The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-09
CORN LOST IT'S BOOM
PRINCIPALLY ON PREDICTION OF
DROUGHT NEARLY OVER.
Chicago Bulls in Control of wheat
Most of the Day-An Markets
Finally Declined.

CHICAGO, July S.-The bloom was shak-
en- off the boom in corn to-day by the
unloading of some of the big lines of
September that had accumulated during the
recent advance. 1t closed at a 1bd5sc de-
cline Wheat had considerable foreign en-
couragemont, but closed 1sc lower than it
did yesterday. Oats closed unchanged
and provisions unchanged to sc lower.
Wheat was again in control of the bulls
at the opening of the board to-day. There
vas no trading in July to speak of but
September as lively as a small boys
''nigger chaser" and for a time fully as
erratic. Trading in that option commenced
at from 6612c TO 6634c, against yesterdays
closing price of 66ssQ6612c 1t dropped to
66Q661sc, then went skipping upward from
fraction to fraction until in a little over a
half hour from the start 1t perched for a
few moments on 673sc. From that it began
to drop gently down again and took a
long rest when it got back to around &c
There We're various reasons for the
strength the market displayed. The Rus
sian wheat crop was reported to be suffer-
ing from excessive rain and the Russian
shippers in consequence to be buying
American wheat on speculation. New York
wired shortly after the opening that for
eigners were good buyers and wheat was
scarce. Heavy rain in the Northwest was
doing damage to spring wheat according
to some of the dispatches from there. Lv-
erpOol quoted an advance of I'D per Genital
to begin with and local commission houses
had cable orders for September wheat from
the United Kingdom and continent. St.
Louis supplemented the buying of the day
before by fresh liberal purchases. Chicago
receipts were five carloads. MINNEAPOLIS and
INST or 10
corresponding day Of the year before. At
lanttc port clearanceS of wheat and flour
were equal to $4,000 blu. There was some
disposition to realize at the opening and
for time more wheat was put on the
market than it could readily absorb. AS
soon as the market received outside sup
port notably from ST Louis the situation
changed at once. The market in the last
half of the session became dull and with
the falling off in business there was
tendency in the price to work lower. The
foreign orders for flour were liberal but
break in the drought in the corn belt was
predicted and caused an easier feeling in
that article that affected wheat speculation
unfavorably. September got down to 663sc
and held obstinately close to those figures
when general selling pressure caused
further decline to 66Ad66Ssc, which was the
trading rate at the close.
In corn there was continuation of the
activity of the past few days, but an evil
dent desire among the heavier longs to
realize on their holdings Reports from the
lest blow to the bullish feeling came from
the Weather Bureau, which predicted
breaking of the drought West within the
next thirty-six hours. Local receipts were
352 cars. September opened very Irregular
ly at from Csc to 2SA@ 2S$sc and worked up
and down between 2714c and Use, being
weaker near the end of the session. 1t
closed at 273sc, about Zee under yesterdays
final figures.
The market for oats was firm and active
throughout. the strength being due prin
cpally to sympathy with wheat. Shorts
bought literally. Local receipts amounted
to IFS cars. September opened a shade
higher at 1SAd1S2sc, sold up to 1S12c, back
to 1880 and closed at 1SAc bid.
Provisions were dull and neglected and
the tendency was downward after a firm
opening at some improvement, due to
smaller run of hogs than expected. Pack
ers were moderate sellers. but enough was
offered to create a weak feeling. At the
close September pork was sc lower at
$772R, September lard unchanged at &1212
and September ribs unchanged al $445.
Estimated receipts for Friday-Wheat,
5 cars; corn, 4O2 cars; oats, 200 cars; hogs,
"a 900 head
f,1+,