The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-20
WHEAT JUMPED 1890
AFTER WEAK OPENING GRAIN DE-
VEE0PED GREAT STRENGTH.
Decrease in Worlds Visible Much
Larger than Expected-Provi-
sions Scored Advances.

CHICAGO July 19.-The bulls in wheat
had their innings to-day and more than
recouped Saturdays loss. September closed
&c from the bottom, a gain of 1850 for the
day Corn and oats We're easier and lost
Ac. Provisions were 21205c higher at the
close.
The Liverpool quotations, which had been
the main source of strength to the wheat
market were reported 11zd lower this
morning, and Chicago had fifty-eight car
loads of wheat inspected into store since
Saturday morning, ffty-three of them from
this years crop. These were the reasons
for weakness at the opening, which the de-
cline of from &c to Zee indicated. The total
receipts at the five principal winter wheat
markets amounted to 34T949 bushels of
which pa 600 bushels was reported from
Kansas City. Last year on the correspond
ing day the receipts at the
same five cities were 400,679 bush
els, so that the deficiency between the
present and previous season is now very
striking. That feature of the movement
should change rapidly from now on. 1t is
with that expectation that some bearish
feeling is developing among leading spec
ulators which would quickly become very
aggressive with little encouragement in the
ply which was expected to show about
600 bushels reduction. decreased 1885, 600
bushels, leaving the total at Ii, 324 900 bush
els, compared with 46.743,0 900 bushels last
year. The amount af1oat for Europe is
100000 bushels smaller than it was a week
ago. BeerbOhn'S reported Il reduction IOr
the week of European stocks of 2061 600
bushels, indicating about 900 bushels
as the total reduction in the worlds stocks.
The exports of wheat and flour from At
lantic ports since Saturday were equal to
$4,000 bushels. The decrease in the visible
exceeding expectations, and some spring
wheat being taken here for immediate eX-
port, caused change in speculative Sentl-
nent. The tendency had been downward
during the greater part of the forenoon,
and short sellers sold confidently on every
rally until the matters last referred to
brought support to the bull side of a strong
enough character to turn the bulk of the
local crowd from the bear side. Most of
the buying was on weak spots, and there
was enough of it to absorb the floating
Scalping supply and turn general sentiment
from selling to buying. September got
down to 691sc in about an hour from the
start, recovered to 10Ac, dropped again to
$3.50 and once more started upward, reach
ing 70$4c. Cablegrams from Paris quoting
that market excited together with some
speculation and poor thraShing returns
had some effect in helping the advance in
the latter part of the session. The French
crop, where it is most plentifully produced
is not ripe yet. The price held strong to
the end here. September wheat opened
<
TO 697sc back to 691sc, then up to 714c, clos
ing with sellers at 711sc.
Corn was moderately active and inclined
to follow the direction natural to good re-
ports concerning the progress of the crop
and the increasing receipts. The afternoon
hrnnness in wheat was the reason for a
recovery of about half of earlier half
cent decline. The receipts were 719 cars,
and about 1000 are expected tomorrow.
The amount on ocean passage increased
$40 900 bushels since Monday last but the
visible supply decreased 295,000 bushels,
leaving 15,lG0 coo bushels as the amount now
000 bushels. After the first hour corn fol-
lowed the course of wheat; September
opened from 2634c to 27c against &c or Sat
urday, declined to 2612c rallied to 267sc at
the close
The market for oats was moderately &C
tive and steady. Local bears We're fair sell
lers and elevator people did the most buy
ing Prices had a small range, and the
advance in the wheat market detracted
from the market, and there were
no important developments in the way of
news. Receipts We're $40 cars and sea-
board clearings were heavy. 403, 900 bushels.
The visible increased $4,000 bushels. Sep
TENDER opened a shade lower, at 17$sQ16c,
sold at 1874 0177sc. closing at 177sc.
Only rs, 600 head of hogs in to-day's run,
instead of 35 900, as estimated, started pro-
visions strong, and the firmness at the be-
ginning was fairly we'll maintained in face
of some general selling of small lots by
packers. Lard had good support through
out September pork closed sc higher, at
$.62b0t765; lard, &c higher, at $4.15M41712,
and ribs 21ad5c higher, at $4.45d44712.
Leading futures ranged as follows: