The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-20
IN JULY OATS
PRICE FORCED TO csc, CLOSING AT
AN ADVANCE OF 71-4C.
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
1Ac 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 erratic
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 7Ac. September nc and
July corn 14c. September corn lost AqSsc.
July wheat Ac and September Ac. Provi-
sions closed ~ to 15c 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
oats, is credited with a line of nearly 1000
600 bushels of new July and. inasmuch as
receipts are very small and contract grad
ing much smaller, shorts are fearing still
worse conditions. Up to a few days ago
promises for a good oats harvest came to
hand repeatedly. The cash demand. how
ever, kept up so we'll that in spite of pre-
dicted good crops prices continued TO ad-
vance. Heavy rains and reports of fallen
and twisted grain caused shorts to become
panicky. The outside bought freely. The
further options advanced alphabetically
and were hardly appreciably affected by
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
nrin hafr Dnr ,AA hr raA1nrnTn
Prices, however, frequently ranged l or &c
at a jump. July opened 22c up at Coo,
dipped to 5914c and then jumped to CSC, The
close was very strong, 7Ac up, at 641zc.
September opened Ac TO SAC higher at 33Ac
TO 341sc and sold at 344sc, closing firm. nc
higher, at S4c. Receipts were very small at
81 cars, Is of contract grade.
Wheat made very good advances early on
the weather reports and hgh 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 ii was learned
that the primary receipts were 155,OD bu
against $4,000 bu last year, Southwestern
houses began selling freely and sentiment
rapidly turned bearish. ST. Louis led In
the selling. July opened &c up at T711c,
jumped to 7c and reacted. closing 12c up
at 7l12c. September opened ssQ12c TO 1tQ5sc
up DIT f0C o dO1SC, SOU DIT ao1SHaO14Cs ia
slumped to 721sc and closed weak, Ac lower,
at 724d72$sc. Local receipts were $50 cars,
twenty-seven of contract grade. Mime
apolis and Duluth reported "a cars, a total
of 457, against 54l last week and sol a year
ago. Seaboard clearances in wheat and
flour equaled 35s,OOO bu.
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 1c up at &C and
closed 1$4c up at 67Ac. September opened
1.c to sc up at size to 61Ssc. and sold at
6lAc. but dipped 1c from this price and
closed weak, Aq%c lower at 60bd61c. Re
ceipts were AS cars, 10 of contract grade.
Total contract stuff was 200. 600 bu.
Provisions were subjected TO free selling
by brokers for unloading packers, and in
consequence of a concerted effort 10 break
prices, both on the board and at the yard,
slumps resulted. Hogs were few, but
brought lower prices. September pork
closed 10c lower at $lS.3713, lard 15c lower at
SlO.872 and ribs TIC down at $l0.75.
Estimated receipts for Monday: Wheat.
17O cars; corn. $50 cars; oats. los cars; hogs,
5000 head; hogs for the week, ll5,0O head.
Leading futures ranged as follows: