price was groveling around 60l9c and
even GOA for o fraction OF a second, was
any permanent recovery possible. Sep
TENDER reacted and closed at 61 &c; Decem-
Der started at 70l2c; dropped Co b71sc. and
closed firm ut &c. At the bottom OF the
days range there WAS no trading In July,
but il was pominally &c discount at 56Ao.
1t closed at $50. The buOyanoy towards
the end was due to an active export demand
both here and at Now York. At the latter
city forty-eight bOatloads were worked
and here PCS. O0O bushels of No. 2spring
was engaged tor direct shipment to Liver
pool. The high prlce of New York EX-
change prevented further engagements
here OF the local receipts OF l46 cars.
eighty seven were new wheat Export
clesrances from both coasts for the week
were 4. 363. 900 bushels. compared with 5,O77.-
QUO bushels the week before. Minneapolis
and Duluth receipts were I'll cars. COM
pared with 225 on the corresponding week
last year.
The corn market was remarkably firm
cOnsiderng the weakness in wheat. At
the close to-day there IL IS o decline. Busi-
ness WAS moderately active and there was
good inquiry for export both here and at
New ork. Local receipts were AIT cars.
September started at $3.50. dropped TO
373sc. and reacted to 3Sisc. at which IL
closed.
Trading In oats was light and scattered.
The market tell on slightly IN sympathy
with wheat and corn. and the rather heavy
receipts also gave the market some weak
Dess. 1t frmed ND again toward the close
and ended at the top price c. the day.
Shorts were buying rather freely early.
September opened 233s C. sold down to 23ssc
and NJ again TO 23ssc. May opened at
2SA O. sold I'D TO 9SSsc and down TO ESQ.
closing et 25Isc. Local receipts. 205 oars.
The provision market repeated yester-
days performance. The clique held Sep
tember lard at 8. zoo and packers sold some
RIBS. Ribs were weak and closed .05c lower.
Hog receipts were light numbering 5000.
but the market was quoted easy.
Estimated receipts for Monday are:
Wheat. 165 cars; corn, $40 oars; oats. 203
cars; hogs, 20000. A moderate demand for
freights prevailed, with a fair supply of
boats on the market. Rates were reported
steady on the basis of 1I014c for corn and
la Dl1ac Tor wheat to Buffalo. Outside fig
ures for small lots Leading futures ran ged
as follows: