The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-24
GRAINS GO TO PIECES
DECLINES RANGE FROM TWO TO
FOUR AND AN EIGHTH CENTS.
More Favorable Weather, Lower
Causes-Provisions Fairly Steady.

CHICAGO. July 3.-Liquidatlon by 'pyra-
mid builders" was the feature of the grain
trade to-day. September wheat. corn and
oats closing at declines of 2d2isc. 4sc and
22sc, respectively. The tone was that Of
nervous excitement. Provisions closed a
shade higher TO l0c lower.
Speculative interest conferred In corn. as
usual. Before the opening Kansas City
reported scarcely more than a trace OF
rain. Feeling, however, was at such a
nervous tension that it threw that portion
Of the long interest dealing on small mar
gins into semi-panic. and at the tap OF
the opening gong September was for sale
from SOC TO soc. the latter figure being 41sc
under yesterdays close. This slump I'M
covered stop-loss orders which pyramid
builders had put back Of their purchases.
and the decline did not stop until Sep
TENDER was quoted at 541zc. 1t had taken
but a few minutes to send the market
down. and a recovery TO 57Ssc foilowed al
most as quickly on the weather map, which
came out as dry as heretofore, and prom
Used no relief. Liquidation, however, con-
tinued, as there were not wanting reports
claiming that when the excitement was over
it would be found that from one-third
to half the crops said to have been wiped
out had been saved. Even these optimists.
however. were compelled 70 admit that
their hopes were based on immediate rains:
September, during the afternoon, declined
10 05l4c, and closed weak, 41sc lower, at
551sd554c. Receipts were ZSo cars.
For the wheat decline there was no more
reason IN a statistical way than in corn.
Cables We're Disappointing. receipts heaVy
and a vastly more favorable prospect was
reported from the spring wheat country.
For the DakOtas and Minnesota there were
indications OF rain. Reports claimed dam
ages in some instances running from . 10
effect that the spring wheat crop might
turn out TO be a bumper Added 10 the
influence of this kind OF advices was the
corn decline. September opened %s4lssc
lower at nc TO lie, longs excltedly selling:
The decline continued TO 10asc, where local
support caused "A sharp rally TO nc. Later
this support ceased, and under continued
liquidation September worked down TO
70Ac, and closed weak. PARSE under yes
terday, at OAsc. Local receipts were h39
cars. 24 of contract grade. Minneapolis
and Duluth reported 25 cars, against go
last week and 226 a year ago. Primary
receipts were 9l9. 00 bu. compared with
Isl, OOO Blu last year. SeaDoard clearances IN
wheat and -four were equal to 553,HJ bu.
Exporters reported eight loads taken.
Oats were active, and declined in sym
patty with corn. Country selling, from
which source most of the support has come
was the feature. There was. however,
considerable local support early, and AFTER
the opening decline prices reacted. Later
the tone became easier again. september
sold between Csc and 35c. and closed Csc
lower at S524Q357sc. Receipts were lao cars.
considering the decline in the grain mar.
kets. September pork closed l0c lower az
S14. Az: lard a shade higher at -. IOaS.I212.
and ribs 2i2c down at $f.yt12.
Estimated receipts tomorrow: Wheat, 20
cars; corn. 10 cars; oats, 20 cars; hogs,
$4,000.