The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-30
BEARS In FULL CONTROL
ALL GRAINS LOWER EXCEPT THE
JULY OATS OPTION.
This shows a Rise OF &c, After a
Heavy Opening Loss-HOg Products
Also Decline sharply.

CHICAGO, July 29.-Bears were in full
control OF all grain markets most of the
day. The tumbling was not confined only
TO breaks in July, where there had been
manipulation. The whole grain list, wheat
corn. oats and rye. in all months went
lower under the smothering weight of big
receipts and prospects of immense coarse
grain crops. In July, where sensational
drops were expected, the bears were some
what disappointed. In the other months,
however where prices were considered on
a fair commercial basis. the drops were
sudden and disastrous to the bulls, and in
all quite astonishing Toward the close,
reaction set in in most grains, and especial
ly in July oats, which had lost sc. In the
end, July wheat lost only 14c September
wheat Ikd5sc, July corn &c, September corn
21hc and September oats &c July oats
closed PC higher and provisions closed &c
TO 35c down.
Corn ruled consistently bearish in all OPP
tions. Extreme weakness set in almost at
the start of business. Heavy receipts and
fine weather were the incentives Aug
menting these was an almost total absence
OF support. Apparently the Gates-New
York bull CLIQUE have. as they announced,
deserted the July deal for on fair offer
ings of this month, there was rapid de-
cline and a net loss of &c from last night
close,
was not heavy, but offerings were so lib
eral. in addition 10 the reports of excep-
tOnaly large coarse grain crops that the
market ali around took on a sick aspect.
Cables were indifferent the cash demand
fell off and general news of other natures
favored the bears The big short interest
in September gave almost no support, and
! the gossip that this interest was so
powerful that il was waiting for still
! further breaks. September opened 1sc TO
sc down at 5Sc to 57l4c, and kept on con-
L lA1lf, bod EfCfi
mates of only 125 cars to be received here
! tomorrow checked the decline and Sep
/ TENDER closed weak, 21kc down. at soc. Re-
| ceipts were 334 cars, ninety-four of con-
! tract grade.
Wheat showed much weakness early on
| the corn slump and lower cables Receipts
/ were liberal, both local and primary, and
| for a time there was an absence of support
that threatened bad break in the leading
! cereal. Predictions were for record
breaking crop northwest. Locally the SEN
! timent was very bearish, and the local
crowd sold almost to a man. The south
| west, which received a heavy load to-day
sold freely. StOp-loss orders were met in
| abundance on the decline. but as soon as
these were exhausted the tone improved
] The pressure lifted and excellent buying
/ by influential houses aided in a fair reac-
ton. Late seaboard sales of forty-seven
/ loads augmented the rally. July, which
/ of late has been very narrow and easily
/ affected, hung rather narrow, opening 12c
! TO lAc down, at 73c 10 73Ac. and after dip
! ping TO 125sc, closing only a Jrifie easy, &c
! lower at 73i4c September opened 1s6I14c to
! Ease down, at 7O%ac to 705sc, sold down TO
! 20, and closed l2Q9sc down, rather weak,
at 703sc. Business was liberal. Fine
| weather a bearish factor. Local re-
| ceipts were 532 cars, twenty-eight of con-
| tract grade; Minneapolis and Duluth re-
! ported 256 cars, total of 1885, against 7l2
| last week and 705 a year ago. Seaboard
elearances in and flour equaled 12l,00O bu.
! Primary receipts were 1,4l9OO0 bu, against
! 1,123,000 last year
July oats afforded the spectacular side of
the blackboard story of the trading to-day.
On a little selling stimulated by the
very heavy receipts, July broke early to
! SIC, or a loss of &c from yesterdays close.
When the decline i'm the other grain pits
| was checked, bids for several Gives" of
/ new July, put the price up quickly to
strong closing, &c higher. at coo. The trade
| was still at sea to the possibilities of
! manipulation in this option. At the outset
| IL was expected that the Csc cars of arrivals
| to-day, with liz of contract grade and other
| contract stuff, to total 900, 600 blu for deliV-
cries, would break prices. Everything
| pointed TO deluge of oats this week With
only TWO days more TO the July deal it was
all guess work whether the shorts had set
tied or would have enough contracts set
| tied TO avoid bad squeeze. When the
price reacted and advanced it was thought
the hnal squeeze was at hand. September
was sold freely on fine weather. and
dropped from 32lac to 316sc, and closed &c
down, at &c.
Provisions were weak on selling in SYM
pathy for the grain weakness. Early the
market was strong on a strong hog situa-
ton. There was some fair support to lard.
but other products were not wanted and
prices declined sharply. September pork
closed 2212c down, at $3.50; lard sc lower
at $lO.61R, and ribs Csc off, at So
estimated receipts for tomorrow
Wheat, 2G5 cars; corn, 125; oats. 300; hogs
% 600 head