The morning call., 1894-07-31
Chicago Markets.

CHICAGO, July 3O.-There was plenty of excite
ment in the corn Dit To-Day. Reports of ruined
crops came Ia thick and fast and the price jumped
rapidly. There was advance of nearly &c. and
the market closed at the top figures of the day.
The excitement started with the posting OF a
statement showing the receipts of livestock in
Chicago to be $1,000 head, the largest one day
receipts ever known. 1t brought traders to the
realization OF the drought in the corn belt and its
consequences such they had not previously
conceived. The magnitude OF the receipts showed
that Western stock-growers had become alarmed
the long drought, and fearing that they
would be unable to secure feed at paying prices
had resolved to sell out at once.
While the brokers have taken cognizance of the
drought they had not heretofore mad it so strong
ly impressed upon their minds. The showing that
so OOU hogs 20 900 cattle aud 10, 600 sheep had
been shipped 10 Chicago in twenJy-fOur hours
came with almost the suddenness aud force OF
Knockout blow. During all last week corn WAS on
the lump. The signal service reports OF showers
in various localities caused prices to drop cents
but when 1t was reasoned that the rain mad bene
fted only limited territory prices advanced
Saturday night prices closed pretty well advanced
with the exception of the market being influenced
by the weather on Monday.
When the traders came down to business to-day
they consulted the weather map and press dis
patches aud saw that In sections 9f Illinois, Mis-
souri, aud Kansas showers had fallen, but there
had OF been sufficient to break the drought in the
big corn belt, which extends from ohio to the
Rocky Mountains Inen came the announcement
regarding livestock receipts and it began to be
realized that per cent OF the best portion OF the
corn belt was sttll affected by the drouth. The
surplus" corn States Iowa, Illinois, Missouri,
Kansas and Indiana, which last year
raised lOUU 600 QUO bushels out of l6OO,-
100000 constituting the entire crop, and
shipped much of it because they were unable to
it, had not been materially effected, IL was de-
elared, aud the brokers were set to thinking II
did take them long to figure out with consider
able unanimty that the Western packers who had
been heavy buyers of corn during the closing days
OF last week knew more about the exact situation
than they did themselves and that the indications
OF the serious effect of the drought had been seen
in the West before they were seen here.
All these things Influenced the market and the
alarm became general one thing that ayerted
panic was the pulling against each other OF wheat
and Every Indication was favorable TO
forcing wheat down and corn up The excitement
continued undated until the close, with the out
look for field day tomorrow.
oats followed the lead of the other two, finish
ishing with a gain of l1se. The news affecting
" heat would most likely nave caused decline,
but the damage TO corn appeared to the traders
80 sensaionaly serious that it moro than counter
balanced all that could be advanced in the way
OF beaTish features in the condition of Wheat and
thtre was great deal TO be said on that SIDE
Provisions closed at a slight decline.
In wheat there was very fair speculative trade,
the market huctuating frequently. Trades were
al Saturdays hnal figures, september opening at
6Z$s, ana shortly afterwards cas- d off a little,
advanced 6s@34, declined 5s@a4, ruled frmer,
advanced ls4 92Hs, changed some and closed with
september at 54ts The principal surrounding
Influences were rather bearish aside from the
action Of corn. Among tho bsarish influences
were liberal receipts and reports that France
would have wheat for export this year There
was small increase on ocean passage and large
was expected.
Minneapolis reported the receipts of three cars
OF new wheat at that point. and this acted as a
bearish factor There were S35 cars received
here.
A feature was the buying of September and
selHng OF December, the discount narrowing
from 3I4c TO &c. The market rallied some after
the decline, the crowd rather oYerSelltpg on the
visible. Closing cables were irregular and gener-
ally higher, aiding in the rally at the close.
Corn was active, with the markets broad and
sentiment very much mixed, the volume OF busl-
ness being heavy with fluctuations sudden and
frequent within 27s@ 1sc range. The weather
was the al-absorblng top c, and advices from the
interior were eagerly watched for and very
numerous. Opening trades in Septembe were
the same TO 13c uuder at 44@44Ac, and on May
AGl14c over the final figures of saturday. and
bOth Immediately advanced 1a@$4c, eased off
14(95sc, rallied 2$Se. changed some, ruled firm |
ana closed with September at 31sc.
There were fair rains in Illinois and Missouri
and some IN Kansas but very little in Iowa and
\ ebraska There were all kinds OF orders filed
at the opening, selling from the wet points and
buying from the dry portions. Illinois was said |
to Oe selling quite fr eely and Iowa and Nebraska
buying. 1he seing OF the day was mainly by
professionals. many OF whom usually operate in |
wheat. and the buying largely by shorts and re-
ceivers acting for the country.
oats were Influenced by the strength in corn
and ruled frmer. The range for September was
Provisions were easy at the opening on the very
heavy live hog receipts, but rmed up later the
advance in corn.
Compared with Saturday night September pork
is unchanged September lard 712c lower ana
September ribs SC lower.
The leading futures ranged as follows:
Wheat No q Mess PORK per bbL-