The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-07-31
CORN TOOK THE LEAD
ITS RAPID ADVANCE SERVED tt
DRAG WHEAT UPWARD.
The General News Was bearish. but
Not Enough to Overcome the
Bull Facts in Corn.

CHICAGO, July 30.-There was plenty
Of excitement in the corn pit at the Board
of Trade to-day. Reports Of ruined crops
came in Tick and fast and the pri:
jumped rapidly. There was an advance.
of nearly 3 cents during the trading hours
and the market closed at the top figures.
The wheat pit was partially deserted, in
terest centering in corn. The news in
wheat was bearish. but it's price went up
2 cents in sympathy with the corn scare.
The excitement started with the posting
of a statement showing the receipts of
live stock 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 conse-
quences such as they had not previously
conceived. The magnitude of the receipts
showed that the Western stock growers
had become alarmed over 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 had Ii so strongly inn
pressed upon their minds. The showing
that $4,000 hogs, $1,000 cattle and 1900
sheep had been shipped to Chicago in
twenty-four hours came with almost the
s~uddenness and force Of a knockout blow.
During all last week corn was on the
jump. The signal service reports OF
showers in various localities caused prices
to drop . cents, but when it was reasoned
that rain had benefited but a limited ter
ritory in the vast corn district, and, there
fore, could not have much effect the price
rose again. Saturday night prices closed
pretty we'll advanced, with the expectation
80 a. -.,-l-~ Ao;,- f-a.-4I T.. ~
weather on Monday. When the traders
came down to business to-day they con-
suited the weather map and press dis
patches and saw that in sections of I'LL
nois, Missouri and Kansas showers had
fallen, but there had not been sufficient to
break the drought in the big corn belt,
which extends from Ohio to the Rocky
mountains. Then came the announcement
regarding live stock receipts and it began
TO be realized that 70 per cent. of the
les. portion of the corn belt was still af-
fected by the drought. The surplus corn
States, Iowa, Illinois, Missouri, Kansas
and Indiana, which last year raised a bill
lion bushels of the 1000. 600, 900 bushels con-
shutting the entire crop in the United
States. . and shipped much of it because
they were unable to use it. had not been
materially affected, is was declared. ana
the brokers were set to thinking. 1t did
not take them long to figure out with con-
siderable unanimity that the Western
packers who became heavy buyers of corn
during the closing days 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 seen here.
In wheat there was a very fair specula-
tive trade, the market fuctuating frequent
ly. Initial trades were at about Saturdays
final figures, September opening at $3.50,
and shortly afterward eased off a little, ad-
vancing 5sd%c, declined 5sGAc. ruled firm
er, advanced 1Ad2sc, changed some and
closed with September at 54sc. The prin-
cipal surrounding influences were rather
bearish aside from the action of corn.
Among the bearish influences were liberal
receipts and reports that France would
have wheat for export this year. There
was a small increase on ocean passage and
a large increase in the visible supply-about
twice what was expected. Minneapolis re-
ported the receipt of three cars of new
wheat at that point, and this acted as a
bearish factor. There were SIS, cars re-
ceived here. A feature was the buying of
September and selling of December, the DIS
count narrowing down from SAC TO sc. The
market rallied some after the decline, the
crowd rather overselling on the visible.
Closing cables were irregular and generally
higher, aiding in the rally at the close.
Corn was active, with the market broad
and the sentiment very much mixed, the
volume of business being heavy with luc-
tuations sudden and frequent within 2sG
3hc range. The weather was the al-ab-
sorbing topic, and advices from he in
terror were eagerly watched for and very
numerous. The opening trades on SepJem-
Der were the same TO 1c under, at Ma
44S4c and on May AQ1Ac over the final fig
ures of Saturday, and both Immediately adj
vanced 12q$4c, eased off ease, rallied Csc,
changed somewhat, ruled firm and closed
with September at 1850. There were fair
rains in Illinois and Missouri and some in
Kansas, but very little in Iowa and Ne
braska. There were all kinds OF orders
filled at the opening, selling from the wet
points and buying from the dry portions.
Illinois was said to be selling quite freely
and Iowa and Nebraska buying. The sell
ing of the day was mainly by p%rofessio Etis.
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 firmer. The range for Sep
TENDER was 115c.
Provisions were easy at the opening ON
the very heavy live hog receipts, out firmed
up later on the advance in c5rn. compared
with Saturday night, September pork is I'M
changed, September lard .0712c lower and
September ribs .05c lower.
Freights, 7sG1c for wheat and corn to
Buffalo. Estimated receipts for Tuesday
are: Wheat, coo cars; corn, 4T5 ears; oats,
260 cars; hogs, $1,000. Leading futures