The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-15
DRAWN WHEAT BATTLE
CONTEST BETWEEN OPPOSING
FORCES LEFT CHICAGO UNCHANGED.
Opening Was Strong and Fluctuations
Lively for a Time-Other Mar
kets Closed Lower.

CHICAGO, July Alt was a contest in
wheat to-day between small exports and
the weakness of the minor markets on one
side and strong cables, small new wheat
arrivals and a large visible decrease on the
other. The result was a drawn battle.
September wheat closing exactly where it
rested yesterday. The other markets did
not fare so well, corn declining Ac and oats
about the same. Provisions closed I'M
changed to 10Ql212c lower.
Wheat opened strong on an improvement
of from 401ac per bu under the influence
of an advance of from 5sQ7sd at Liver
pool before trading commenced here. There
was a good deal for sale at the advance,
the marketing of which caused the price to
drop back to a shade below the rate cur
rent at the close yesterday. Opening sales
of September were made at 67AQ673sc, COM
pared with yesterdays closing price of &c.
1t sold almost Immediately to 6715c and then
a long irregular decline ensued, the market
resting at 66BQ662c about II o'clock. The
advance at Liverpool was not the only en-
enlargement the bills had to start with.
The days statistical developments helped
them also. Chicago received thirty-one car
loads of wheat, five of which were new,
against 102 carloads of new received the
corresponding day of the year before and
$4,000 bu of spring wheat were inspected out
of store since yesterday morning. Mime
apolis and Duluth got 1S4 cars, compared
with 273 the similar day of last year. The
aggregate of receipts at Kansas City, st.
Louis, Toledo Detroit and Chicago were
l03SO0 blu, compared with 362 600 bu last
year. The clearanceS of wheat and flour
from Atlantic seapOrts were again small at
equal to u7,09O bu. The seaboard advices
tory. New York said cabled offers had been
accepted and some more worked besides.
but Baltimore wired that no acceptances and
not even decent bid from abroad had been
received. The market here rallied easily
from breaks and broke again with nearly
equal facility, but efforts to get the price
figures were undVailing. After its first de-
cline September rallied again to a shade
over &c and was 671bc when Bradstreet's
visible was made known. That showing a
decrease in Europe and afloat of 3,500,0O0
blu and in this country of 1,446O0O blu, or
within a trifle of 100000 bu total decrease
caused a quick rise to 671ac, but it dropped
again to &c in the following ten minutes
That was the price asked at the close.
In corn the favorable weather caused
speculative sentiment to incline toward the
selling side and caused a Csc decline dur
ing the morning. The firmness of wheat
however, acted as a constant restraint on
short selling and the market recovered part
of the loss later in the day, following the
general Improvement. Trading throughout
receipts amounted to Ala cars. September
opened unchanged at 26$4c, declined to 269sc
and recovered to 2612c where it closed.
Market for oats was dull and inclined to
sympathi2e with corn Most of the crop
reports were bearish, although there were
some conflicting statements. The cash de-
mand was good. Local receipts were III
cars September opened unchanged at 1SAc
and gradually declined to 1Sc, closing at
1S01S1kc.
Provisions started steady, but soon be-
came radically weak The break in corn
started short selling and offerings soon be-
came more liberal than the limited demand
could absorb, a sharp break in prices re-
sulting. Buying orders became heavier
when wheat recovered late in the day and
part of the loss was recovered The clos
ing was easy September pork 10d1212c
lower at $7.42180745. September lard about
unchanged at $500. and September ribs 21ac
lower at $4.271A.
Estimated Receipts for Thursday-Wheat,
y cars; corn $50 cars; oats, 260 cars; hogs,
81 600 head. 9r t~ru