The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-19
REACTION FOR WHEAT
AFTER ADVANCING THREE DAYS
THE PRICE WENT OFF 1-4C.
Corn Surprised Traders by Closing
ADMINISTRATIONS Closed
| Quiet and Firm.

CHICAGO. July 17.-After three days
steady rise wheat suffered a slight reac-
ton to-day September and July each clos
ing 12c lower Corn surprised the shorts by
closing 12c higher Oats were quiet. clos
ing unchanged. Provisions were quiet and
firm.
The need of American wheat abroad was
strongly emphasized by the opening quo
tations by cable this morning. The Liver
pool markets showed an advance of 17sd
per Genital, while flour at Paris was quoted
2Af higher. Long wheat showing a hand
some profit, was freely offered at the open
ing of this market at a decline of 1sQAc.
Fresh buying set in, however, and prices
we're bid up excitedly from zoe to tic for
September and from 76c to nc for July in
the first ten minutes of the session. After
a further advance of CSC heavy liquidation
set in which carried the price to the low
est point of the day September touched
691zQ695sc and July 74c. a clean drop In the
latter option of 312c from the high point.
September displayed very little tendency
to rally, but July after a short rest at the
bottom, recovered to 75c. The Chicago re-
ceipts of wheat were 16 carloads of which
8 were new. A year ago receipts here were
352 carloads, 24S of them new. Minneapo-
lis ana Dulutn received 80 cars, against z4U
or the corresponding day of the year be-
fore. The exports of wheat and flour for
the week from both coasts were 900 bu,
compared with 2,502 900 bu the week before.
The quietus was given to the wild rumOr
circulating yesterday afternoon that there
was an agitation in France for abolition of
import duties on wheat and flour. A pri-
Vate cablegram from Paris said the exact
opposite was the case. A private CABLE
gram from Berlin said Russian wheat pros
poets were favorable. Antwerp, however,
dlSDdtcheS
crop prospects. The reaction in the end
as made permanent for the day. Septem-
Der opened 1sQAc lower at 7Ou701sc, adj
Vanced to 1850, declined to 6912Q6S9sc and
closed with buyers at $3.50.
Corn was comparatively dun until a, few
minutes from the close and its fluctuations
followed wheat. September opened at from
261ac to 265sc, advanced to 26$4Q2678c and re-
acted from that to the lowest of the open
ing quotations. Receipts, SO cars, were less
than expected. Argentina, however, snip
ped 100000 blu to the United Kingdom and
Atlantic clearances were small. The crowd
sold confidently on this sort of news, when
a demand suddenly sprang up just before
the close. and in the rush to cover Septem-
Der reached the highest point of the day,
closing at &c, a net gain of 3sQ12c.
Oats were quite active, the trade center
ing principally in the July option, which,
after considerable manipulation, closed 14c
higher at 1880. September opened shade
lower at 173sQ1Sc, sold off to 17%c, but re-
acted to 1Sc at the close. July opened so
Nc lower at 173sQ11%4c, broke to l'1sc and
closed with sellers at 17a4c. Receipts were
provisions were quiet, but they showed
strong undertone. Hogs We're quoted at a
sc advance, which proved a sustaining in
fuence together with the strength in corn:
Pork lard and ribs each showed gain of
21ac At the close September pork brought
$3.50; lard, $4.1OQ4 1212; ribs, A.4212: vr..
Estimated receipts for Monday-Wheat,
So cars; corn, IT'S cars; oats, 30S cars; hogs,
80 900 head.