The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-22
CAN'T STAND BAD REPORTS
Milwaukee Bank Failure Acted as a
Wet Blanket on Chicago Markets.
Early Advances in Wheat We're Wiped Out iu
Short Order Near the Close. Spelling What
Had Been Good Day for Bulls.
TRADING AT CHICAGO.

Provisions Were Pyrotechnical. Pork Ad.
vancing SLIGO and Dropping 75c.
CHICAGO. July 21.-A bad slump at the
close nearly spoiled to-day's record for the
bulls in the grain market The Milwaukee
bank failure is largely the cause. Compared
with last night WI heat il down Sc and corn
So There was a display of msnlpulative
fireworks in pork and lard, but actual
transactions we're not large. After an adj
vance of sl.6O in September pork it ended
with net gain OF Soc. Lard. after an ad.
vance of 371ac, wound M with the modest
gain of .07l9c in September October lard 1t
the close shows no change since yesterday.
Ribs are .l0c higher. Wheat showed con-
siderable strength during most of tho ses-
sion, the result of better feeling in New
York and London. Cables reported steady
markets abroad. while 9 good cash demand
was reported from many points, Toledo
alone reporting $4,000 bushels taken for
shipment Hot temperatures were noted
all over the Northwest and there was
considerable apprehension felt that the
crop might be materially injured by
reason of it. Shorts were good buyers
and there was fair investment demand.
q
market news came of the failure of the
Commercial Bank of Milwaukee. The
market got very nervous. and turned weak
during the last hour In response to a drop
in stocks. There was lee liquidation. The
sharp decline in corn also helped TO weaken
wheat. The final figures were about the
lowest of the day.
Corn received more than usual attention.
The principal feature was the relatively
firmer tone to the near deliveries. cash sell
m m mn mn IN g. 90 reTp l,pr
This would indicate that there was bet
ter shipping demand for the cash article.
and had STRENGTHENING effect on the more
deferred futures. but the closing out OF q
large long line increased the bearish seDti-
ment and the market became weak.
Prices went off rapidly during the
last hour. Crop reports came In very
favorable. heavy loadings of corn were re-
ported in the country. and ali the early
strength was rapidly eliminated. Early
buyers tried TO sell, and longs let 90 with
q unsnimity that was remarkable. The
market opened at yesterdays final figures.
and soon sold up SIC. August being the
strongest Later the price worked down
SO for September became steadier, and at
the close August was unchanged, while
September was 4 0aso easier.
In oats the offerings of July were quite
heavy early and the prices dropped 34c
from the opening figure. September was
steady to a shade frmer. owing TO better
inquiry. and also fewer sellers. The feeling
toward the close was steadler. and July
rallied lac. but closed with q loss of lac.
August aud September closed at lsl1Ac
advance, but Nav at lsc decline.
There were 16. 900 hogs at the yards in
stead OF 20, COO. as had been expected. That
gave the manipulatOrs q chance to scare
the crowd. One or two buying orders for
pork pnt $3.50 on the price of that article.
Then there was no further trade until the
price was back TO $40. September lard nd-
vsDced rapidly until it touched l0.31hc
1t then began to run down hill aud stopped
only when il was back at loo. the same
price IL had closed at yesterday. Ribs were
quiet and governed by lard.
Lake rates were firm with fair demand
and light offerings at lao for wheat and
1lhc for corn TO Buffalo. Estimated re-
ceipts for tomorrow are: Wheat. 100 cars
corn. SIS cars: oats. 900 cars; hogs. 5000.
The leading futures ranoed as follows: