The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-29
ANOTHER HEAVY DECLINE
JULY OATS GO OFF TWELVE CENTS
But RALLY THREE.
Other Pits and Options Easy in SYM
patty and from other Causes-PrO-
visions Also Are Lower.

CHICAGO, July 2S.-Oats had another
sensational drop to-day, July standard sell
ing off 12c at one time. There was nothing
particularly eventful in the trading thus
affected, but the weakness naturally had an
influence on the other pits. which had bear
ish incentives Of their own. The principal
of the bearsh influence was the burden Of
some quantity of new grain being rushed to
market to be delivered contracts in
manipulated July options. The result was
an easier tone. yet with shorts still wary.
July wheat closed lie down, September
wheat l4c lower, July corn &c down. Sep
TENDER corn 11kc down, July oats &c lower
and September oats 14c lower Provisions
closed sc TO 271ac lower
In point of spectacular display the oats
pit still held the attention of traders al
though the business in this pit was small
and actual news of little moment. The vio-
lent action of the July market Saturday
still in mind and many spectators
were Of the belief that the July deal was
off. This view of the situation gained all
the mere credence when the first sale of
July standard was made at a loss of &C
from Saturdays close, a SIC. For an hour
practically nothing was done in this option.
Then, on the selling of a few "hves," the
price tUmbled headlong in dips of 1c and PC
until SOC was reached. The general condi-
ton of other options did not warrant any
great weakness. Many oats were being
rushed here to market and the grading was
much improved. There was a fair demand,
however, in the farther months, and this
put check the decline. The specula-
tive talk to-day was that a New York
clique and big local commission man, who
controlled more than James Patten is said
TO hold of July, were letting the market
| alone, that the extremely heavy receipts
would not have to be taken on by them at
| fancy prices. September was very narrow,
| selling down from 33c to 325sc and closing
| only easy, Ac down, at S2%c. July rallied
| little on covering of several small short ac-
! counts and closed SC down, at CSC The
| fluctuations in July were abnormal but
caused little excitement, spectators taking
! it for granted that they would be very wide
| in such narrow market. Receipts were
| heavy at 344 cars. Estimates were still
| heavier for tomorrow at GO.
| Wheat figures indicated weakness, but
| aside from a break in July the market held
! up fairly we'll under the load of grain pour
| ing into all markets from the country. The
| cash demand was poor, cables were much
| lower and good conditions were reported
! abroad. Receipts were larger and esti-
| mates for tomorrow much increased. The
| sentiment generally was bearish and was
| augmented by the amount Of contract stuff
turned out for July contracts to-day by
| private elevators. Worlds shipments also
| were increased. The general feeling in
! wheat was that the quantity of wheat COM
ing to this center was becoming very bur-
| densome. Still shorts were cautious.
| Duluth worked twenty carloads of stuff
| direct for export. The weather map was
| still showery and although not very I'M
| favorable was still far from ideal. Clear
| ances from the seaboard were improved,
| wheat and flour totaling 62l 900 bu. After
there had been dip all around some small
| buying by influential houses turned Sep
TENDER back and helped July a trife. Pos
sibly the best influence was good buying
here by the Northwest. September opened
a shade TO 1sQAc down at 71kc to Tic,
dipped to 7Ossc and closed easy 1lc down,
at 70sQ7lc. Local receipts were 236 cars,
twelve of contract grade Minneapolis and
against 400 last week and SIT a year ago
Primary receipts were 1.59S 900 bu., against
100000 last year Worlds shipments were
$4,000 bu., compared with 5,66S000 last
week and 9.9S3Oo last year.
Corn was active only in spurts and was
hammered into a weak condition. Re-
ceipts were fairly liberal but estimates for
tomorrow were very heavy, at $40 cars
Selling was general and a good many STOP
| loss orders came out. Profit taking was the
principal influence that steadied the market
after the early weakness. Cables were
weak, crop reports were good and a bear
ish sentiment prevailed. The demand was
light all day and the only support came
from the party that was buling July and
had gone short of September as a hedge
Buying on the weak spots of September by
this house helped prices. July sold between
CSC and Gle and closed weak, &c lower. a
the latter figure. September sold from
59i4c TO 577sc and closed weak, 1bc down
at 5S1sc Receipts were Ia cars
Provisions were inactive and declined
somewhat on free outside liquidation anC
in sympathy with the corn dip. Good buy
ing of lard early sustained prices for
time, but the close was weak Hog price:
were steady To firm. September pork CLOSED
271zc down at $17.02lz, lard &c lower al $10721
and ribs &c down at $10.35.
Estimated receipts for tomorrow: Wheat
545 cars; corn, $40; oats, go; hogs. 22,Oo
head.
, leading futures ranged as follows.