The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-18
SMALL GAIN in WHEAT
BUYING BIZ NORTHWEST AND THE
SHORTS STRENGTHENED 1T.
other Cereals, Especially Corn, Were
Weak-Provisions Scurried Down.
ward and Closed Very Easy.

CHICAGO, July I7.-From a break occa-
to-day recovered on a demand from the
Northwest and covering by shorts, closing
firm with September 1sc over yesterday.
Corn broke on more favorable reports as a
result of recent rains, but recovered some
of it, September closing 1%c down. Oats
closed Ac lower, and September pork soc.
September lard 12laq15c, and September ribs
1219G15c depressed.
September wheat opened Ac higher, at
77ls@77%c, because Liverpool showed but a
small decline in the face of the drop here
yesterday n because receipts here were
small. Then the market lost its nerve, be-
cause corn was making such a swift break
for the bottom. September, following the
opening, worked up to TAG, and then pro-
ceeded for the tall timber, not stopping till
September was selling at 751sc. The liquida-
ton was heavy during the slump and the
demand scattered. Having used nearly an
hour in accomplishing this. the speculative
mind became more composed and con-
cluded to buy some. Shorts covered TO
secure profits, and some bull support
sent the market on an upward course. This
movement was helped along by renewed
buying from the Northwest and a decrease
in the worlds visible supply of 2,921, 900 bu.
according to Bradstreet. September rallied
to T71ac. and shortly afterward closed with
most of the advance held, &c over yester-
day, at TAG77ssc. The rally was helped
to a degree by the partial recovery of corn.
The foreign news was bearish, France re-
porting a loss of only 10 per cent, while
Roumania was said TO have the largest crop
in her history. There was a break at Paris
and Antwerp. New York reported IS loads
taken for export. Seaboard clearances, In
wheat and flour, were equal to 223, 600 blu.
Receipts at primary points were 73l,0Oo blu.
compared with 1,120.O00 last year. Mime
apolis and Duluth reported 23 cars, against
104 last week and 72 a year ago. Receipts
here were 225 cars, AZ of which were con-
tract grade. Southwest receipts were heavy.
The gravity of the Chinese situation and
the likelihood of the grain carrying serv-
ice being curtailed by the taking of ocean
steamers for transporting troops excited
some consideration.
The corn market made a hollow, empty
show of having recovered somewhat from
the bear drubbing given it yesterday. but
the exhibition lasted for only moment at
the opening. Long corn, from the four
corners OIL the edIlU u DtIillt al H. pCi oOics
was shoveled into the pit in immense guam
titles. and inside of an hour the market
brought up over &c under yesterdays close.
The occasion for the slump was TO be found
i'm reports of excellent crop prospects as a
result of recent heavy rains. In ducking
for the bottom the price got we'll WITHIN a
shipping basis, and buying by shippers and
cash people, together with the usual cover
ing by shorts for profits, caused a reaction
and part of the loss was regained, giving
the close an appearance OF hrmnesS COM
pared with conditions earlier in the session.
September sold between 3S2sc and 41sc, and
closed 1$c under yesterday at 3yl2q3yasc.
Receipts were 1,027 cars.
Trade In oats was not heavy, but that
market, which is not even allowed a spe-
cially constructed pit, like wheat. corn and
provisions, on the floor of the Board,
the other grains were dropping like the
mercury on a cold day. The rains, which
in the Southwest were helping corn. were
a positive injury to oats in the shock, and
reports from the North were in
improved: hence the S~teadiness. Receipts
were 247 cars. September sold between 241sc
and 23Ac, and closed Ac down at 23Ac.
Provisions, early in the session, were very
weak, but part of the loss was recovered.
Hogs were easy at the yards, and the corn
break was a decidedly bearish factor. One
heavy Spectator let out a long line, and
another sold short, this stuff forming the
bulk of the offerings. The recovery, such
as ii was, was on buying by packers. Sep
TENDER pork sold between s12.15 and Sl1.40.
and closed SIC under yesterday at Sll.IO;
September lard between S6.72h and 5000.
closing 12laG15c down at $6.65Q6.5I12, and
September ribs between s6.75 and $685., with
the close 1219Q15c depressed at S6.55Q6.6ll2.
Estimated receipts tomorrow: Wheat, lU
cars; corn, $50 cars; oats, 100 cars; hogs'
80, 900 head.