The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-15
Big BREAK in JULY CORN
CLOSING PRICE FIVE CENTS UNDER
THE OPENING FIGURE.
other Cereals Decline Steadily and
Close at Marked LOsses-PrOvisiOns
Are Relatively Firm.

CHICAGO, July 14.-Heavy movement in
corn held the attention of grain spectators
to-day and brought slumps all around. July
corn continued its display of pyrotechnics
of last week, although to-day it looked like
the falling stick instead of the rocket flight.
Everything on Change was bearish, but in
the general decline the thudding drop of
515c in July corn was most important and
caused talk of an end of the corn corner.
Closing losses were sc for July corn and 40
&c for September, a4c for September wheat
and 11sQ1Kc for oats. Provisions closed
21lc lower to 71ac higher
1t was a big drop in July corn and the
bulls tried to give several reasons for the
decline Probably the true cause was that
corn in generous supply is moving toward
Chicago at a rapid rate Ever since the
talk of corner in July options elevators
and cash handlers have been busy making
contract grade corn with the utmost en-
ergy To-day the bulls had TO face receipts
of 473 cars, 119 OF which were contract
grade In addition to this, private eleva-
tors made and put out 207 cars and 119 900
bu, a total of over half a million bushels
of contract stuff. The fair weather of the
last few days was just the sort to help in
grading. and with the reported estimates of
S45 cars for tomorrow, which probably
would be augmented TO over 1000 cars by
private houses, the crowd, led by the eleva-
tor people. sold TO a man. There was also
a disposition to believe that the Board of
Trade directors would stipulate a marginal
price for corn, SO that both longs and
shorts could be called heavily. If such ac-
ton is taken by the board tomorrow, ii is
thought 1t will work against the corner.
Early trading vas rather light, but of a
bearish cast. When the estimate sheet
was posted July was sold literally Every
sale had 10 be made at good concessions to
the buyers. and from Soc the cornered op-
ton foundered and thumped 10 SOIhc Sep
TENDER was weak on the general rush OF
corn 70 market and. opening shade to IA
sc lower than Saturday, at 6l%m6l1Sc, de-
cined gradually and closed weak &67sC
lower. ct Gle. July rallied a little from its
bottom price but closed very weak, with q
loss OF &C at Sic
Wheat ruled weak after a momentary
hrmness at the opening on prospects of
rains. Cables were lower in Liverpool,
Paris was closed and receipts showed a
heavy percentage Of new wheat. The Wis
ible supply showed an increase against a
large decrease last year. These influences
together with those attendant on the corn
break Offset a few showers in several
Western States The crowd began selling
freely and September, which opened a
shade lower 10 1sUAc higher at 7515c Ia
| SIC declined steadily as the session ad-
vanced. Primary receipts were fairly
| large at 9S5,Op bu, against 10000 last
| year Local receipts were SO cars, 6 OF
| contract grade and 50 of new stuff Mime.
4 apoEs and Duluth received 534 cars max.
/ ing a total for the three points Of 627
| against 1855 last week and GA a year ago
/ Worlds shipments We're z. 10l. 900 bu. against
/ g. 63 600 last week and 7.162.000 a year ago
/ Breadstuffs on passage decreased 22SS 90
\ hu SeabOard clearances in wheat and Hour
eouaIed 462. 00O bu. The estimate OF $50 car.
! for tomorrow was received bearishy.
oats had something 81 a setback TO-DAY
/ as the result OF free offerings by farmer:
/ OF new oats, in order To take advantag,
/ OF high prices. Offerings In Illinois wer.
I particularly liberal. according 10 the re
/ ports Favorable weather over Sunda,
/ and a general Improvement in crop pros
! poets precipitated selling. September sole