The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-25
CORN RULED THE MARKET
FEARS OF DROUGHT SENT PRICES
UPWARD ALL DAY LONG.
Wheat Followed in the Advance Until
Late in the Session-Provi-
siOns Scored Gains.

CHICAGO, July PA boost in corn to-
day on fears of drought advanced prices
in all the other speculative pits. September
corn closed 112c higher. September wheat
gained AG3sc. and December wheat adj
vanced 1SQAc. Oats left off ssd1sc up Pork
is 1215c higher, lard 515c and ribs &c.
Continued dry weather started corn
strong. Nearly every commission house on
the floor had buying orders from the coun-
try to execute at the opening, which was
sufficient to start prices at AQ1sc advance
over the close of yesterday. Heavy opera
tors who long ago made up their mind that
corn would meet with disaster, were con-
spicuous buyers. 1t was insisted that the
crop was already seriously damaged. AS
believers in that state of affairs pledged
their fortunes, as well as their word, in
support of their convictions, shorts took
alarm, and added their demand to that of
the bulls. The market held strong from
beginning to end. September closed with
sellers at 391zc yesterday, opened with buy
ers from S9s4c to SAC, and at the close it was
bringing 345sc.
Owing to the advance in corn and CROP
damage reports in the Dakotas, wheat had
a bullsh send-off. September opened at
677sc, whereas yesterdays closing figures
681sc while still under the influence of the
boom in corn, but parted company with the
latter at the point last referred to- The
tendency after that was reluctantly down.
ward. Indications of 81 much freer move
ment of new wheat the coming week had
most to do with the heavier Keeling that
appeared September, after a decline to
6S3sQ68l2 once more became firm on the
still more bullish tone of corn the last half
hour of the session. July, however, was evil
IDENTIFY struck with fear of the growing
movement of nav wheat, for after bringing
T811c early in the day it fell off to 76Ac at
the close. A Liverpool cablegram reported
but another cable gave an excellent ac-
count of that crop. Beerbohm estimated
the worlds shipments to Europe Tor the
week at 1000 blu, against 3,S5UOOO for the
CORES bonding week last year. The total
received for the day at Western primary
markets was 622 COO bu, against $4,000 blu
last year. Chicago received 90 cars. of
which 30 were contract. September opened
&c higher, at 61Bc, advanced to 6S1sc, re-
acted to 673s@6112c, then up, at the close,
to 67A@677sc December started AQg$4c bet
ter, at 671a@673sc, rose to 677sc, down to 6Ils
Q67Ac, then rallied to 673sQ6712c bid. the
closing price
Owing to the unfavorable threshing re-
ports and the firmness of corn, oats scored
@ good advance. September opened 1sQAc
higher, at 20ssc, settled back to 2OAq2Ossc,
rose to 20%c, then reacted to 2O9sc near
the close.
Higher prices for hogs and the rise in
corn strengthened provisions. September
pork opened &c higher, at $3.50, sold off 10
$9.S712, then rose to $99712 at the close. The
range in lard and ribs was narrow.
Estimated receipts for Monday - Wheat.
lis cars; corn, 45O cars; oats, 2lO cars; hogs,
&c, eco head.
Toodino f,t,,ras ranCad &c follows.