The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-21
BIG DAY IN WHEAT PIT
HEAVY FOREIGN DEMAND STARTED
AN ADVANCE OF 5-SC.
Shortage of Crops Abroad the Princi-
Grain Weal&-PorI< Higher.

CHICAGO July 20.-In no one day for
several years has so much wheat been
worked for export at Chicago Eight hun
dred thousand bushels in round numbers
was the total of the days reported sales
for foreign shipment, and that put a bull
stamp near the close on what had previ-
ously been alternating a bear and bull
market Great offerings of wheat from
commission houses on every bulge charac-
terized the trade to within twenty minutes
of the close. All hands then started to
buy. and only those with long wheat bought
the lower prices offered In the wheat
market it was all excitement. September.
after several false starts, ran up 1910 just
before the close and showed a net advance
of 1850. Corn was weak on continued IA
vorable weather west, but rallied with
wheat, closing 1sc lower. Oats followed
the same course. Provisions were firm and
showed gains of 10@1215c.
The strength with which wheat closed yes
terday was renewed at the opening to-day
at 14Q12c advance inprice. September started
with buyers at from 1850 to 715sc, and some
few paid 7134c about the same time Real
izings depressed it for a few minutes to
u12c, but, those Offering Subscribed, the price
took higher fight and gave those who
wished to do so an opportunity to realize re
for their September wheat. A number took
advantage of that chance and had another
opening to replace it at Use. The foreign
markets continued to be the source of bull
inspiration. Liverpool was 17sd higher than
it closed yesterday when first heard of and
later quotations showed a further gain
making the net rise 212d Chicago receipts
were ia cars seventy-nine of which were
new. Last year 459 cars came to hand, 442
of them new. The chief Western winter
markets received only 226, 659 bushels in all,
A year ago the same five cities reported
42l, S48 bushels. New York reported fair
ceptanceS from the continent OF yesterday S
cabled offers and liberal acceptanCeS from
the United Kingdom. Beerbohln cabled the
deficiency this year compared with last in
the Hungarian wheat crop would amount
to Sc, 000, 600 bushels A cable from Antwerp
said reports of wheat in central Russia
and Danubian states were daily growing
worse Exports of Chicago to-day were
very heavy. 1t amounts to within 10000
bushels of total of 100000 bushels, the
greater part No Kansas hard, and chiefly
for the first half of August shipment The
market was extremely irregular until the
important sales for foreign shipment be-
came known After the first decline, which
continued until September had worked
down to 711sc, it rose again TO TIC, and once
more dropped very rapidly to 71Ac. From
that it gradually recovered to around
715s, and was hanging around there when
the 100000 bushels exports sale became gen.
orally known, and after that there was only
one desire in the crowd and that was to
secure some wheat September wheat
opened 4@12c higher, at 7l45@n?s, sold to
n14c, TO 72c, to 711sc, to 721sc, closing 19sc
higher, at 72$4c.
Corn was weak under the pressure of con-
tinued favorable weather and increasing
receipts. To-day's receipts We're Sl3 cars.
Receiving houses were good sellers. Sep
TENDER opened 1sc lower, at 26a4c, sold to
2612c and rallied to 26s4c
In oats fair business was transacted,
principally in July which broke 12c to lie.
Receipts were 525 cars. September opened
ing at 1734c bid.
Provisions were firm on continued light
hog receipts The strength in wheaf also
helped September pork which started at
$770, gradually subsidized at $7.6212, but just
before the close rose to $7.75, an advance
of 121ac. Lard and ribs acted similarly,
gaining Zoe to 12*o EACH
Estimated receipts for to-morrow-Wheat,
GO cars; corn, 420 cars; oats, go cars; hogs,
20 0O0 head.
Leading futures ranged as follows: