The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-27
BEARS ROUT THE BULLS
AND SEPTEMBER WHEAT CLOSES AT
CHICAGO WITH A Loss OF $50.
Weakness Follows Squirt at the
Opening-DecIine Also in Price of
Corn, Oats and Pork.

CHICAGO, July 26.-Wheat collapsed to-
day after a brief struggle in which the
bears came off victorious. September was
forced down from 7414c to re and closed
al 72Ac, a net loss of PC. sensational
advance abroad caused the opening squirt
but accommodating stock at primary points
and reassuring advices from the spring.
wheat belt overcamc outside Influences
Corn was weak likewise oats on favorable
weather and increased country offerings.
Pork closed a shade lower, while lard and
ribs advanced slightly.
The opening of the Liverpool wheat mar
ket at an advance of I'd per Genital or the
equivalent of nearly PFC per blu, started
this market at a strong gait, with an ini-
tial jump of 1c over Saturdays closing
price. The strength at Liverpool was en-
phaszed by a similar condition of the
wheat market at Paris, which quoted a
rise equivalent to &c per bu. A private
cabegram from London said the French
crop was proving very deficient, and Beer
bohms cabled that the European crops this
year were now estimated to be 244, OOU, 900 bu
smaller than those of the year before. That
foreigners We're believers in a heavy def
cheney was evident from the fact that they
had cabled buying orders for considerable
in the hands of New York and Chicago
at the opening The executing of these
was a feature mat was nrSt remarked both
a New ork ana here when trading start
ed. september reached 74Ac, an advance OF
1l2c from saturday close, about ten min
uleS after the opening this morning, but
turned downward from that point owing
to some bearlSh features OF the domestic
situation which began to be pressed upon
the attention of the crowd. Chicago re-
ceipts were 1913 cars, los OF which were new
and ut q 10 Ia FOR Nc nnXK
spring. A year ago III cars were inspected
into store, 104 of which were new. Mime
apolis ana Duluth reported 451 cars, against
AS the week before and Ala at the similar
time year ago. Kansas City got 5O9 car
loads, and it said TOUR hundred cars
were on track at Toledo. The most beartsh
feature of the domestic situation, hoWeV-
er, was an increase in the visible of 724,0O0
blu, instead OF an expected decrease of
5OO,OO0 bu. 1t would appear, therefore, that
the country millerS requirements had been
overcome at length by the farmers deliV-
cries and that the trade is likely to be
called upon to take care of the gradually
accommodating amount at the commercial
centers. The European scarcity and home
plentifulneSS had an interesting contention
the wheat pit with success leaning first
to one side and then to the other, and
traders were careful about committing
themselves heavily to either. They realized
the danger of being short With powerful
bull clique in the market that is encour-
aged by a great European demand in pros
pective and the consequences that may re-
suit from getting a crop which promises to
be 100, 600 0U0 blu larger than last year and
at price 40 per cent. over that prevailing
a wear ago The continental markets were
as strong as those of the United Kingdom.
ClearanceS of wheat and flour from Allan
tic ports were equal to 10000 bu. The
bulls got much the worst of 1t in the end
and during the last half hour it became
mere question with them of getting rid
of early purchases at as small a loss as
possible. September opened %Q1sc higher
at 7312Q73a4c, sold to 74Ac, to 49, to t34c,
to nc and closed at 72hc
Corn started unchanged to a shade high
er, but yielded gradually to the influence
of fine weather for the crop and a weak
ening wheat market, and continued to de-
cars, but the inspection out of store since
Saturday morning amounted to the enor-
nous quantity in so short a time of 1,555, 387
blu. One elevator concern reported having
bought 1,046 carloads through acceptances
received this morning of offers sent to the
country Saturday. The quantity on passage
to Europe decreased 100000 blu. The
weekly visible increased 1,049 900 blu, against
with sales at 27120271sc, against 2712Q273sc
Saturday, and declined to 269sQ2694c at the
close.
The market for oats sympathized with
the fluctuations in corn. The feeling at the
opening was firm but long stuff came out
freely, and a reaction followed. Receipts
were 342 cars. The visible decreased $4,000
bu. Cash trade was dull. September opened
unchanged at 177c, touched 18c, declined
to I5sc, closing with sellers at that price.
Provisions were firm on small trade
until near the end, when the slump in To-
Gals made itself felt. The firm feeling early
was due to receipts of 600 hogs and an
advance of 5G10c at the yards. September
pork closed 212c lower at $772, sellers; lard,
sc higher at $4.22Q4.25; ribs, 5Q7c higher at
Estimated receipts for Tuesday-Wheat,
300 cars; corn, 800 cars; oats, 460 cars; hogs,
$4,000 head.