The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-10
BREAKS in PROVISIONS
ENORMOUS SELLING COINCIDENT
WITH COVERING IN CORN.
Mixed Changes Result, Wheat, Oats
and Provisions Closing Lower,
with Corn a Little Up.

CHICAGO, Aug. 9.-Calamity overlook
the bulls in the provision pit to-day. The
downhill course of all grains during the
week, and especially the precpitous dc
cline in corn had taken all the faith from
holders in all the speculative pits. AS
further argument against the bulls corn
broke again early in the day. This was
too much for the provision crowd and an
avalanche of stop-loss selling orders
swamped the pit. Pork made the greatest
break, Soc but other products kept company
While a stampede was working havoc in
provisions the grain crowds came to the
belief that bottom prices had been reached.
Covering on a tremendous scale took place
Corn shorts covered by the millions. The
bearish conditions of weather and fine
crops worked against a rally, but in the
end everything on the floor reacted Sep
TENDER corn closed HaAc up. wheat a
shade lower and oats &C down. Provisions
closed 71zQ15c lower.
Provisions were demoralized until late in
the session. There was a great selling
pressure in the shape of liquidation in
September holdings and selling short of
January and May. Pork was the product
raided and the bottom dropped out of the
market. Everybody was offering stuff. At
times January pork was offered zoe under
the market with no takers The bottom
was reached at a decline of about soc.
Lard had been the firmest of the prod
acts and turned strong on support. The
hog market, which had been lower on only
SIX thousand head receipts, turned up late
| with a view TO attracting more stock TO
market next week Corn, the weakness of
| which was the primary influence in the
! provision selling, turned firm. After the
/ severe break there was a reactive tendency
| and the days losses were much less than
/ at one time seemed probable. September
| pork sold from $3.50 down to s15.75 and
! closed weak, l5c off at $685.; January sold
| from $l4.& TO 1880 and closed at $3.50.
| September lard sold low S1050 and
/ closed TIC down at $1067@ September
ribs dropped from 5000 to $3.50 and closed
Corn was so weak early that it caused
weakness in everything else on the floor.
After siumping over &c in one week. an adj
/ dttional decline in deferred futures of lie
/ frightened the remaining bulls into renewed
liquidation. The weather was favorable
and crop reports were bearish. Texas was
| asking for bids for immediate shipment.
| Altogether it appeared that soon there
| would be a big movement from the South
! west. The decline, however, soon brought
! prices to a spot which was considered too
/ profitable 10 the shorts to last long. Cow
ering had been going on all morning but
now grew lively. The clique that had sold
] SeptemDer snort around 6Oc as hedge
against the corner in July, covered enor-
| mously at big profits. The crowd turned
bullish but the recent depression had been
| SO great that il was hard to overcome.
September which slumped to 50asc, rallied
TO 514c, but closed only a trihe firmer,
| 1sqAc up, at 513sG5119c. December slumped
1c 10 39c, and closed easy, 1sqAc off, al
! 39%dS97s. Receipts were still remarkably
| small at "a cars.
Wheat made new records for low prices
for the crop. There was a temporary firm
ness at the opening, on light rains in the
| the subsequent depression in oats brought
marked depression. Crop prospects still
were excellent and all reports indicated big
yields both for winter and spring wheat
| Stop loss orders were plenty, short selling
/ was free and there was only scanty cover
ing late in the day on more rains pre-
/ dicted Northwest. Receipts were very
| heavy, especially Southwest. There was
no business in London or Liverpool, but
the continent was weak. September opened
! Ac up to unchanged at 6Sl4c to Csc, broke tC
6719c and closed easy at 677sd6Sc. December
sold down to 6612c and closed 1sc up at 6634 a
! 661sc. Local receipts were. 262 cars, one OF
| contract grade; Minneapolis and Duluth re.
ported lis cars, making a total for the
three points of $50 cars against 459 last
week and AS a year ago. Primary receipts
were 1,31,OO0 bu, against 10000 last year
! SCabOard clearances in wheat and flour
equaled 633, 600 bu.
Corn weakness brought slumps in oats
Trade was fair but the crop reports were
too bearish to allow much of a rally wher
other grains reacted May ruled relatively
strong, but liquidation in the near future
! caused dips of 1c September sold from SIC
TO 30c and closed weak, sac of a 3Ol4c. Re
ceipts were bearishly large at Pa cars.
Estimated receipts for Monday: Wheat
$40 cars; corn, So cars; oats, 80 cars; hogs
% COO head