The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-07
SURPRISE FOR 0 R
WHEAT RECOVERED HALF OF
THURSDAYS Loss AT THE OPENING.
Firmness at Liverpool the
ing Feature-PrOvisiOns Weaker
on Heavy Hog Receipts.

CHICAGO, Aug. 6.-Wheat to-day recov-
cred half of yesterdays loss, closing 1ac
higher for September. The export BUSH
ness was considerably less at the seaboard,
but over 300, 600 bushels were worked from
here. Liverpools advance in the face of
a Scent drop here yesterday rather aston
ished the shorts and was responsible for
the early strength. Corn was weak early
on improved crop prospects,, but rallied on
covering, closing &c lower. Oats lost Ia
nc. Provisions were weak on heavy re-
ceipts, declining 212Q1512c, the latter in
pork.
One-half of yesterdays decline in wheat
was recovered Immediately at the opening.
September, which closed the day before at
7512c, was wanted at from TIC to TIC, and
it touched 771ac before the first batch of
buying orders could be all executed. The
sudden recOvery was due to the rather ex-
traordinary circumstances that, notwith-
tandi the previous days decline, Liv-
erpOol had advanced "a before business
commenced here. The remarkable strength
of the Liverpool market was ascribed to
unfavorable weather for harvest in Eng
and and the continental demand, foreign
ers, it was said, being buyers of wheat in
Liverpool. Spring wheat offered from here
last night TO Antwerp and Liverpool at a
good margin of profit, and for contingencies
over night were accepted. Chicago receipts
were 124 cars, compared with 200 last year.
Minneapolis and Duluth reported 201 cars
against 341 last year. The want of strong
parties on the bull side of the markets be-
gan to be felt, and from T719c, the highest
point September reached, soon after the
beginning of the session, it declined irreg-
ularly during the forenoon to 755sc, or with
III 1sc of the closing price yesterday. There
IrO < no DInEr ~ tho nnnArn t,rntia
affecting prices, except that all the big
bull SPECTATORS had sold out and were
apparently waiting for still lower prices
than had been reached the day before. The
inquiry for cash wheat was renewed on the
decline, and the demand was such as to
give promise of perhaps as large a business
as was done yesterday. One lot of 10000
bushels No. / Northern spring was sold at
from 4a4c to sc per bushel, in store, over
the September price. for shipment to a
miller at Milwaukee. The principal demand,
however, was for export. That cash bust
ness overcame the effect of some bearish
features in the domestic situation, such as
Grand Forks, N. D., and accommodating re-
ceipts of wheat at Kansas City. The sales
of cash wheat did not reach yesterdays
figures, but vessel room was engaged for
3S5, 600 bushels and about fifty boatloads
were reported accepted at the seaboard.
September eased off to 1850, turned strong
again and, after touching TSc, eased OF
to T0771sc at the close. September opened
12Q1a4c higher, at 77Q77Ac, sold between
7oSsc and 7lL2c, closing at TQ771sC bid.
Corn was again depressed by the great
progress made by the growing crop since
the late bountiful rains and the consequent
Ioosening up of country holdings. The
country is accepting all bids, the receivers
said, and that class sold freely In the PIT
against the country purchases. Receipts
were $50 cars. Exports from the seaboard
were Ala, 900 bushels. September opened Ac
higher, at 2715c, declined ~irregularly to 2612c,
recovered and closed at &c.
Oats ruled easy with corn, but liquidation
was not so heavy as yesterday. Receipts
were 626 cars and charters were made for
$50, 900 bushels. September opened 1sc higher,
at 175sc, sold off to 171sQl7Ac, closing at
17Ac, a net decline of B0Mc.
The provision market was only moder-
ately active and rather weak. No one APP
peared willing to give it any support until 1T
had a good break, and buyers who came IN
the market were people who had sold
earlier. Hog receipts being 1000 head in
excess of the number expected, was the
reason given for the akn that pre-
vailed until near the end of the day. Sep
tember pork opened sc lower, at 50, de
clined to $7.7712, recovered to and closed at
81. 80, or 171ac less for the day. September
lard started at $3.50, or sc below yesterdays
closing figures. 1t settled to $4.271a and re-
covered again to $43212G4.35. September
ribs, which closed yesterday at $4:6o sellers,
opened at $4.S21a, declined to $4.75, rose
again to $4.S5 and rested at S4.S212. The
rally in prices near the end was in SYM
pathy with the recovery in wheat and corn.
Estimated receipts for to-morroW-Wheat,
1870 cars; corn, 700 cars; oats, 400 cars;
hogs Is 600 head.