The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-02
JUMP IN JULY WHEAT
NEWS OF CROP DISASTER KEPT
SHORTS IN A PANIC ALL DAY.
No One Had Desire to Maintain Open
Accounts over the Double Holt
day-PrOvisiOns Weaker.

CHICAGO. July disastrous crop news,
together with a great effort by shorts TO
cover, pending the double holiday doomed
wheat to-day July closed at an advance of
&c and September gained 212c. Corn shows
a rise of &c. Oats left off at l@Q9sc higher.
Pork and lard lost 215c each. Ribs declined
&C.
Wheat started firm on crop damage re-
ports. The latter were around on the side
walk before regular trading commenced
and crowded out of sight a decline with
which Liverpool started. The opening for
September was at from 6S$aG6S7sc, as com
pared with 6S14c at the close last night, and
after a slight reaction to 6S12c it became
difficult TO buy much except by bidding l,p
the price sellers being scarce. Some of the
crop reports were quite alarming, in many
cases reporting total loss. The latter, it
was claimed, was true as to large sections
of the crop in the best wheat lands of the
Southwest The market was run by these
reports, there being nothing else of a de-
cidedly bullish or bearish character in the
others of the day. Prices continued TO ad-
vance until July reached 7712c, gain of Acc
and September advanced &c, selling at 7034c.
There were good many reactions on the
way up and the trade at times became
rather excited. One important reason for
strength was the great desire of shorts to
cover pending the three DAYS vacation. in
connection with the uncertainty OF crop con-
ditionS and the possibility of wild bulge
in the meantime. Speculation was notice
ably curtailed by the working of the new
war law 1t makes it harder for commits
sion men to execute orders and wider f1uc
tuations are the result. The following resO-
luton in regard to the war revenue pro-
vision. as it applies to the brokers, commits
sion men and Scalpers. was adopted by the
board of directors of the Board of Trade:
Resolved That in regard to the pro-
visions of the revenue law of 1898. applicable
to transactions at the Exchange Hail of the
Board of Trade of the city of Chicago, it is
the recommendation of the board OF direc
tors that a uniform memorandum of sale
be used, 10 be delivered by the seller to the
buyer, and that the secretary be authorized
to suggest to the members of the board
such form of memorandum of sale, to which
the adhesive stamps, according to law, may
be affixed
Chicago received 5 cars; Minneapolis and
Duluth together, 81 Atlantic exports of
wheat and flour were equal to 900 bush
els. July opened 12c higher. al 7Sc, rose to
7712c then reacted to 7612c at the close.
September started 1245sc up, at 664d663sc,
sold off to 66ssM6613c, then rallied to 7O$4c,
asked, the closing price
Offerings in the corn pit were light, and
good demand from prominent professionals
forced the advance. Prices were also
strengthened by the rally in wheat. July
opened S@Ac higher, at 3l3s@3l12c, advanced
to 34Ac, then sold off to SPEC, the closing
price.
Oats followed the other advances in grain.
July began unchanged to Nc higher, at
21ssc. rose to &c, then declined to zlisc bid,
al the close.
Light deliveries and the advance in coarse
grains. strengthened provisions. July pork
opened 2l2c higher, at $9.4712, rose to $3.50,
then declined to $9.4212 at the close. The
range in lard and ribs was narrow.
Estimated receipts for to-mOrrow-Whea
IL cars; corn, 1856 cars; oats, 155 cars; hogs,
Is coo head.
All exchanges and the Board of Trade will
be closed tomorrow and Monday.
Leading futures ranged as follows: