The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-26
A SUSTAINING FACTOR
STRENGTH IN CORN ON DRY Wealth
Err UPHELD GRAIN MARKET.
wheat Left on with Slight Fractional
Losses-PrOvisiOns Fixms Pork
Making a Small Gain.

CHICAGO, July 25.-Corn advanced on dry
weather and upheld the speculative mar
ket. Corn closed ssQa4c higher. Wheat left
off Sake lower. Oats rose Ac. Pork and
lard advanced 21ac each.
Light sprinkling of rain that was falling
here as the session commenced started corn
easy. The market was soon freed, how
ever, from this influence. Continued dry
weather was the reason for additional
strength, ard when the signal service pre-
dicted another thirty-six hours without ram
the trade was not slow to realize the sit
uation. An active demand from nearly all
the prominent bulls started prices up with
a rush. The country had few selling or
ders in the pit at the opening, but the Of
feringS were quickly absorbed. When big
shorts attempted to come in it was a case
of bid and get nothing until the September
price touched 351ac, or a full cent better
than the opening. AT this point long prop
erty came out freely, and there was active
selling against calls. The increased offer
ings caused some recession, but there were
plenty. of buyers at the reduction to again
advance September to S5ssc. The readiness
with which Liverpool responded to the adj
vance here Saturday was considered sig
nificant. September opened 1sQAc lower, at
S4SsQS412c, advanced quickly to 3515c, re-
acted to S47sc, then firmed up to 35AQ353sc
at the close.
Lower quotations from Liverpool and IA
vorable weather for the spring crop sent
wheat down at the opening. September
started from 6712c, sellers, to 673sc, and
touched 67Ac, when the advance in corn ex-
erted a buoyant effect. When the corn mar
ket commenced to give indications of having
reached the elimination of its advances the
bears in wheat were encouraged to sell with
greater freedom than they had been doing
while corn kept on the rampage. This, to-
gether with indications of enormous. re-
ceipts everywhere the rest of the week,
coupled. with declining cash market,
caused wheat to become very heavy. After
a downward reaction in corn that commod-
lty began another rise, infuSing a bulliSh
spirit INTO the wheat market. September
wheat, which had sold as low as 66hc, re-
covered to $3.50 near the close. Atlantic
equal to 100000 blu. Chicago receipts were
157 cars, of which SO were No. g. Last year,
on the corresponding day, 1873 cars were re-
ceiyed. Minneapolis and Duluth reported
12S cars. against 457 year ago. September
opened &c lower, at 673sG671@c, up to 675sc,
down to 663sc then rose to 67asc asked at
the close. December started Ac down, at
671sQ67Ac, advanced to 67ss@6719c, reacted to
6e7sQ67c, and closed at 671sc bid.
Oats followed corn, September opening
unchanged, at 205sc, rose to 21c, declined to
A?sc, then rallied to 2O7sc bid, the closing
price.
The higher hog prices and the strength
of corn held provisions firm September
pork began 2iac lower, at 1895, off to $9.9212,
up TO SIC, closing at this. TIE range of
lard and ribs was small.
Estimated receipts for to-morrow-WheGt,
2S5 cars; corn. $50 cars; oats 345 cars; hogs
10000 head.
Sui. en-