The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-08
WEIGHT BREAKSIT
TOO MUCH OF 1T FOR SPECULATOns
TO WORK WITH.
September Wheat and Oats Go Down,
Too-Crops Said to Be as Per
Cent More Than Last Year.

CHICAGO, Aug. 7.-After early strength
in grains to-day the market suffered. corn
in particular. The cause was that the year
promised to be too prolific TO suit the bulls.
There was a good demand for high grade
wheat and very little wheat of this sort was
coming. This influence could not offset the
incentive to sell heavily in the corn pit
when support was withdrawn and when
corn broke jaggedly other grains dipped in
sympathy. At the close September corn
was 1Q1hc lower September wheat 1sQAc
lower. and September oats 1sQAc down.
Provisions closed nc to 15c lower.
There was a desire to recover short &C
counts in corn by yesterdays sellers at the
opening, and on a fair support by big
house and scanty arrivals prices showed
good gains The pit crowd for a time acted
very bullsh under the lead of the crowd
that bulled July stuff. News was generally
bearish The yield for the year promises to
total nearly 2,eO0OOO,OO0 bu. Cables were
lower and the weather was perfect. Trade
was not heavy early and when support be-
gan TO wane sellers came out in great num-
bers. September, which had worked up
from $3.50 to 55%sc, plunged down to 53hc.
and closed, after some covering support,
weak, ana ltIl1sC DOWN, at 0S12Q 059sC. Inc
cash demand was moderate. The feeling
throughout the pit was that much of the
artificial strength had been hammered out
of corn and in spite of the continued slump
that the crowd was oVerSelling the market.
Receipts were IL cars.
The breaking of corn near the close
worked against an otherwise strong wheat
market. The sympathetic selling not
heavy, but as the support fell OFF and eX-
celent crop advices came to hand the good
early gains were lost. Trade was light aside
from a good early demand by elevator in
terests The cash situation was excellent.
Prices at a premium of as much as loo over
September were being asked in the North
west. Considerable changing was done from
September TO DeceUber options al a differ
ence of 1c. The fair-sized short interest in
the market and very steady cables helped
in the early upturn. September opened l4c
down to unchanged at 6S%c to 69c, and ad-
vanced TO 69S4c. Crop advices, however,
stated that everything was favorable. The
crowd was in a mood to bear the market
but was deferred until near the close by the
cash report A local Statistician to-day
made a comparison between last years
crop figures and the prospective yield for
this year, by which all the maturing crops
wheat, corn and oats, excel those of last
year by 20 per cent When corn broke SEN
TENDER wheat dipped to 6S5sc and closed
lsgAc down. at 6S34Q6SIsc. Local receipts
were 10 cars, one of contract grade; Min
neapolis and Duluth reported 1874 cars MAX
ing total for the three points Of 353 cars
against sol last week and 437 a wear ago
to $4,000 bu last year. Seaboard clear
ances in wheat and -four equaled $40 900 bu
oats ruled very steady until the corn
break. Trade was quiet with little buy
ing by commission houses. Reports were
that oats were yielding WELL but that the
quality averaged low. Receipts were not
liberal, and there was very little pressure
but when other grains went off there was a
decline in this pit. without much effort on
the part of the bears. September sold nm
to 323sc, broke to 3l5sc, and closed easv
1sQl4c down, at 3l&c. Receipts were ll9
cars
Outside liquidation and a lower hog
market depressed provisions early. Pork
was wanted, however. and on the packers'
support there was a good advance until
grains broke. Then there was liberal sell
ing, and the close was weak, with Septem-
Der pork 7isc down, at S16.S5; September lard
lOc OF. at 500, and September ribs lac
lower. at $10.35.
Estimated receipts for tomorrow: Wheat
le cars; corn, IS cars; oats, 100 cars: hogs
5000 head.