South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-07-30
WHEAT FAILS To
HOLD TOP PRICE
Few Regret Break of Three and
Four Cents During Day as 1t
Placed Market on a Health
Ter Footing.
BY JOSEPH +. PRTTCHARD.

CHICAGO, July 30.-There was an
almost complete reversal of conditions
surrounding the wheat market on the
board Of trade Wednesday as cOmpar-
ed with that of Tuesday. Conservat-
ism was urged by the officials of the
big trade mart led by Pres. c. II.
Candy.
A dull and sharply lower market
gave way to sensational conditions
that existed on Tuesday. The fact
that all the houses cleared at the reg
ular time Wednesday caused health
Ter feeling. There were few that re-
GREETED the sharp price losses OF 3 5-S
"a 5-Sc for the day as it placed the
market on a healthier footing than
was to be seen on Tuesday when in
flatiOn was the general order. The
sharpest losses Of the session occurred
during the latter part Of the day
when cable advices told of the better
feeling in political circles of the old
world. British consOls were one point
lower, but little attention was paid 10
this as the news from both Russia and
Germany overbalanced everything OF
a bullish character.
One of the convincing factors in the
wheat market early was heavy sell
ing of futures by foreigners This was
followed by efforts to cancel former
purchases made by exporters as well
as importers.
The cash men reported these offers
as made at figures lower than it would
cost TO ship the wheat, bit it was i'm
possible to release. ocean freights
which have been engaged for some lit
tie time. Local houses bought only
i 4,T-- y, 4, t. he.
try and cash premiums here shrunk
3-4d1 &c as compared with Tuesdays
level There were further reiteratiOns
of crop losses in western Canada and
they were more persistent than at any
time in the past week. There Was
little wheat bought here Wednesday
by foreigners, the total transactions
for the day being 100000 bushels o.
the cash article.
Business in the corn pit was COM
paratively quiet. Prices suffered a
sharp reaction following a higher
opening though making fair recoverieS
from the bottom closed Ia al Us lower
for the day Private adVices telling
OF fairly good showers in sections OF
Nebraska had the effect Of urging on
sellers. as the latter state has been suf-
fering from prolonged dry weather
and the corn in sections of the terri
tory was reported TO be I'm critical
stage. The severe slump in wheat val
ues naturally had a depressing influ-
ence on the yellow cereal.
Heavy pressure in the way of hedg-
ing sales against country purchases
of the actual grain featured trading
in the oats pit. This selling was done
on an open bulge and there was a
quick reaction in prices following
which the market ruled sharply lower
in sympathy with other grains. Clos
ing figures showed losses Of / 1-Sc for
July delivery and 1901 &c for other
months.
Efforts OF the shorts TO get under
cover gave provisions a higher start,
but the market quickly reacted and
final figures We're at declines of 1OQ
p 1-2c for the active months Con-
gestion in July pork caused an ad-
vance OF soc here and there was 1Oc
rise in July ribs, the latter getting
support from packers. There was cree
selling Of product on the initial bulge
by longs including some OF the larger
holders of lard and ribs and this with
the weakness in grains offset the firm
er hog market and possible war COM
plications.