The Montgomery advertiser., 1902-08-09
Chicago Grain and Provisions

CHlCAGO Aug. S.-Corn was hammered Dy the bears fast and fercely today. The growing crop was ripening too rapidly under the in huence of perfect weather to suit the holders. In the general alarm there was a pancky drop of 2&. decline of 4h since yesterdays high price and over 71e cents in week. The pit and country side both bearish. Deliv cries of wheat also were too heavy for price and in sympathy everything turned very sick and heavy. Even the fortunate shorts would not cover enough accounts to relieve the slump At the close September was 2ha2% de- pressed. September wheat %d% down and Sep tember oats Ac lower. Provisions had inher- ent strength. but closed unchanged to 35c lower on the grain influence.
 The corn pit was filled with bears from the sound of the gong. The country was selling and the professionals took active part on the bear side. For the past two or three months corn has been pulled to death. Today the outlook for crops could not have been bet ter. Hay and oats as well as corn promised abundant yields. Even with the wheat mar ket weakening the prolific season the gen eral opinion was thct the coarse grains were still far out of the natural range with wheat The opening sales today indicated a heavi- ness in corn. but 1t was some time until the avalanche of selling orders struck the pit and resulted in the break of 2A Corn came from all quarters. both from longs and shorts Stop loss orders came out and then rnillers dumped long stuff freely Shorts became light buyers. but the demand for covering did not equal the desire on the part of the longs to sell out and September. which sold early at
 
 light reaction late. but the close was very weak. 2Ad2% lower for September at SIX. On the decline December touched 39A and May 3SS. Bulls simply terror stricken. One story that went the rounds was that the influential bull interests had closed out their holdings. Receipts, 37 cars.
 Wheat was influenced to a great extent by the weakness in corn. Big commission houses were sellers freely on the fine weather. big de- liveries and bearish crop advices. There was moderate early buying by shorts which steadied prices for time against lower cables and other bearish influences. When the corn Eseak wheat went of in all options. Clear ances were poor and augmented the decline. high 4c. but the selling pressure persisted and most options closed Ic lower. Business was always heay. September opened hQh to a shade down at 6s%96S%, sold at 6sA G6s% for the broker to 67% and closed weak %4% down at 69 Receipts were 226 cars, none contract; Minneapolis and Duluth reported 72, a total for the three points of 299 against 5I last week and 379 a year ago.
 Oats lower with favorable weather and god crop adices. There were lib eral offers at times and only a light demand The cash demand was fair. but had little ef- feet. September sold from 3I% down to 30% and closed weak. %c lower at 3l. Receipts. l74 cars.
 Provisions were liquidatcd again by the out side. Hogs were lower. but packers supported well for time and helped in an early rally. The coarse grain weakness brought a late slump and the close generally weak. Sep tember pork closed 35c lower at Si6 50; Sep tember lard unchanged at SIo.75 and Septem- Der ribs 200 off at Slo.l5
 The leading futures ranged as follows;