The herald., 1897-07-27
CHICAGO MARKET
Yesterdays Transactions on the Board
of Trade

CHICAGO, July 26.--The opening of the
Liverpool wheat market at an advance OF
I'd per Genital, or the equivalent OF nearly
21bc per bushel, started this market at a
strong gait, with an initial jump OF lie over
Saturdays closing price. The strength at
Liverpool was emphasized by similar
condition of the wheat market at Paris,
which quoted rise equivalent to &c per
bushel. A cablegram from London said
the French crop was proving very de-
ficient and BeerbohIn's cabled that the
European crop this year was now estl-
mated to be 244 900, 900 bushels smaller than
those Of the year before. The foreigners
were believers in heavy deficiency was
evident from the fact that there had been
cabled buying orders for considerable
quantities of December wheat, which was
in the hands of New York commission men
at the opening. The executing of those
was feature that was remarked both,at
New York and here when trading started.
September reached 74A. an advance of ~
from Saturdays close, about ten minutes
after the opening this morning. 1t turned
downward from that point owing to some
bearish features in the domestic situation
which began to be pressed upon the atten-
ton of the crowd. Chicago receipts were
1893 cars, 1853 of them new wheat, and one
of the latter was new spring wheat A
year ago 1877 cars were inspected into store,
104 of which were new. Minneapolis and
Duluth reported 457 cars, against 4S0 the
week before and Ala at the similar time a
year ago. Kansas City got 500 car loads,
and it was said 400 cars were on track at
Toledo. The most bearish feature of the
domestic situation, however, was an in
crease in the visible of 724 900 bushels. in
stead of an expected decrease of 500, 900.
1t would appear, therefore, that the country
millers' requirements had been overcome
at length by the farmers deliveries and
that the trade is likely to be called upon
to take care of gradually accommodating
amount at the commercial centers. The
foreign scarcity and home plentifulness
had an interesting contention in the wheat
pit, with success leaning first to one side
and then to the other, traders being care
full about committing themselves heavily
to either. They realized the danger Of be-
ing short with a powerful bull clique in the
market that is encouraged by great
European demand in prospect, and the con-
sequences that might arise from getting
long of a crop which promised to be 100,-
600, 900 bushels larger than last year and
at price 40 per cent over that prevailing
a year ago. The continental markets were
as strong as those of the United Kingdom.
Clearances of wheat and flour from At
lantic ports were equal to 10000 The
bulls got much the worst of it in the end
and during the last half hour it became a
mere question with them of getting rid of
early purchases at as small loss as psosi-
bile. September opened A@% higher at
99hQ73s4, sold to 7S14, to 49, to 1874. to 70 and
closed at 72R. Corn started unchanged to
a shade higher. but yielded gradually to the
influence of fine weather for the crop and
a weakening wheat market and continued
to decline until the close The market
for oats sympathized with the fluctuations
in corn. The feeling at the opening was