The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-21
SUDDEN TURN TO THE GOOD
Heays Cash Purchases of Wheat Fol-
lowed Accumulated Bullish Reports.
Crop Of Corn and Oats Reported First-Class.
Causing Activity Before the Close and
Rush of Scalpers to Sell Gut
TRADING AT CHICAGO.


Those Who Figured that Provisions Would
Decline Found IL Hard to Buy.
CHICAGO. July 2o.-Wheat was con-
vslescent to-day. The upturn was due to
comparatively steady cables, confirmation
of good ex poIt trade actions. higher quota
tons for stocks. less selling pressure. un-
favorable crop reports. covering of shorts
and brisk Investment demand. Corn and
oats sold down sharply on great crop pros.
poets. Compared with yesterdays close
wheat is up &e. while corn is of 3ic and
oats 1c. Provisions were In good demand
from shorts. Lard shows gain for Sep
TENDER of .27lao and for October of .224c
Ribs for September improved .11ao and
pork l5c.
Wheat developed decidedly better tone
OF the outset There was no fresh calsm-
Ity news. and. on the contrary, tue situa-
ton was thought TO have materially i'm
proved. Stocks were better In both New
York and London. which was taken as con.
elusive evidence of more confidence in
financial circles. The cash purchases yes
terday aggregated over ]. 600. 900 bushels at
various points which reported. Wet
weather in England. where the harvest is
The selling was light. ami indicated, APP
parently. that the weak holders had prett y
generally unlOaded and that liquidation
was about over. The Cincinnati Price
Current reported that spring wheat had
suffered some deterioration during the last
week. and this helped TO create firmness.
Cudahy's brokers were good buyers almost
from the start. Then. too. q st. Louis jonr-
nal figured ont the worlds wheat crop to
be leo, 0O0. 600 bushels short of last years.
u al
again to-day. and Minneapolis reported
SOC, 900 bushels sold-some say mostly TO
mIllers, others say for shipment. The mar
ket at the opening was about 3 03ic higher
than yesterday; declined NO 40. then rail-
lied anu advanced sole. ruled a little IT.
regular. and the closing was steady at g lD
$50 from the top.
The corn market was moderately firm.
but inactive, until after the estimates for
tO-morrow's receipts bad been given out at
$50 cars. when it weakened. The reports
from the country were for the most part OF
| the nfoAt favorable kind concerning the
| progress of she crop. Receipts were sos
| cars, OF which 249 were contract. The mar
| ket became heavier as the session advan ced
| and final quotations were the lowest of the
| day. The lower prices brought no increase
| of business. The pit at no time of the day
presented an animated appearance, and
| scalping among the looal speculators con-
| stltuted tifteen-sixte tbs of the days
| transactions.
Oats wore weaker. in sympathy with
| corn. although the Price Current said that
| crop prospects had been impaired by rust
in tho West. Almost every body seemed IN.
| clncd to sell and buying orders were
scarce.
| The provision market was active and
| strong in the article of lard. and dull but
| firm for the other articles on the list. The
receipts of hogs were disappointment tC
| the bears numbering only 1S. zoo compared
| with 25.0 600 estimated. Yesterdays short
| sellers who argued that because the mar.
| ket on that day appeared to need bolster.
| ing that il was therefore in q weak condi.
ton. were surprised to find how little they
| could buy to-day without bidding the
| price mp on themselves. Closing figures
| were 10000 under best prices
| A good demand for vessel room existed
| The offerings were light, and rates firm al
| Ia for wheat and 1lRc for corn to Buffalo
| Estimated receipts for tomorrow are
| Wheat. 81 cars: corn. $50 cars; oats. 205
| cars; hogs, 1900. The leading futures
ranged as follows:
l fB,,fSon Ohm ;s,o f/Tfo N