The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-03
WHEAT PRICES HIGHER
MARKET DULL, But BULLS SECURED
CONTROL AND HELD 1T.
News Favored the Leng Side of the
Mark ct and shorts Did Not Fancy
Taking a Holiday Chance.

CHICAGO, July LIN view Of the fact
that session of the Board of Trade Will
be held until "Wednesday, wheat to-day
showed a surprising degree of strength, and
closed at an advance Of lssc for September
Strong cables. poor threshing returns and
improved outside demand were factors in
creating a strong and active market. Corn
advanced A@ssc. Oats closed unchanged
Provisions advanced 212Ql2lzc.
Wheat opened strong. Liverpool quoted
closing advance of about I'D, and good
many continental orders for wheat were on
the market, not only for the cash article,
but for futures. There were also reports
of damage to crops on the continent, France
reporting continued heavy rains, while
weather was also reported in England as
wet. General conditions in Europe were
said to be favorable for a good demand for
American wheat. The strong tone or for
egn advices was readily responded to by the
local market, which was we'll loaded down
with short wheat, and though domestic re-
ceipts were still heavy and July deliveranees
large, the bulls at once assumed the agrees
sive and retained the upper hand throughout
the short Saturday session. The market at
first was dull. 1t always is previous to
holiday. but as the session advanced the
be as near even on trades as possible over
the holidays became remarkably active.
Commission houses were good buyers and
this renewal of outside support had a good
deal of influence in determining the course
of the market. Reports of winter wheat
threshings in general were confirmatory Of
the claims Of damage to the crop, but in the
Northwest conditions were said to be IA
vorable for growing wheat. Minneapolis
and Duluth reported arrivals of ga cars.
compared with S15 last week. Chicago re-
ceipts were 155 cars, 80 of contract grade.
Total primary receipts were 7SS.00o bu. At
lantic port clearances of wheat and flour
were equal to 3S7, 900 bu. July deliveries ag-
gregated over a million bushels. but they fell
largely into shippers hands. There was
moderate cash demand here, about 10000 bu
being reported sold. There was quite gen.
eral covering by shorts toward the END C. OF
the session and the market moved steadily
upward. September sold as high as 1o5sc.
and closed strong at S512Q S55sc.
Corn was steady, but dull early. Sympa-
thy with wheat sustained prices in the face
of continued large receipts and favorable
weather. Later the market became quite
active and again advanced. The strength or
wheat was a factor all day, but the Mis-
souri, state report putting the corn condition
at only "a per cent had its own effect. The
cash demand also showed Improvement. The
local bull crowd bought literally. Receipts
We're 1,l26 cars. September ranged from
3414c to 34eq 34ssc, and closed hqssc higher
at 3411Q 34ssc.
Oats were extremely dull but steady. Be-
yond a scalping trade little was done and
the strength of other grains had little effect
on prices. The cash demand was rather
light, while crop reports were favorable.
Receipts were liberal, Ala cars. September
ranged from 215sc to 217sc, and closed I'M
changed at 214c.
Provisions showed considerable strength.
Hog prices were higher and there was some
covering by shorts on renewed talk OF
strike at the yards. The market opened
higher and advanced still more, closing firm
at about top prices. AT the close Septem-
Der pork was 1211c higher at SSH: Septem-
Der lard, 211Q5c higher at $52219Q5.2o; and
September ribs 5@711c higher at $49o
Estimated receipts for Monday Wheat,
100 cars: corn, LIS cars; oats, $50 cars;
hogs, 49, 900 head
leading futures ranged as follows: