The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-21
SQUEEZE IN JULY OATS
PRICE FORCED To csc. CLOSING AT
AN ADVANCE OF lie.
September Oats and July Corn Also
Gain-Wheat, September Corn and
Provisions show Small Losses.

CHICAGO July 19.-This was another day
for squeezing shorts in the oats pit. New
July standard oats were excitedly bid up
794c to CSC the highest price on record
since 1874. Aside from the large short line
that is held by one OF the leading pro-
fessionals. the principal cause OF the erraic
gyrations displayed by oats prices to-day
was that of ruined harvest fields by rea-
son of the recent heavy rains. other grains
were bullishly affected by the rains, but
liquidation caused reactions At the close
July oats gained 7i4c, September &c and
July corn 1%c September corn lost Ad%c,
July wheat &c and September Ac- Provi-
Sl0ns closed ~ 10 loo lower.
1t was a wild day in oats The cause
largely seems to be that there is a natural
corner In July new options. Mayor James
Patten. of Evanston, who cornered May
600 bushels of new July and, inasmuch as
receipts are very small and contract grad
ing much smaller, shorts are fearing Sun
worse conditions. Up TO few days ago
promises for a good oats harvest came 10
hand repeatedly. The cash demand. how
ever. kept up so well that in spite of pre-
dicted good crops prices continued 10 ad-
vance. Heavy rains and reports of fallen
and twisted grain caused shorts to become
panicky. The outside bought freely. The
further options advanced sympathetically
the break in wheat and corn. The near
months have become very scarce. AT all
times they are hard TO buy and the demand
Is always in excess OF offerings. Trade
in July was not excessively heavy, the
price being put up by moderate purchases.
Prices, however, frequently ranged or &c
al a jump. July opened 2Ac up at 6Oc'
dipped TO 59l2c and then jumped TO csc. The
close very strong, 74c up, at 641zc-
September opened 14c 10 sc higher at S3A c
TO S4lsc and sold at 34$sc, closing firm, nc
higher. at 34c. Receipts were very small at
81 cars, Is of contract grade.
Wheat made very good advances early on
the weather reports and light local con-
tract grade receipts. July in particular
was strong, and was bid up rapidly by
frightened shorts. Gables were Indifferent
Most of the wheat east of the Mississippi
and near the great lakes had been damaged
TO some extent by the rains and showers
were predicted. Trade was only fair after
the opening furry. and when il was learned
that the primary receipts were l55,OW bu
against $4,000 bu last year, Southwestern
houses began selling freely and sentiment
rapidly turned bearish. st. Louis led in
the selling. July opened nc up at 771zc,
jumped to 79c and reacted, closing 15c up
at 77ikc. September opened 3sG12c to lose
up at 13c 10 73Mc, sold at 73lsG73I4c, but
slumped to 721sc and closed weak, 14c lower,
at 724d729sc. Local receipts were $50 cars,
twenty-seven of contract grade. Mime
apolis and Duluth reported pa cars, total
of ASH, against 34l last week and 55l year
ago. Seaboard clearances in wheat and
UOur eQudl6u o0o,UvD Du.
Corn was bid up well at the start in
sympathy with wheat and oats and the rain
influences. The market, however, was
poorly supported and there was a slump in
prices until deferred futures closed under
yesterday. There was little feature to the
market aside from covering, and trade was
light. Sentiment inclined TO the bear side
and all locals sold rather freely after the
initial bulge. July opened lc up at &c and
closed 124c up at 67$4c. September opened
&c to CSC up at Size to 6lSsc, and sold at
6l24c, but dipped 1c from this price and
closed weak, LG3sc lower at 607sd6lc. Re
ceipts were AS cars, 40 of contract grade.
Total contract stuff was 100000 blu.
Provisions were subjected to free selling
by brokers for unloading packers, and in
consequence of a concerted effort TO break
prices, both on the board and at the yard,
slumps resulted. Hogs were few, but
brought lower prices September pork
closed l0c lower at $lS.3712, lard l5c lower al
S1OS712 and ribs 71ac down at $lO.75.
Estimated receipts for Monday: Wheat,
40 cars corn, $50 cars; oats. 105 cars; hogs,
%. 900 head; hogs for the week 1900 head.
Leading futures ranged as follows