The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-08-08
WILD TIME IN CORN
SELDOM HAS SUCH A PANIC BEEN
WITNESSED On CHICAGO BOARD.
The Close Was at N Gain of 63-Sc,
Wheat Being Lifted lie, Oats Sc
and Provisions Somewhat.

CHICAGO, Aug. lit was a wildly bull
ish session in all the grain markets to-day,
and heavy additions were made to prices.
Corn led. as it has been doing Of late, and
sold for September as high as Coo. and
when wheat was still being quoted at Soc.
1t closed at 5912c. or 63sc above its value at
the corresponding time yesterday. May
corn rested with a gain of 57sc. Wheat
caught the fever when the session was
about half over and gained 224c, winding Up
with 21sc TO the good. Oats rose from pa
to Sc. and provisions also made a hand
some advance.
Wheat was more active within a higher
range. The feeling developed was stronger.
being influenced altogether, as was the case
yesterday, by the action of corn. the price
being helped and sustained by the course
of that cereal. Opening trades were at 7s@
1c advance. at 55lhc for September. and
soon sold up 1%c more under an urgent de-
mand, eased off 1G1hc, rallied &c, changed
some, ruled steady. and closed with Sep
TENDER at 57ssc. There was not much news
in the market. The on-passage figures
showed an increase of 672, 900 blu, and early
public cables were a little steadier. Private
cables quoted Liverpool quiet. rather stead
Ter and the weather showery, with ship
ments increasing, and the closing very firm
on bad weather, being Sd up. The wet
weather abroad was about the only new
feature. Local receipts were about as ex-
pected, and the estimate for tomorrow
still large at 70 cars. Outside markets
were all higher. Receipts in the North
west were much smaller.
In corn there was an unusually heavy
trade and an active. nervous, unsettled
market, with prices very irregular. FIuc-
tuations covered a 47sQ5asc range, and
changed suddenly and frequently within
these limits. The opening was most ex-
cited and wild, all kinds of prices being
paid. values varying 2Q3c at the same time
in different parts of the crowd. 1t was the
most exciting opening in over a year, and.
with few exceptions. the most irregular on
record. Local shorts evidently began TO
realize the seriousness of their position, ana
contracts at the tap of the bell to-day.
Initial transactions were at l14ul12c ABOVE
the final figure of yesterday: at 5tSsc for
September and $3.50 for May, back to 56c
and 5213c. respectively, all within the first
afterWar minu5 sdvaD Oc the 1ne sessions eased rr1 off
and ruled 212Q2s4c, changed some,
and closed with September at 59l2c: There
was no rain in the corn belt. outside of a
little at Valentine, Neb., and temperatures
were all considerably higher. The fact that
the citizens of Nebraska have petitloned
lit blNtIlOI " III " nv 49,
central part of that State, whose crop was
ruined by the drought, confirms the reports
of damage from that section, and the trade
is beginning to give advlceS from the west
more serious consideration. The above news
was among the many factors which. had a
good deal to do with the sudden and sharp
bulge. There We're all kinds of orders exc
cuted at the start, stop-loss orders being
numerous, many of which could not be exc
cuted at anything like the limits given.
Shorts. in their frantic efforts TO cover, and
in absence of offerings. bid the price up &c
at a iump. the price of September ten MIN
utes after the opening being at 5Sc and Coo
at the same time. During the excitement
the trade centered largely in May and Sep
tember, and it was most difflcult 10 traue
in any of the other deliveries, October and
December, for some minutes after the mar
ket had subsidized somewhat. The local fore
cast did not predict any moisture Tor either
Washington predicts showers for Nebraska
and Iowa Wednesday. This prediction
caused prices to hold awhile. but did not
last long, and soon afterwards again scared
higher. There was some local realizing on
the advance. but in the interior longs. in
most instances, are still holding out. Outside
markets were all up, New York advancing
Shq4c and st. Louis 4q419c. cables came IN
with I'd advance on spot and futures.
Oats were active and excited with q wild
rush at the opening TO buy. The market de-
rived all its strength from the advance IN
corn. The range for September was &c.
Provisions were more active and strong
on the bulge in corn. A reaction in the mid
die of the session was overcome by good
demand, and the finish was near the top.
Compared with last night, September pork
is 171ac higher. September lard .l212c higher
and September ribs .15c higher.
Freights-The lake rate to Buffalo remains
unchanged, at &c for wheat yo1 eat and corn r.
600 blu; oats, $4,000 bu. Shipments: Wheat,
q. 900 blu: corn, $4,000 blu; oats. 203, 900 bu.
Leading futures ranged as follows: