The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-24
BIG SLUMP in GRAIN.
Corn Lost Nearly All Of Its Mondays
Advance.
WHEAT DECLINED SHARPLY ALSO.
Oats Went Down in Sympathy with the
Corn Market.
NO LEGITIMATE CAUSE FOR cORN'S LOSS
Trading Was Nervous and Excited All
4. Day-Trsoes of Rain Wrought the
Change in Prices.
NO LEGITIMATE CAUSE FOR cORNs Los!

Chicago, July 2s.-IIquldatlon by .pyra.
mil builders was tho feature OF the grain
trade today, September wheat. corn and
oats closing at declines of 2d2N, Az and
2% respectively. The tone was that OF
nervous excitement. Provisions closed a
shade higher TO 10 cents lower.
In corn speculative interest centered "a
usual Before the opening Kansas City
reported scarcely more than trace or
rain. Feeling, however. was at such a
nervous tension that It threw that portion
., the loug interest dealing on small mar.
gins into semi panic and at the tap of the
opening gong September was for sale from
81 to 50, the latter figure being AZ cents
rn6cr yesterdays close. This slump IN.
covered stop.loss orders, which pyramid
builders had put back Of their purchases,
AMI the decline did not stop till September
was quoted at o4la 1t had taken but
few minutes in the runaway movement to
send the market down and a rally to SIN
followed almost as quickly on the weather
map, which came out as early as hereto
fore and promised no relief The excite
ment. however, continued. as there was
no wanting reports that when the excite
ment was over II would he found that
from one third to hair the crops said to
have been wiped out had been saved. Even
these ophmists, however, were compelled
to admit that their hopes were based on
Immediate rains September during the
afternoon declined 10 55h and closed weak
~ lower at 55lsm51i. Receipts, 2Ss cara
For the wheat decline there was more
reason In statistical way than in corn
Cables were disappointing, receipts heavy
suA a vastly more favorable prospect re.
ported from the spring wheat country. For
the Dakotas and Minnesota there were In.
dicstions of rain. Reports estimated dam
ages in some instances running from to
Is per cent. while one wire was to the
effect mat the spring wheat crop might
turn out 10 be a bumper" Added TO
The influence Of this kind OF advices was
the corn decline, September opened *
TO ~ lower at 70 TO II, longs excltedly
selling The decline continued to 7Oss,
where local support caused sharp rally
10 70 Later this support ceased and un.
der continued liquidation September work
ed down 10 7oh and closed weak 2@2h
under yesterday at 70%. Local receipts
pere 539 cars, Minneapolis and Duluth
reported 225 cars received. Primary re-
copts were $4,000 bushels. compared with
7sI 600 bushels last year
oats we're active and declined in SYM
rcthy with corn. Country selling, from
which source most Of the recent support
has come, was the feature There was,
however considerable local support early
aud after the opening decline prices re-
acted q TO 80 and closed 2N lower at 35A
@aa7I Receipts were 145 cars.
Provisions were dull but fairly steady,
considering the decline in the grain mar.
ka.s. September pork closed 10 cents low
er. lard shade higher and ribs Pa down.
Estimated receipts for tomorrow--W Wheat,
275 cars; corn, 40 cars; oats, 40 cars. Hogs
% COO head.
Tho lending futures ranged as follows: