The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-19
Prices of All Grains Forced Cp by
Dealers who Had Not Enough to
FIJI Deliveries.
FRANTIC EFFORTS TO COVER
JULY OATS Sic AND SEPTEMBER
&c HIGHER AT CLOSE.
wheat, Corn and Provisions Also Adj
vanced-Market Affected by Heavy
Rains i'm the Southwest.

element in grains to-day. Heavy rains in
the Southwest frightened shorts, who bid
so frantically to cover their outstanding
liabilities that prices, especially in oats and
wheat, literally scared. At to prices there
was plenty OF stuff for sale in the deferred
options and prices sagged somewhat. July
deliveries. however, fluctuated in a fashion
that would have done credit to a corner,
and at the close all prices were strong
July oats closed sac higher. September oats
&c up, July wheat 22sc higher, September
wheat 15c up, July corn CSC higher. and
September corn &c up. Provisions closed
nc lower to SC higher.
In point Of spectacular display and phe-
nOmenal advances, oats July in particularly
held the center of the stage. The cause of
the stampede was the simple situation of
q goOdly number of July shorts caught in
a pretty tight trap. The unfortunates saw
no other way out than to climb out at
high point, and in consequence fought to
save themselves. Rain was the cause of
much of the trouble From points near
this market. where the grain is yellow,
ports came in that whole fields were down
and badly twisted. Receipts were only
eighty-seven cars, twenty-five of contract
grade. OF these arrivals only seven cars
were new stuff and these seven showed no
contract grade. This put the bears in a
panic. II seemed impossible that with the
| cash market booming and big export de-
mand, there should be any chance of get
ting enough standard oats to fill contracts
! before the end OF the current month. Add
/ ed to this news. which in itself twisted the
market in SpaSmS, was the gossip that one
house controlled all the short accounts in
July and that Mayor Patient, of Evanston,
/ who cornered May oats, had the July
| shorts under his thumb. There was a big
/ trade in oats, Notwithstanding the fact that
/ offers were scarce. The opening of bust
ness was wild. July new started 315c high
/ er at 5511c and touched 561ac before a re-
/ action set in. September opened 12c to lac
/ up at SIC TO 33%ac and easily touched 337sc.
| After the first rush to cover there was a lull
/ and prices slipped back. Just before the
| close, however, July new was given aonther
! severe turn and closed excited and strong,
! 5Ssc up at 5IAC. September closed strong
| at 1c advance at S3I5c.
! Wheat had a rush of buying orders to
| push prices up at the opening, and a very
! strong market ensued. Houses with South
! ern connections were among the best buy
ers, and gave as their reason for increased
bids the damage to wheat in shocks by
! last nights heavy storm. July was in
! special demand and was bid up excitedly
! by shorts covering until 7Sc was reached
| a gain or S1sc over yesterdays closing
] figure. Shorts were badly scared There
/ were several bearish influences at work
but little or no effect was felt from them.
/
were much increased and foreign and do
nestle crop advices were good. One sta
| tstical journal issued a bearish report, and
| there was some selling a result. The
| bullish incentives were the rain, depleted
| stocks of old stuff and remarkable short
age OF contract grade stuff in the new re-
| cefpts. To-day the contract grade eQualed
| about three-fOurths of l per cent as
/ against 30 per cent. this time last year
This shrinkage is attributed largely to the
| long and disastrous rainy season Wheat
| that naturally would reach this center in
| July and was counted upon by shorts was
| badly damaged by yesterdays rains in Illi-
nois, Iowa, Nebraska, Kansas and Mis-
| souri,. Still more rain is predicted Sep
| TENDER wheat opened 3sQ2ic to LG$c up at
| 7224c to 72ssc and sold at 727sc. Profit taking
| on the advance brought a reaction, but
the close was firm for September again at
| 12$s472ssc July closed strong and 2&sc
higher at nc. Local receipts were 23O cars,
| { of contract grade and 222 of new stuff
! Minneapolis ana Duluth reported 1874 cars.
| making a total for the three points of 424
cars, against 81 last week and ASS year
ago. Primary receipts were $4,000 bu,
against 1,2l5,0O0 bu last year. Argentine
shipments were 24.000 bu, compared with
| 10000 bu last year. Seaboard clearances in
| wheat and flour eQualed 3S9. 900 bu.
Corn, after an early squirt lapsed into
dullness and fiuctuated narrowly Receipts
OF contract grade were materially cut down
| to-day, largely because of the decline in
| prices, IL is thought. Feeling on the bulge
brought a reaction and there was little un-
usual about the market the rest of the day.
! 1neTe was q ldlr commercial demand Tor
| December and May and the bull party sup
| ported July to a small extent. Gables were
firm. July opened 2&c up. at CSC, on sup
port, but reacted to 65%c on liquidation and
closed firm. &c up. at 66c. September
| opened 1s63sc higher, at size to sligo. and
touched 61%c. On the selling this option
| dipped to 60A G6O7sc and closed only trihe
| from sc up. at 61Ac. Receipts were 445
cars, seventy-five of contract. Total con-
tract stuff on the market amounted to
! about 100000 bu.
Provisions were depressed by early out
| side liquidation. but on bullish hog situa-
ton packers gave the market some support
| and partial rallies resulted. September
pork closed 71ac lower. at $1S.47la: Septem-
! Der lard unchanged at S1L0212, and Septem-
Der ribs sc up. at $l0S21A
Estimated receipts for to-morrow-Wheat
% cars; corn, AS; oats, 1O5; hogs, 5000 head.
Leading futures ranged as follows to-day: