The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-22
WHEAT JUMPED UP 1 1-2C
ADVANCE OF sc ONE TIME ON THE
HEAVY FOREIGN DEMAND.
Receipts of New Wheat Far Below
Last Years Returns-Other Mar
kets SympatheticaIIy Strong.

CHICAGO. July 21.-Wheat had another
115c advance to-day, Notwithstanding the
fact that continuation of yesterdays
enormous cash business was lacking Re-
ports of shipments from San Francisco to
South Africa and large cash sales for ex-
port at New York were the principal ele-
ments of strength. Corn and oats closed
unchanged. Provisions were firm early. but
lost the advance on packers selling, closing
2120715c lower.
The Liverpool wheat market stopped its
previously rapidly advancing quotations at
the opening this morning. and had even
fallen back Id before trading commenced
here. That however, appeared to be
masterful stroke of business strategy, for
from it's effect on prices here at the start it
permitted the filing of a great many for
eign buying orders which were on the mar
ket. Foreigners are taking everything in
sight here" said a message from New York.
Liverpool in the meantime recovered all it's
early loss, and the acceptances of cash
wheat offered from New FORK by cable last
night were accepted to the extent of about
300 900 bushels, according to kilograms from
the seaboard The latter items of news
caused a rapid recovery from 1c per bushel
decline. with which this market started,
and in the course of forty minutes from the
opening even 12c advance over yesterdays
closing quotation had been recorded. The
domestic situation was somewhat mixed.
The receipts of new wheat are falling far
below last year Primary points only got
2455OO bushels to-day, against 3S2, 600 bushels
a year ago. Chicago received clghty-three
cars of which thirty-eight We're new.
The Northwest cars amounted to 29S Heavy
rains were reported in the spring wheat
country and claims were made to the effect
that damage had already resulted from too
much moisture. These reports We're, of
\ tod
rains were very beneficial and timely,
especially in the Red river valley. Atlantic
port clearances amounted to 277000 bushels,
wheat and flour. Local sentiment among
the big spectators was very bullish, and
the bear crowd was pushed to the limit
in endeavor to cover. September ad-
vanced &c from the lowest price made at
the opening, and retained net advance of
Zee September opened 1a41c lower at
73$4c, to 7434c, to 74Ac, where it closed.
Corn had to thank the rise in wheat for
recovery from &c decline at the opening.
The generally favorable reports from the
fields were, of course, the cause of a dis
position to sell on all hard spots but short
sales on the other hand were speedily COW
cred on any indication of revVing demand.
The trade was almost entirely local and of
scalping character Receipts We're 494
were 404,296 bushels Liverpool reported
decline in price of I'D per GENITAL September
opened A@3sc lower at 263sQ261ac, sold at
2614 n 26$sc, recovered to 26%c, closing with
sellers at that figure
Oats, like corn, were not very conspicu-
Gus, yet at times some life would develop.
only to lose itself very soon afterward. The
feeling WIS weak, due principally to the
heaviness in the cash department. The de-
mand was very slow and offerings relatively
liberal, especially from the West With
harvesting reports favorable and new grain
expected to arrive very soon, there was
scarcely any inquiry particularly at the
premium at which they are now held. Sep
tember opened &c lower at 175sc. sold be-
tween 1712c and 17$4c, closing a 1734c sellers
Provision trade was light Tendency of
prices was irregular. AT one time an adj
vance was ascribed to strength in wheat
because the firmness in both markets hap
pdned to be simultaneous. but later when
wheat had become still stronger provisions
began to decline. Pork was the article in
most demand when the market was show
ing any strength. Hog receipts were less
than expected and prices 5d10c higher. Sep
TENDER pork opened unchanged at $7.75, sold
between $40 and $780, closing at $7721a
sellers, 212c lower than yesterday. Septem-
Der lard opened 2l2c lower at $4.22526425, sold
down to $4.15, closing at $41715 sellers Sep
TENDER ribs opened 212d5c lower at $452186
455, sold between $45212 and $4.571aQ4.60
closing a S452l2.
Estimated Receipts for Tomorrow
Wheat 30 cars corn, 3S5 cars; oats zoe cars;
hogs. 20 COO head.
There will be no session of the Board of
Trade tomorrow, it being Logan day.
Leading futures ranged as follows