Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-08-08
BIG SLUMP IN CORN
Spectators Did Not Believe the Bearish
Reports. COS
Country Traders Made Money ON the
Rise, While the City Operators
Lost Heavily.

CHICAGO, August S.-Grains opened ex-
cited and higher today, but the fluctuations
on the early trading were not so Wildly
erratic as they were yesterday. The domi-
rant feature Is still the corn crop situa-
ton, and other cereals merely f1uctuate In
sympathy with corn. Country buying or
ders continue to push prices upward The
givers Of these orders are in the midst of
the corn belt, and know the situation at
first hand. and the weather has been kind
to them. The local professional trader has
been fighting the advance for the past
ten days, feeling assured that rain must
come before the absolute ruin of the crop
occurred. A single general rain. which
past experience made q very strong proha-
bility, would have reversed the conditions
any time within the past two weeks. but
instead Of rains there were hot winds. and
the result has been that the country specu-
lators have been making money hand over
fist while the city SPECTATORS. who have
learned to be chary of crop scares.' have
been losing 1t as fast. 49,,
/ Today. in view of yesterdays sensational
advances. local traders feel that the prices
for grain. especially corn. are perilously
high; that. In fact. they are top-heavy. and
that anything like general rain within
the next few days would be likely to cause
disastrous slump In values So they are
still fighting the advance more earnestly. II
possible. than heretofore. The country spec
uiator, however. continues to look at the
brown fields and the blue sky and then
telegraphs his broker to double his buying
order. This. with the bullish state crop
reports. the continued high temperatures,
scorchins winds and Jack Of rain through
cables. were the, bulilsh Influences at WORK
when the market opened. September corn
started at Cd "a witch is "a higher than
the top Of the market yesterday and 1 Ia
cents than Yesterdays closing price, but
on heavy one rings "
ence to IS IL. rallied to 50. but reacted to
% IA; doomed AGAIN. to 80 81. of to SO L.
and and back to 81 r: Nay. in the meantime.
500 as hish rs n o-S and as low 81 3-4,.
september wheat opened at 81 1-2 to
% Is, against " 3-S at the close yesterday,
nuctuated for q, time between SO 3-4 and
~ Ia; fell to SO. but reacted to SO SIS. -
oats sympathized with the other grains,
opening Il and 3-S cent higher. -
PROVISIONS were. firm and slightly higher
me sudden slump in corn after the open-
ing was due to the giving, out of country
, puy,ns oruerss execution of country stop
1 cent below the opening price. and which
We're REACHED through heavy sales by local
dealers The country has evidently come
70 'he conclusion that corn is high enough
Tor the present and the buying orders
winch have so far doomed the market fail
ed altogether soon after the opening Corn
broke &c; May, which sold early at ~,
tumblng to -. September which touched
Prices lsrOe at New York.
NEW YORK, August S.-There was A
panic Of another sort in the corn ring on
the produce exchange today. This time
the bears wore the smile and the bulls were
getting out of long holdings in a dazed
sort OF way. watching the market slip
away from them by quarter and half cents.
country spectators especially felt the ef-
fects Of the break. as they have been big
bulls on corn and made lots of money out
OF the late advance Today. however, the
local traders who have not believed in the
phenomenal rise in the market and have
steadily sold corn all along. getting badly
nipped in the operation. too. piled in fresh
offerings in big blocks until September
corn. which opened at &c. broke to 80 lie.
and at Chicago was smashed from 81 1-2
the opening price.
All this happened within a half hour.
amid uproar of excited traders.
Wheat opened weaker, advanced a trifie
and then feeling the sudden giving away
Of the corn deal. dropped like plummet
1 10 and "A. The big break in corn was
directly responsible to too much stuff press
ing on the market and the inability of the
bulls to support 1t any longer. Once the
price broke the market went down like a
spent rocket.