The Indianapolis journal., 1902-09-07
FROST SCARE IS OVER
INDICATIONS OF WARMER WEATHER
CAUSED PRICES TO SLUMP.
Heavy Selling in Chicago Grain Pits
Fears for Unripe Corn Dispelled
Pork Slightly Lower.

CHICAGO. Sept. 6.-After week of great
weather uncertainty, during which frost
scares put good strength into grain prices.
spectators to-day settled down TO the be-
lief that the warm and dry weather at
hand was enough to allay all fears of crop
damage AS result of this bearish factor
and that of an expected big movement in
the northwestern spring wheat country
next week. all grains slumped off and
closed weak, December wheat lc lower.
December corn &c down, September oats
nc depressed and December oats Ac down.
Provisions closed 211c higher to PIC lower.
There was a fair array of bearish in
fluences at work in the wheat pit at the
opening. Gables were declining and gave
the advice that worlds shipments, totaling
almost 100000 bushels, and heavy Russian
offerings in Liverpool were the causes.
Warm, dry weather was reported over
much of the wheat region of this country.
The Northwest turned bearish and sold stuff
in both this market and the Northwest.
Minneapolis slumped 11tc, and, although in
seeming contradiction to the reports that
next week would see the biggest move
ment of wheat in a long time, cash prices
advanced lac. The crowd of local specula-
tors was bearishly inclined. and heavy SELL
ing by prominent longs, both in December
and May pressed prices down until more
than 11lc was knocked off.
There were very few items Of comfort for
the bulls in the days news. Grading con-
tinued very poor, and Northwestern and
primary receipts were lighter than last
year by almost half. Seaboard ciearances
in wheat and flour were heavy at 1,O69,000
4 lzI- s.,a. Anl
tie or no effect, save possibly in retarding
losses. December wheat started 1s@Ac to
a shade lower at 6S1sc to 6S%c, declined to
675sc and closed weak and 1c down at 67A
| 6I617sc. Local receipts were 1872 cars, none
| of contract grade. Minneapolis and Duluth
| reported $50 GERS, making a total for the
| three points Of 572 cars, against 594 last
week and 1,112 year ago. Primary receipts
were 900 bu. compared to 200 bu last
year.
The failure of frost, predicted yesterday,
| to materialize to-day, put the crowd in a
| selling mood in the corn pit. With warmer
weather at hand fears for the unripe corn
| drifted away quickly and prices fell OF
with them. September was not inclined to
| slump as badly as December because of the
| short interests in the current month. Con-
| tract grading was still very poor, but to-
days receipts were increased, 1876 cars ar
| irving with thirty-fiye of contract grade.
December opened B@Ac to a shade off at
| 431s943Ac, fell off 1c to 4214 942s4c and closed
weak Sc down at 42&44212c.
Oats suffered from early brisk selling,
| induced by liberal receipts and the de-
| preston in other grains. September was
| sold most freely, partly because, although
contract stuff was small to-day. drying
was going on at q liberal rate. Poor
weather conditions in Iowa were influential
| in holding up deferred futures. September
started unchanged to Ac lower at $3.50
| 347sc, dropped to 33izc and closed weak lac
| off at 33Bc. December sold between S1ssc
| and 31c and closed easy Ac down at 31Bc.
Receipts were 3S4 cars, seven of contract
| grade.
Provisions were dull and somewhat ir-
! regular. Advancing hog prices started an
early upturn, which was lost, however, on
fair liquidation and Saturday evening up
| January pork closed 212c lower at $14.97l1
January lard unchanged at $40 and JAN
uary ribs 2l9c higher at $3.50.
Estimated receipts for tomorrow: Wheat
240 cars; corn, 115 cars; oats, $40 cars; hogs
q 600 head.