The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-14
SEEKING FOR SALVATION
MEN WHO s.HAyE SOLD WIND" IN
THE JULY CORN DEAL.
shorts Are Much neutrality-suspicious. r
Grain Prices Are Lower-Provi-
siOns Make Small Gains.

CHICAGO, July pa petition was
handed TO Secretary Stone. of the Board of
Trade asking that a 'margined price be
fixed on July corn, which has been cor
nered by party headed by John w Gates
The meaning Of the petition is that the
directors will proceed 10 fix fair price for
corn, based on the selling price of the
cereal i'm markets where the supply is not
manipulated. Such a step, it is said. has
not been taken in twenty years, although
the rules provide for such action. Brokers
generally were quoted as being opposed TO
the petition. Manager Samuel Scooter, OF
Harris, Gates & Co. said:
It's nice idea. II they win, all right,
if they lose they act the baby. what we
have done with corn hurts no one who had
made legitimate trades. People who have
sold us corr can get the money when they
deliver the goods. # a lot of fellows have
sold wind let them take the consequences.
The market for July corn was dull to-
day. Sales were between SOC and Soc, and
the close was at Soc.
Trading was dull on the Board of Trade
to-day, and prices for all grains were IN
clined TO seek a lower level september
wheat closed 5U%c lower, corn was 1sQt<c
lower, oats were 15Gssc lower. with Sep
TENDER provisions unchanged TO zoe higher
Better weather had its natural effect on
the wheat market, and many OF yester-
days buyers turned sellers early In the
day. Local sentiment was bearlsh, ana,
in the absence of a buying demand, there
was an attempt to raid the market, but
the efforts were fruitleSs, as a moderate
demand developed on the decline, which
prevented further loss. An important fea-
ture of the trading was changing from
September to December by a prominent
house. Large clearances were. also, help
to better prices. September opened 1Zqesc
lower, at 73Ssq7SAc, and huctuated WITHIN
a narrow range. After selling at i5;sqiic
there was a decline to 73lRc, and the close
was at about the bottom, with loss OF asa
&c, at 731a0735sc Seaboard clearances OF
wheat and flour were equal TO 10000 bu.
Primary receipts were 6OS,OU ou, aSalhsl
734 600 a year ago. Local receipts were
ninety-nine cars. with seven contract. Re-
ceipts at Minneapolis and Duluth were re-
ported as 242 cars, total or S4l compared
with 343 last year.
Corn opened easier on better weather and
larger receipts, with a larger proportion OF
contract grade. Selling was quite general
and while there was no conspicuous buy
ing prices held we'll and there was only a
small decline. There was little doing In the
July option, and after opening Ac down, al
SOC, the close was Ac higher, at sec. Sep
TENDER opened Ad2sc lower, at 6lSsq6l%c
advanced to 6214d62&sc, closing lsqAc lower
at 61&4G617sc. Local receipts were 3l3 cars
with siXty-nine of contract grade.
Oats were weak under the influence OF
excellent weather, with prospects of favor
able conditions over Sunday. Shorts took
advantage of the decline TO cover extern
sively and this resulted in Strengthening
prices. September opened $GI15c lower, a
335s63Ss4c, and ranged between $3.50 and
3S34c, closing 15d9sc lower, at 33l2qS59sc. Lo
cal receipts were 115 cars.
Provisions were moderately strong under
the leadership of lard. There was an active
demand for lard and longs took advantage
of the better prices to dispose of their hold
ings which tended to check the advance
Prices held fairly well, however, September
lard closing zoe higher at Sll-S5. after sell
ing between $11.1712 and S11 40; pork was un
changed at $3.50, after ranging between
$3.50 and $3.50, and ribs closed 21s45c high
er, at s1OS5. The range was between Sos
and s10.S713d10.95.
aS cars: corn $50; oats, IS; hogs, 80, 900 head
Leading futures ranged as follows: