The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-01
CORN STRUCK A SNAG
RECENT RAINS BELIEVED TO IN
SURE AN ENORMOUS CROP.
Heaviness Extended to Wheat, and
Closing Deals ON July Were at
a Loss of Lie.

CHICAGO. July 3O.-Rain dampened the
buying ardor in corn to-day and prices sag
ged, causing general heaviness in wheat.
September corn closed 1sc lower. July wheat
declined nc September was unchanged to
&c down and December unchanged. Oats
left off AQssc higher on reports of short
crop. Pork advanced 71sc, lard 21ac and
ribs &c.
The further extension of rains in the West
caused liberal selling of corn by commission
houses. considerable long property coming
out on stop-loss orders At the decline
resulting shorts became good buyers, with
a view to securing profits. Some of the
prominent bulls were also conspicuous on
that side and the opening decline was part
ly recovered. That no greater reduction fin
prices took place was due to a widely
diffused opinion that much corn had been
irretrievably injured. September opened
A@1ac down at 3S@S34c, declined to 327s@SSc,
sold up to 3314c, then settled back to 1880
asked at the close.
The tardy movement of the new crop
started wheat a trifle higher This compare
tive strength was maintained for a time,
but finally the market succumbed to the
softness in corn. There were no Liverpool
cables owing to the holidays in England.
same tenor as heretofore. and with nothing
to stimulate speculation, buyers and sellers
seemed disposed to take a rest. With the
short interest eliminated in July that month
began to slip off early in the session. 1t
dropped from 7012c to 66c, ending the July
deal, as was expected. The wheat and flour
clearances from the seaboard reported to-
day were unusually heavy, aggregating
about 722 600 bushels. When this became
known September, which was selling at 64c,
was bid up to 64ssc. AS the session drew to
a close, however, there was renewed selling
which carried the price off again. the mar
ket closing practically without change, as
compared with yesterday. Chicago receipts
We're 10 cars, compared with 176 the CORE
spending day of 1897, and Minneapolis and
Duluth together got 70 cars, against 429
year ago The total at primary Western
markets was 52S0G0 bushels, while the SINH
lar day year ago they amounted to $4,000
bushels. The Atlantic port clearances OF
wheat and flour for the day were heavy, be-
ing equal to 72,O60 bushels: September
opened &c higher, at 641sc, sold off to 63S4Q
$3.50, up to 64ssc, then reacted to 64q641s at
the close. December started 1sc down, at
641s0644c, fell to 637sc, rose to 6413c, then off
to 640641sc, the closing figure.
Oats were Independently and pronouncedly
bulish Commission firms had selling or
ders, but the buying orders predominated and
prices advanced sharply. Crop damage talk
furnished the incentive for buying. 1t was
stated by private statisticians that the gov
eminent report for August would show
loss of fully 20 points in the condition of
growing crops for the month. September
opened 1s0Ac lower. at 2014c. rose to 2lc,
then reacted to 20$4 at the close.
Moderate buying, in addition to small re-
ceipts and higher prices for hogs, held pro-
visions firm. The trade largely in the
way of changing. September pork opened
unchanged at $780, sold up to $9.5009.5212,
and weakened to S9.471a at the close. The
range in lard and ribs was narrow.
Estimated receipts for Monday-Wheat,
1I5 cars; corn $40 cars; oats, 965 cars; hogs,
SO, Geo head.