The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-30
The BLESSING OF RAIN
OPERATES TO DEPREss THE PRICES
OF ALL CEREALS.
Heaviest slump IL In Corn, but Wheat
Is "a Close SecOnd-Onts Down,
Provisions steady.
NV % with the drought

CHICAGO. July With the drought
broken the corn market to-day led a down.
ward movement participated in by the
other cereals. Wheat, with other bearish
factors contributing to the weakness,
closed &c lower for September delivery.
Corn closed 24sc down and oats 1Ss0l$4c de-
pressed. Provisions closed a trife higher,
except for lard.
In corn there was but one consideration
rain. After weeks of contemplation of a
sizzling hot-weather map, unrelieved by
rain from one weeks end To another, the
long interest in corn came into the pit be-
lieving that a fair part OF the crop might
be saved. and proceeded Immediately to
unloading with avidity. September was
quoted from 5212c TO SIC, or 1%sc to 2sQ3c
under Saturdays closing price. There was
little else to the trade save liquidation,
which has continued with considerable ac-
tivity. to noon, where there was a percepti-
bic decrease in offerings. The price was
kept well under sac, following the open
ing, although there was a fair amount of
covering by traders who had had the cour-
age to sell short when prices were at their
best. During the afternoon September was
forced to 52Ac, and although there was a
sharp rally TO 527sc. the tap Of the gong an
nouncing the close found the market weak
and nervous, September at 521sc, a net loss
for the day of 2hQ29sc. Receipts were 2O
cars.
A potent combination worked TO lower
wheat values. and prices, nearly all day,
were close 10 the bottom level. The corn
break was, of course, the chief factor, but
weak cables and bearish statistics formed
an array which. together, were almost
equally weakening. September opened &4d
lac lower, at 69c TO 6S12c. Liquidation con-
tinued till the market, having experienced
no rally or consequence, touched Ol12C. InlS
was near the end of the session, and re-
ports OF export buying and an allegation
that hall and rain had injured the Northern
crop created sufficient apprehension among
shorts. whose members had been greatly
augmented during the day, to cause COW
ering, under which September rallied TO
677sc. The close was weak, &c under Satur-
day. at 6S4c. Exporters reported 81 loads
taken. Seaboard ~clearances were $685. 900 bu.
Primary receipts were ~1,5O6,OCO Blu, com
ceipts were 265 cars, 1856 of contract grade.
Minneapolis and Duluth reported 332 cars,
against 4Of last week and go a year ago.
Worlds shipments last week were 9,9S2.O0
Du, and the quantity on passage showed an
increase OF 3,032, 900 bu.
In the oats pit selling was on a heavy
scale for country account, the influence
being the corn weakness. September opened
from 33Ac to &c. and almost Instantly re-
acted from the low point TO $3.50. There
after the market ranged we'll under 33c and
closed weak 2H15sc lower, at 327sc. Re-
ceipts were 240 cars.
Provisions remained in the neglected po-
sltion into which they have fallen during
the grain excitement. The opening was
easy on the heavy hog market, but prices
steadied later ON buying for packers. Fluc-
tuations were narrow. September pork
closed &C higher, at $14.20, lard a shade low
er at 1856, and ribs unchanged at $7.S71b.
Estimated receipts to-morrow-Wheat, $50
cars; corn, 30; oats, 800; hogs, $1,000 head.
Leading futures ranged as follows: