The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-09
BOMB THROWN
In CORN PIT
Weather Reports Cause Pan
icky Drop of 2 3-4 Gents
BULLS TERROR STRICKEN
Close Marks Slump in Corn
of &c in Week.

Chicago. August s-Corn was ham
nered by the bears fast and derceIy To-
day. The growing crop was ripening
too rapidly under the influence Of perfect
weather to suit the holders. IN the gen
ersI warm alarm there was a panicky
drop OF 2s4c-a decline OF &C since yes
terdsy's close price and over &c in week.
The pit and country side were both bear
ISL. Deliveries of wheat also were 100
heavy for prices and on sympathy every
thing turned very sick and heavy. Even
The fortunate shorts would not cover
enough accounts TO relieve the slump.
At the close September corn was 2s4g@sc
down; September wheat 94Q7sc down and
September oats was &c lower. Provisions
had inherent strength. but closed IN
changed TO 3-5e lower on the grain in
fuence.
The corn PIT was filed with bears from
the sound OF the starting gong The
country was selling and the professionals
took an active part on the bear side For
the past two OF three months corn had
been bulled 10 death Today the outlook
for crops could not have been better
Hay and oats. as well as corn. promised
abundant yields. Even with the wheat
market weakening on the prolific season
the general opinion YVES tnat the coarse
grains were still far out Of the natural
range with wheat. The opening sales To-
day indicated a heaviness IN corn, but it
was some time until the avalanche OF
selling orders struck the pit and resulted
in the break OF 22.c. Corn came from all
quarters, both from longs and shorts
Stop loss orders came out and then mil
lers dumped long stufTs freely Shorts
became light buyers. but the demand for
covering did not equal the desire on the
part OF the longs 10 sell out and septem-
Der, which sold early at 53ss91zc foun-
dered at 5o7sc. There was little reaction
late, but the close was very weak 2L,RSc
lower for September. al 51l4c On the de-
cline December touched sac and Nay
SSAc. Bulls were simply terror stricken
One story that went the rounds was that
the influential bulls had closed out their
holdings. Receipts were very small az 81
cars, but had no unfolding effect.
Wheat was Influenced to a great ex-
tent by weakness In corn. Big commits
sion houses were sellers freely on the
fine weather big deliveries and hearish
crop advices. Receipts still kept above
last years figures. There was moderate
early buying by shorts which steadied
prices for time against lower cables
and other bearish influences. When the
corn break came, wheat went of in all
options. Clearances were poor and aug
mented the decline. Cash business was
at good premium-as high as cents |
but the selling pressure persisted and |
most options closed 1c lower. Business |
was heavy. September opened Mai4c TO |
I shade down at 6Ssse to 6S2.c, sold at |
5sa48Tsc, broke to Sac and closed weak |
7443sc down at CSC. Local receipts were |
IN cars, none OF contract grade Min |
neapoIs and Duluth reported = cars. !
total fer the three points of |
rs cars. against SIS last week and s7s /
a yea rago. Primary receipts " ere l. os7.-
90 bushels. compared 70 $1,000 last year. /
Seaboard clearances in wheat and -four
equalled $1,000 bushels. Argentine ship
ments were $500 bushels against 52S. Ooo a
yea rago.
Oats were lower with corn on favor
able weather and good crop advlcss
There were liberal offerings at times and
only light demand. Receipts were more
liberal and the sentiment was generally
oearish. The cash demand was fair. but
lad little effect. September sold from
nSsc TO 3o7sc, and closed weak &C lower
II SIC Receipts We're ia cars
Provisions were Iiquidsted again by the
outside. Hogs were lower but packers
well for a tire and helped az
,arly rally. The coarse weakness brought
/ late slump and the close was generally
weak. September pork closed &c lower
Il 1850; September lard unchanged At
1e75, and September ribs eoc on at sl015.
Estimated receipts for tomorrow. Wheat.
20 cars; corn. 35 cars: oats. 20 cars:
togs. 1ooo0 head.
Members OF the board Of trade voted
lot 10 adjourn business tomorrow IN
loDor OF King Edward 5 coronation.
GRAIN AND PRODUCE MARKETS