The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-17
CORN WENT TO PIECES
RAINS IN TEE BELT CUT OVER
THREE CENTS OFF THE PRICE.
Wheat Was Weak and Closed Lower.
and Oats Declined, but Were steady
Provisions Were a Little Off.

CHICAGO, July 16.-The corn market suf-
up OF the drought. September closing sss@
Sl5c under Saturday. Wheat felt this and
weak cables. and closed %Q%c reduced.
Oats closed &c down, and provisions from
711610c lower In lard to 30c depressed in
pork.
Corn at the outset resumed a decidedly
weak position, which made 1T the center of
attraction on Change during the day. The
opening was at a loss, and early trading
damned the price still further down.. There
was practically one factor-rain in gener-
Gus quantities In the corn belt, Kansas es-
p~ecially. Message after message poured in
announcing that the drought had been
broken. and the crop left with the bright
est prospects. There was rain Sunday, and
more to-day. Country acceptances were
heavy. Local people got 75O. 600 bu on bids
sent out last night. September opened 1asc
to 2ssc down, at 43c TO 42c. and met prac-
tically no demand until the market had
slumped to 4OAc. True, there was a reac-
ton early, September rallying to 42c after
declining to 41%c, but it did not hold for
any time. Liquidation was general, and the
price wabbled wonderfully at times, as
holders looked here and there and every
where for purchasers. At the bottom the
selling pressure was less vigorous, and
shorts took profits. This resulted in a little
recovery, but the close was decidedly weak,
September 3ssG312c under Saturday, at 40B
@41c. The shipping business for the day
was put at 1000 900 blu, while New York re-
ported 100 loads and Philadelphia no loads
worked for export. Receipts were 70 cars.
The amount on ocean passage increased
1,32S, 600 bu. and the visible showed a bulge
- 1 n n - ..>4I
closed weak.
In wheat it was a case of holders con-
tinuing to let go, while there was a very
small short interest to absorb offerings.
The selling encouragement was found in
the corn weakness, in weak cables from
Liverpool, and in rains in the Northwest,
and continued more favorable reports from
that section of the country. However, re-
ports over conditions con-
tinued to conflict, and many good authori-
ties predicted a one-third crop for North
Dakota. New York reported 100 loads taken
for export, but the price was still out of
line here. September opened &c higher to
&c lower at 7S7sc 70 7SAc, and gradually.
under the liquidation pressure. sagged to
763sc. AS in corn there was some recovery
from the bottom, but the close was weak,
September 3sG%c under Saturday, at TIC.
Primary receipts were 100000 blu. COM
pared with 1.133. 900 bu last year. Minneap-
oils and Duluth reported 2S7 cars, against
196 last week and 756 a year ago. Receipts
here were los cars. II of contract grade.
C~learances at the seaboard, in wheat and
flour, were equal TO 490, 600 blu.
Oats acted in sympathy with corn, but
were comparatively steady and rather
quiet. September sold between 24Ac and
2312d23%c, closing 1kc lower at 24Ac. Re-
ceipts were 1S7 cars.
Provisions broke with corn, but rallied
a little from the bottom and closed steady
at a fair decline from Saturday. Septem-
Der pork sold between $3.50 and s12.25, and
closed 3Oc under Saturday at $12.25; Septem-
Der lard between s6.S5d6.S7k and Sc. 721a,
closing 71zG10c down at $3.50, and September
ribs between $6.97h and 81. 72hG6.75, with
the close 15c depressed at $3.50.
| Estimated receipts Tomorrow: Wheat,
| 225 cars; corn, 1,200 cars; oats, III cars;
| hogs, $4,000 head.
| Leading futures ranged as follows: