The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-08-07
CORN is FLYING HIGH
GAINED NEARLY &C A BUsHEL ONE
TINE AND CLOSED 3 1-4C UP.
cagO Traders the Worst Scare They
Have Had This Season.

CHICAGO, Aug. Ga spectre of drought
in the corn belt was again in evidence to-
day and the speculative markets were all
strong under the lead of corn, that grain
making a sensational advance. 1t was at
one time 3Ac per bushel higher for Sep
TENDER and 2kc higher for May than ic
closed on Saturday, and left off with a net
gain of SIC and 2sc, respectively. Wheat
closed ac up, compared with Saturdays
final quotations.. Oats gained 1c per bushel
and provisions advanced slightly also for
near deliveries and SOC per barrel for jan
uary pork.
Wheat was rather quiet and inactive at
times. with the range for the day 1c. The
feeling developed was, on the whole. firm
er and values ruled higher. The surround
ing influences were mainly of a bearish ma
ture, and the strength to-day came from
corn. Outside markets showed considerable
strength, but 1t being a. holiday in England,
no cables were received from there. Ber-
lin was quoted steady. The visible showed
an increase of 2,S57,OO 0 bushels, or about
as anticipated. Local receipts were heavy
-1,025 cars, but included Sundays work on
some of the roads. Receipts in the North
west were moderate, but a larger move
ment is expected, owing to the premium of
September wheat in that section. New
York was credited with buying moderately,
and n prominent local operator here sold
freely at the advance. The export clear
ances were small and aggregated 19l 900
bushels of wheat and flour, of which 49,
600 bushels were in flour. September
opened sc higher, at SAC, sold to SOC de-
clined to $3.50 and closed at 549sc.
Corn was nervous and unsettled, fiuctua-
tions covering 2243lsc range. The feeling
developed was again stronger and still
higher nriCPS were secured The strength
was due to the weather. there being no
rain in the corn belt: The country was
Southwest in particular, while the selling
was principally by local professionals who,
while still disposed to oppose any advance
ferings. Elevator people were credited with
purchasing September, and one of the
largest commission houses on the floor,
which has bought largely of late, continued
active on the buying side. Room traders
who usually operate in wheat were giving
their attention to corn and sold freely.
Shorts were inclined to cover, some on the
theory that the various State reports,
cidedly bullish and might cause a STAN
pede in prices. The market was further
helped later in the session by the weather
which indicated no rain in the Northwest,
except showers possibly around Dubuque.
outside markets were all up and receipts
were smaller than expected. The market
opened AG1c higher than the final figures
of Saturday and sold up sc more, eased
en T., andd cioseS al 5sIsc for september
Oats were active and stronger, in SYM
pathy with corn. The range for Septem-
Der was 1c.
Provisions were firm on the strength in
the grain market, but the market was
quiet. Compared with Saturday night Sep
tember pork is &c higher, September lard
Csc higher and September ribs .07l2c higher.
Freights are sc for corn and oats to
Buffalo.
corn, 109. 900 bu; oats, 291 900 bu. Shipments
Wheat, 225, 900 bu; corn, 81 900 bu; oats,
POI, 900 bu. Estimated receipts for Tuesday
are: Wheat, $40 cars; corn, $50 cars; oats,
$40 cars; hogs, $4,000 head. Leading futures
ranged as follows: