The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-23
PROVISIONS in A PANIC
SEVENTY CENTS BARREL
KNOCKED OFF PRICE OF PORK.
Lard Loses % 1-2c and Ribs AZ LIE
Grains Higher, July Oats Gaining
&c and Holding Be at the End.

CHICAGO, July 22-There was marked
variance between the slumping provisions
market to-day and the highly manipulated
condition OF September wheat that influ-
enced sharp advances in all grains in the
face of bearish conditions. Outsiders tired
of carrying the load of lofty prices for the
packing interests. unloaded to-day with
such vim that pork broke 75c barrel on
the other hand the rumor that leading
packer was under September wheat pushed
that cereal up sharply. sympathy did the
rest and July and September wheat closed
&c up, July corn lac higher September
corn 1911sc up. July oats Sc higher and
closed 221zc to roc lower.
Trade in provisions, though not heavy.
was almost panicky at times to-day Hogs
at the yards have been marketed much
more freely of late, tempted by high prices
To-day prices there slumped TO figure soc
under last Friday. Buyers were very bear
ish and as a result the temper in the provi-
sion pit was bearishly Influenced. The out
slider who took on good load during the
recent bull squirt has grown quite tired Of
the burden. General liquidation. which set
In 10 some extent yesterday, was very
marked to-day. There was vigorous trad
ing on the part of the professionals, but
few spectators wanted the stuff, so appar-
ent was the decline. Packers seemed 70
have abandoned their pet market until to-
ward the close, when little stuff was
taken to stop the decline. September pork,
which opened 15c to &c lower, at 81. S5dl 49,
plunged down to SIPS and closed zoe lower,
at Sl730 Lard opened nc to 212c down, at
Sl067l9 TO sl0.721a. sold at $l0S0 and then
broke to S1015l2, closing very weak % PC
lower, at s1O.521a. Ribs opened 712c to 21zc
down. at $1,000 to sl0.65, sold at 5000 and
closed weak. 4215c lower, at SlO25.
Wheat was very strong in spite of a per-
ceptible early break, Influenced by good
weather, heavy receipts and easy opening
cables. Immediately on the break de-
mand sprang up that frightened the shorts
into covering as speedily as possible. Rains
were predicted in the wheat belt and few
late showers were reported. Statistics with
a bullish trend did much to put prices up.
worlds available supply and estimates Tor
to-mOrrows receipts were only 100 cars.
The cash demand hung back, frightened by
the prospects Of big crops, but the very low
grading of the wheat coming 10 hand was
an added bullish incentive. Possibly as
much as anything to put gimp into Septem-
packer was taking control OF that option.
Poor grading reports came in from Kansas
City and St. Louis, and those markets
bought fairly here. Trade was good and
the close was strong and near top prices.
July sold from 75Ikc TO a net gain of Sac at
nc. September opened &c to 1sQAc lower.
at I9sc 10 U9sMus4c, sold TO &c ana cIOStd
3.c up at 729sc. Local receipts were 43S cars,
only nine of contract. Minneapolis and Du-
luth reported 24 cars, total OF III cars,
against the same number last week and 16i
a year ago. Primary receipts were bearlSh-
~ heavy at 900 bu compared with 9lS-
600 bu last year. Seaboard clearances in
wheat and flour equaled 1000 bu.
Corn started out weak on increased re-
ceipts and big increase in the contract.
Good weather and dull market tended TO
lower prices, but there was practically no
selling pressure and fair demand came up
at times, which. together with the wheat
strength. put corn prices up. After receipts
fortnight the estimate of only ninety cars
for tomorrow helped the bulls There was
still marked nervousness over the possibili-
ties of a squeeze in the supposedly dead
July deal" Trade was generally quiet.
July sold from 6514 c TO size on short cover
ing and closed strong, Ac up. at &c Sep
TENDER sold from 601sc 10 61&4c and closed
strong, 1d11sc UP, at 61l2G6lSsc. Receipts
were 469 cars, sixty-one of contract
Oats had an upturn, largely in sympathy
with wheat and corn. July options were
let alone most of the day, although prices
jumped from SIC TO &C and closed Sc high
er, at CSC. thereby indca ting that the deal
in this option not quite dead. Septem-
Der started weak on increased receipts and
good weather, selling as low as 33c. Shorts
wanted the stuff. however. and bid the
price TO a strong close, 1GlSsc up, at $3.50.
Receipts were lS cars, forty of contract.
Estimated receipts for to-morrow-Wheat,
100 cars; corn. 80: oats. 60; hogs, $4,000 head.
Leading futures ranged follows: