The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-09
CORN LEADS in A SLUMP
1T GOES OFF 2 SIC. A TOTAL OF
OVER &c IN 4 WEEK.
Wheat and Oats Also Weak and Low
er i'm All Options-PrOVisions Are
Influenced To n Decline.

CHICAGO, Aug. S.-Corn was hammered
by the bears fast and fiercely to-day. The
growing crop was ripening too rapidly un-
der the influences of perfect weather TO
suit the holders. In the general alarm there
was panicky drop of 2%c, a decline of
412c since yesterdays high price. and OF
over &c in a week The pit and country
side were both bearish. Deliveries of wheat
also were too heavy for prices and SYM
pathy everything turned very sick and
heavy. Even the fortunate shorts would
not cover enough accounts to relieve the
slump. At the close September corn was
24d22sc depressed, wheat 24d7sc down and
oats &c lower Provisions had inherent
strength, but closed unchanged to 35c low
er on the grain influence.
The corn pit was filled with bears from
the sound of the starting song. The coun-
try was selling and the professionals took
an active part on the bear side. For the
past two or three months corn had been
bulled TO death. To-day the outlook for
crops could not have been better. Hay
and oats, as well as corn, promised abund-
ant yields. Even with the wheat market
weakening on the prolific season the gen
eral opinion was that the coarse grains
were still far out of the natural range
with wheat. The opening sales to-day in
dlcated heaviness in corn, but it was
some time until the avalanche of selling
orders struck the pit and resulted in the
break of 2S4c. Corn came from all quar-
tiers, both from longs and shorts. Stop
losses orders came out and then millers
dumped long stuff freely. Shorts became
nSnt buyers, but the demand for covering
dld not equal the desire on the part of the
longs TO sell out, and September, which
sold early at 531sq53hc, floundered at 6O7sc
There was little reaction late, but the
close was very weak, 2Ad22sc lower at 5114c
On the decline December touched 1890 and
May $3.50. Bulls were simply tcrror-strick-
en-. one story that went the rounds was
that the influential bull interests had
closed out their holdings. Receipts were
no UNFOLDING effect.
Wheat was influenced to a great extent
by the weakness in corn Big commits
sion houses were sellers freely on the fine
weather, big deliveries and bearish crop
advices. Receipts still kept above last
years hgures. There was moderate early
puyhg by shorts. which steadied prices
for time against lower cables and other
bearish influences. When the corn break
came wheat went off in all options Clear
anceS were poor and augmented the de-
cine. cash business was at q good pre-
MUM, as high cents but the selling
pressure persisted and most options closed
cent lower. Business was always heavy
September opened kdAc to shade down
at 6S9sq6SS4c, sold at S34G6S3sc, broke to
6f%c and closed weak, %407sc down at CSC
Local receipts were 226 cars none of con-
tract grade; Minneapolis and Duluth re-
ported 12 cars, a total of 29S against 81
last week and 379 a year ago. Primary re-
eeipts were 100000 Blu, compared with
$4,000 last year. Seaboard clearances in
wheat and flour equaled $4,000 blu. Ar
gentine shipments were $1,000 bu against
32S, 900 a year ago
oats were lower with corn, on favorable
weather and good crop advices There
were liberal offerings at times and only a
nSht demand. Receipts were more liberal
and the sentiment was generally bearish-
The cash demand was fair, but had little
effect. September sold from 315sc down 10
3O1sc and closed weak 34c lower at 31c
Receipts were ia cars
provisions were liquidated again by the
outside. Hogs were lower, but hackers
supported well for a time and helped i'm an
early rally. The coarse grain weakness
brought late slump and the close was
generally weak. September pork closed s5c
lower at $3.50; lard unchanged at $40 "a
and ribs zoe off at $10.15.
estimated receipts for tomorrow: Wheat
20 cars; corn, 50; oats, 245; hogs, 10 900
head. 9N' '0'
Members of the Board of Trade voted
| not to adjourn tomorrow in honor of King
Edwards coronation.
| Leading futures