The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-26
WHEAT MARKET STRONG
AN ADVANCE OF 1-2C RECORDED AT
CHICAGO ON SATURDAY.
Corn Was Also Strong and Gained
Use on Reports of Hot Wi1ds and
Light Country Offerings.

CHICAGO July 24.-Wheat closed strong
to-day at an advance of 12c. There was
nothing made public that suggested any
radical change in the situation, although
strenuous claims were made of serious
damage to the spring wheat crop by Excess
siye rains. Corn was strong throughout,
on reports of hot winds west and reports
of light country offerings, gaining sc. oats
also improved CSC. Provisions were dull,
but sympathized with the strength in ce-
reals, and gained 212410c.
AT the opening the Liverpool market de-
clined Ad for the September future, but
quoted spot wheat unchanged. This show
ing of much smaller decline than had
taken place here on the two preceding days
revived the dropping spirits of the bull
crowd and was the chief reason for the
first squirt in the price. Continental houses
were good buyers of December wheat. A
number of complaints were received, how
ever, Of excessive moisture and of flooded
lands. Chicago receipts were III cars, of
which ia cars were new and 112,000 bu
were inspected out of store. a year ago l64
carloads were inspected, 159 of which were
new. Minneapolis and Duluth received to-
day 442 cars, against 300 cars the cor
responding week of the year before. The
clearances of wheat and flour from both
coasts for the week were 1,976,S2S blu, or
about 2,4J0 bu more than last week, and
compared with 100000 bu in the similar
week of the previous year. The worlds
shipments to Europe for the week We're
estimated at about 800 900 bu The clear
ances from the four principal Atlantic
ports were liberal being equal to $40, 900 blu,
$4,000 bu of which were in the raw grain.
Wheat opened with very general demand
for September at a shade over the price 1t
closed at yesterday. Offerings were light
to begin with and in five minutes or so
1t had added 12c to the lowest figures made
around the start, and in five minutes more
ii was down again to the original bottom
price In a few minutes more II mad
very general among commission houses, To-
cal spectators and SeaiperS, but the buy
ing rush quickly subsidized and q bear raid
brought smart reaction, to use, Wnlch
proved to be the low point of the session.
The decline to 71%c referred to did not last
long. There was a quick rally to I21sc and
All advance of 14c more, followed by a few
bounds that took 1t to 72Bc. 1T reacted to
72Ac and then took another squirt to 1878.
After that the bears were too much de
moranzed to do anything. TIE sudden rise
had what seemed very inadequate eX-
plantation for so unanimous buying fever
as accompanied it. The house that has re-
Gently figured prominently as the lead
ing commission house for the bulls had an
order for, it was said, over 100000 bu, but,
coming at moment when a majority Of
the local crowd was short, the prestige Of
the house was such that sellers disappeared
for q time, and, although the price was
7l%c when they got their order, it was up
to 72MC before they We're able to fill more
than $1,000 bu of it. The scare lasted to
the close of the session, and September
touched 73c. September opened 1sd14c high
re at 1l12c, solo between Use and &c and
closed at 1874 01o1sc.
The market for corn was excited through
out. Crop damage talk. which had almost
kilograms poured in from the Southwest
relating to hot, dry winds. Offerings from
country shippers were not up to eXpecta-
tons and shorts busted themselves in COW
ering contracts fearing that more faVOra-
Bile weather predictions would fail to MA
teriaIize. The out inspection was 1097, 300
bushels. Argentina shipped 248,000 bushels,
against 1900, 900 bushels last year. Damage
reports from the Southwest were accom-
panied by substantial backing in the shape
of buying orders and prices advanced
steadily until the closing. September corn
opened nc higher at 1850, sold at 26$4c
and advanced to 273sc, closing shade from
the top.
The strength of the corn market rather
tended to stir up the short element on oats,
and their liberal buying, which was the
substance of the action taken by them,
caused an Independently firm feeling here.
Selling was not very urgent yet sufficed
to attend to all orders without restricting
business. September opened unchanged, at
from 1890 to 1712c, sold to l77sc and was
offered at the top price at the close, which
shows gain of AQ3sc since yesterday.
Receipts were 275 cars. Shipments were
q, 900 bushels.
Provisions were firm, supported by the
run of hogs, which proved to be no larger
than had been looked for, and the strength
of the corn market. The result of the days
trading, which was small, was 21ac rise in
pork nc in lard and 10c in ribs. Septem-
Der pork closed at $775; lard, $4171204.20;
ribs, 4.60.
Estimated receipts for Monday-Wheat,
203 cars; corn, 275 cars; oats, 300 cars; hogs,
81, 900 head.