The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-16
The Total Loss Is 1t Lee Since the
High Price for the Option, 0Oc,
Was Touched on July =.
BEARISH NATURAL CONDITIONS
AID ALL GRAINS TO TAKE DECID-
EDLY LOWER LEVEL.
Losses Range from Use in Oats to
1-2c in September COrn-Provi-
siOns Also Weak and Lower.

CHICAGO, July 15-Bulls in the corn pit
who engineered the corner in July options,
abandoned their position to-day and the
yellow cereal left to itself. fell from its
lofty price and floundered 2Oc under
yesterdays best figures. Two causes were
attributed to the action of this market.
The immense arrivals of corn tempted TO
this mart by the fancy price; the settle
ment with many of the July shorts by the
Gates-New York bull clique or cornerers.
Whether the corner had been broken or
whether the action of the bull party to-day
is simply a bait for the unwary, the trade
is yet at loss to understand. Common
rumor, however, has it that the July deal
is over and all that remains to be done is
for the bull crowd to get rid OF the cash
corn that has been delivered to 1t. Natur-
ally most of the interest in grains to-day
conferred about July corn. As a result, the
effect of the break was felt in all other
grains. Yet natural conditions were bear
ish enough to break prices. and fine
weather and lower cables, besides the
heavy receipts, caused such general sell
ing in all the pits that September wheat
closed 1q1Bc lower; corn, 13sq11kc down;
July corn 151kc lower, and September oats,
-
but could not Withstand the pressure OF the
grain break, and closed a shade to zoe
lower
At the opening all signs pointed toward
lower prices for corn. The fair weather
OF the last four days had done much to-
ward drying out the fields and enabling
farmers 10 rush stuff to this market to
take advantage of the fancy price ruling
for contract corn. Elevators were busy
drying stuff with great rapidity. Yester-
day IT had beer estimated that the re-
TODAY would
cars. and the expectations of the traders
were practically realized. Arrivals of S27
cars, the greatest run for the crop, with
29S of contract grade. The unlicensed ele-
vators turned out 116 cars and 10000 bu.
The total run of cars that graded contract
was Ala and $1,000 bu. This amounted to a
good half million bushels Of contract stuff
which stared the bull crowd in the face,
and which had TO be taken in at Sic
bushel If the price was to be maintained.
The bulls refused to take the corn and the
bears forthwith proceeded TO hammer
prices until practically all the artificial
strength was taken out of July. Other
and lower cables lent to the bearish senti-
ment and September. December and May
options fell off i'm sympathy. There was
no marked excitement in the pit when
prices sagged so rapidly. Much of the
action of the congested option was a sur
prise TO many traders, but they took the
were very erratic. The offer of the five
was enough TO break the price 1c and
bid for ten" put the price up once &c.
The general trend of opinion was that the
corner was broken. s. c. Scotch general
manager for Harris. Gates & Co, stated
before the close of trade that private set
Elements had been made with many of the
shorts and that the interest in supporting
prices by that firm was at end. 1t is
probable that shorts now out can finish
settling in the open market July started
l TO &c off at S0Gc79c and began plunglng
downward. There was almost no cessa-
ton TO the recession until 65Ac was
reached. break of 1534c since last night
and almost 25c under the top price, soc,
which was reached July s. The close was
fiat at a loss Of 1512c at 65l5c. September
opened unchanged to sc down at 61B6O7sC
siumped to $3.50 and closed very weak,
l9sQ11ac lower, at 5911qD599sc.
Wheat ruled weak on the natural causes
Of lower cables, fine weather and big re-
ceipts, but was pushed on down by the
corn break. Everybody had fair quantities
of stuff for sale. New wheat was coming
TO market freely, helped by the good prices
still better conditions, and very few trad
ers were inclined to the buying side. The
corn bull crowd bought over 100000 bu of
September wheat on the early break but
the general bearish sentiment prevalent on
the floor worked against the rally and
prices fell back. September opened 2sQ1zc to
L0%c lower at 722so TO 721sc. dipped to lac
rallied to 723sc and closed weak 1Q11sc low
er at 7Ac. Local receipts were 500 cars,
Is of contract grade and 331 of new. Min /.
neapols and Duluth reported 346 cars, a
a year ago. Primary receipts were 7S9 900
blu, against 10000 bu last year. Seaboard
clearances in wheat and flour eQualed
S43 900 blu.
Oats made still further recessions, in
fuenced by good weather and the general
slump in coarse grain. July suffered on
the expectation of liberal offerings
before the end of the month. Commits
sion houses sold freely and many of the
bulls were supposed to have let go. The
weather was reported doing much for the
crop which is finishing harvesting in many
places. September sold off from &c TO $3.50,
and closed weak and 7s41c lower at $3.50
Size. Receipts were moderate at Isl cars.
The cash demand fell off somewhat.
Provisions opened strong on small re-
ceipts and better prices for hogs at the
yards. The grain weakness, however, was
too much for the small support and pack
ers allowed prices to drift back after
momentary advances, especially in lard.
September pork closed 2l5Q5c down at
SlS.62IS6lS. So. lard zoe down al $1122it, and
ribs a shade down at S10S5.
Estimated receipts for Tomorrow Wheat
125 cars; corn, 41O cars; oats, So cars; hogs,
100 head.