New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-09
REACTION IN CORN PRICES.
NO REAL CHANGE IN THE DROUTH
SITUATION.
THE DECLINE THE RESULT OF REALIZING
IOWA NOT LIKELY TO HARVEST MORE
THAN a QUARTER OF \ CROP

IOWA NOT LIKELY TO HARVEST MORE
THAN A QUARTER OF 4 CROP
40 SIGNS OF RAIN
Chicago. Aug (SpeclaD.-The strain In corn.
which has been increasing from day 10 day until!
II was near the breaking point relieved this
morning. There was some "rading' by shorts
and some liquidation by the country holders. The
pit" situation favorable for smash Prices
opened strong and with the market In an uproar.
Within thirty minutes however. the strength was
all gone. and prices were off TO cents
bushe. 1t the thing TO expect. An advance
OF y In two days and OF 20 cents In two
weeks had created the conditions favorable for
partial collapse. The first selling was probably to
realize 1t had not been going very long. how
ever before stop orders became the factor. Tho
man with the stop order yesterday Jared badly.
II he caught 1t within 10 cents he did well.
September corn opened anywhere from 6lia to 80
cents. sold between Gl2 and 20 cents and closed at
552. cents. May opened from 81 to 81 cents, sold
between 81 and 81 cents and Closed at 52t cents.
The news on corn had nothing TO DO with the
fuc;uation. There break in the drouth.
There no prospect OF any relief from rain
Receipts were light. 1873 The estimate for
Thursday was 100 The Iowa state report
made the condition 20 per cent II Is expected that
the Government report will be not far from 20 p,:
cent
Wheat acted az did; opened with rush.
then broke very Sharply. 1t entre.y a matter
OF liquidation. The news had nothing 10 do with IT,
Stop orders were caught and pyramids were TOPPED
over As wheat has been advancing In sympathy
with corn. {, was natural enough It should break
with H. september sold between ISL and .@H. cents,
and c.osed at IS cents. December 3 cents over.
Nav 81, cents over Receipts wore CAS- cars. The
estimate for Thursday was 40 cars 'ab.es were
I'D on American advices and charters were made
for lU5oD bushels.
oats broke cents from sympathy September
sod between 80. and 32is cents, and closed at
92r cents Mas was AZ cents over at the c.ose.
Receipts nere 32l cars. The estimate FOR THURSDAY
was 80 cars. Charters were made for l@DJ
bushes.
Provisions advanced early. then reacted At the
close pork lard AMI ribs were ~ 90 cents under
Tuesday night There was more trade win IN
outsiders buying January. Packers were moderate
sellers OF January. particularly the 'udahys There
were 3co hogs the estimate ~ Thursday was
20 90: prices were TO 70 cents higher ON III"
curb puts on September wheat were ~ cents.
calls" 80. cents. puts on May corn "~re ~
cents: "cals." jSi. cents.
The wrA nuctua,ions In the corn speculation con
tlnu-l yesterday. but prices suffered sharr re-
action The New-York marke; 40 not drF"'p I'M
usual activity. only 5000 bushes being ''a" H.
and II followed the example OF Chicasos market
September options opened up !. cent at - cents
fell TO si cents. and closed at 81 cents. net loss
~ y. cents December opened At = AMI sold down
- b5i.a5,ss cents. net loss 81 - cents. MA!
futures vent from 81. 10 5'N. cents c''~!ng Al
~ cents a net loss ~ =. cents The adFcrs from
chlcago APPEARED - report a near termination Of
the big bull" deal" \ VI. Day wired from max
CITY. III IL reported that there has been private
settlement on q large In of September corn. b1'
the crop reports continued extremely bl.Hsh
40 rain fel IN tho corn belt although there ms
been rain in the Northwest AMI there "a@ promise
of rain In the corn regions to-day But lowh's
N ttg IA ~ 10
against cary estimates. o~fore The hot winds ma
burned up the stand Of @usp.0p bushels Ih- ONO
STATE BOARD Of Agiicutqrf hea Oh, nnt harvest
quarter Of crop %as SAG "n.Tss s"J ib
corn outlook at al the way from to'iI ia"ur ~
a fair" ye.l An Omaha Dispatch SAID hieat
continues excessive. Five day NOR Is the ;m,,
when rain Wi. 30 corn good In Nebraska crop
now looks Ike total failure" The Minnesota stat
GI n9pyo1t r.c"vorV" chicago dispatch quoted
Y Il Cab.c. presiden, Of the chicago. Rock ls.anl
aJyces Of any relief from drouth anywhere In me
West Henry Ciews issued the following bu,ciin;
Iowa Nebraska. Illinois Kansas and Missouri
| Thcse Ave States raise about one-haf the tota
erGp OF corn b nqa own an" m@Gs All the other STATE.
consume about All IN" produce. ana sr.u'ih nav
nrs, became known about July g. since which me ,e
advance In corn for September dsvriy T. eiunt =,
| Lnsh.; The damage Is Almost exc us!vey confined
h1er at" Menr1 b IL, an" me hDr
| ,hd crop VIII be fair to large. owing to the IN
cre,sed acreage due 10 the lOw pric" ~ wheat aSt
vear and the Comparatively low pric" Tor corn ne
| crop OF corn lst year was estimated TO be 10
| 900 900 bushes or about tn" same az " was IN
| 100 boih Of which considered snort crops
Therefore his vii make the third CONSECUTIVE" poor
| cror and will explain the anxiety 10 secure sup
r,irs in various parts Of the country. Al Lincoln
Eeh corn is selling in the street 10 farmers AZ
| e ~ On cents n bushel for feeding purposes .
| The trading in wheat futures AZ the Produce Ex-
| hushe,s changing hands "Suitching again entered
| ,argey into the volume Of business, thrre Was
| h"ayy ,ocal LIQUIDATION on the setback given 10
rricas AZ Chicago In sympathy with M reacnoh IN
| EARN Sep,cmber wheat opened at COZ. cents ana
dec,ned to 5sa.nl8H. cents. net loss OF ~ cents
nscenber options went from 81 Lilo 10 81 l-lbno,' ;
| c'nfs ne, os. Of lis cents The execution ~
.,s,,n orders when the decline first began. helped
| ~ carry the fan further. Tn" setback was les,
| nan I'm corn because the previous ADVANCE hii
been Comparatively sma. and SPECTATORS are more
| 1Ie,osed ~ buy wheat the breaks. Late IN Inc
| ,,nrnoon there were purchases or iftcen iofus OF
~, fnr exuort Some Of the Chicago operators
| W., nave COMPLETED their turns In corn are saih
| ~ no inclined to attempt boom III wh'h.
!r.or 10 a big short interest TO work upon ana on.y
, moderate crop OF wheat Is expected thls year
!, 'is argued In the trade that wheat cannot re
| ain .nng he ow corn In price. and unless prices
Irnnce II is declared that the planting 81 winter
,be,t uul be hea Wy reduced this autumn