The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-28
WHEAT MARKET STRONG
ADVANCE OF 1 1-4C AT CHICAGO ON
BULLISH FOREIGN ADVICEs.
Corn Higher on Reports of Crop Dam
age-Oats Steady-PrOvisiOnS Heavy,
and Lower for Ribs.

CHICAGO, July 27.-In the face of heavy
liquidation wheat advanced 114c per bushel
to-day The foreign situation was depicted
in the gloomiest colors and finally Overhaul
anced the encouraging domestic outlook
Paris led the advance abroad, closing 5O060
centimes higher. Corn was strong on crop
damage rumors and gained nc Oats held
steady Provisions were heavy pork clos
ing unchanged; lard and ribs 212Q5c lower.
The wheat market was whipped up at the
opening this morning by the small effect
upon Liverpool quotations of yesterdays
Chicago decline and another sensational
rise in prices at Paris Liverpool came in
with a decline of only about I'd and Paris
with an advance of &c to 212c per bushel.
Accompanying the cablegram that con-
veyed the quotations were remarks con-
corning the outlook for European crops
more especially those of France and Rou-
mania which were of rather a hair-raisng
character Gould hardly be worse" and
"entire failure" are expressions rarely re-
quired but frequently used in crop reports
from speculative sources although this
may possibly be the reason that justifies
them from Europe. They had, at any rate,
considerable effect here and had a great
deal to do with starting September wheat
at from 727sc to 731sc against 72Ac, the
price it closed at yesterday. Receipts at pri-
mary points We're 7060 900 bushels, against
49, 600 bushels last year. Local receipts
were 264 cars, 220 of which were new wheat
Atlantic ports cleared 900 bushels
wheat and flour. Cash wheat at Duluth
was up &c. New York reported 10000
bushels taken yesterday for export and 60
boatloads engaged to-day. Private adVices
from the Northwest were to the effect that
80 per cent. damage had been done in GER
tain districts by recent heavy rains. The
report of export business at New York was
increased to 120 boatloads near the close,
but confirmation was lacking. Shorts were
thoroughly stirred up, however, and prices
touched lac for September, but eased off
slightly near the close. September opened
7sM11sc higher. at 727s473$sc, sold at 7312c,
declined to l2Bc advanced to 74c, declined
to and closed at 7312@35sc bid.
The shorts in corn were active buyers
throughout. There We're claims of drought
in Kansas but in view of the recent rains
this feature of the news was doubted. The
bulls made point of foreign demand. New
York reported freight enga gements for 120
boatloads of grain, the greater part of
which was corn The receipts were 100 cars
over estimate, 1874 cars. Atlantic port clear
ances were 1874, 500 bushels, The shorts were
thoroughly alarmed by the advance in
wheat and scrambled to cover. September
started a shade higher at 26a4c, sold at 2612
@269sc, advanced to 27asc and closed at 271s
Q27Ac sellers.
There was a weak feeling in oats early,
but some strength developed in sympathy
with wheat and corn. Receipts were 443
cars. Cash prices were steady Shorts COW
cred freely. September opened unchanged
at 1850. declined to 1850, rallied to 1850
1734c and closed at 175sc bid.
Provisions We're heavy, although hog re-
ceipts were only 10 600 head and prices 511Oc
higher. The strength in cereals helped
somewhat. Ribs were the weakest. The
stocks of provisions are estimated to have
increased since July / to the extent of A.
600 barrels in pork, 5000 tierces in lard
and 1900 coo pounds in ribs, and that may
injury of the price. Liverpool reported the
demand for bacon good aRd market firm,
while lard was Sd higher. September, pork
al 1920; ribs, sc lower at $4.621a.
Estimated receipts to-morrow-Wheat,
10 cars; corn, $50 cars; oats, 2S5 cars, hogs,
% 900 head