The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-13
CORN DAMAGED BY FROST
PRICES AT FIRST TOOK AN ADVANCE
AND THEN SETTLED BACK.
Wheat Followed I'm Sympathy, but the
Chicago Pit Turned Heavy and
the Close Was Weak.

CHICAGO, Sept. IA killing frost in
half the corn belt ruled the grain pits to-
day. While corn shorts were largely pre-
pared for this sort of news, there was a
good upturn in the coarser grain early and
an active business was done. Principally
in sympathy with the corn advance, wheat
made fair early gains. The outside situa-
ton, however, was weak, warmer weather
was predicted and while some of the corn
was reported damaged so per cent, longs
In general took profits. Most Of the corn
gain was lost and wheat under pressure
closed weak. In the end, September and
December wheat both lost sc, September
and December corn gained nc and Decem-
ger oats lost &c. Provisions closed at
20q2211c higher.
So much precautionary buying by shorts
had been done in anticipation of the frosts
that the market was bereft of the excit-
Ing feature that otherwise would have
characterized the opening. Killing frosts
were reported in the Dakotas, Minnesota,
Iowa and Nebraska and lighter frosts in
southern Kansas. At Spencer Ia, the
damage was estimated at 80 per cent. What
was missed in last nights frosts bids fair
to be nipped tonight. A big buying bust
ness started early. led by commission
houses. The local crowd was somewhat
against the price and sold, but the demand
was good, and fair advances were regarded
early. Local receipts were improved both
in quality and quantity and cables turned
trihe better While most of the local
crowd wanted early profits, 1t was nearly
midsession when the outside began to be
affected by the advances. and at that time
highest prices were reached. Some Of the
more conservative traders who have been
over the corn belt believe that a serious
damage has resulted. However the late
liquidation and predictions for warmer
weather after to-night's probable frosts
Topped off much of the corn gain. May was
strongest and closed strong &c up at 4lsc.
The nearer options were supplied to the
shorts in sufficient demand and with the
belief that the frost scare was passed,
traders allowed prices to close at barely
firm figures. September sold as high as
6Ohc and closed Ac up at Coo. December
sold at 44l9c and closed &c higher at 1870
44c. Receipts were 2lS cars, 60 Of contracted
grade.
Wheat made some advances early in the
day in sympathy with the corn bulge, but
after fairly heavy business the pit turned
heavy and the close was weak. At the
outset buying was general and in long
quantities under the lead of big elevator
and the commission houses. The froSts
Northwest, the continuation of the small
spring movement and good clearances were
the other bullish incentives. After the
initial upturns, the early buyers turned
quiet sellers and all the gain and more
besides was lost. English cables were lower.
but the continent held f1rm ST. Louis was
a fair buyer here. Inasmuch as the corn
market was the leader, the closing slump
In wheat was attributable to some extent
to the late ease in corn. December opened
&c to Ac up at 695sc to 69Sc. sold at sc and
closed weak. CSC lower at 6SQ691sc. Septem-
Der sold from 7415c down to weak close,
seven of contract grade. Minneapolis and
Duluth reported 631 cars, making total
for the three points of SS7 cars, against
55s last week and liza a year ago. Sea-
board clearances in wheat and flour equaled
10000 bushels. Primary receipts were 1,112.-
600 bushels compared to 1,479,000 bushels
last year.
Oats had a small share of the interest
to-day; corn detracted largely from this
pit. There were no prominent features and
the small early advances were purely
sympathetic There was a small demand for
cash stuff. Scattered selling took away the
slight early improvement and prices closed
| easy. December sold between 31bc and the
| close was u down at 31kc. Receipts were
| 21S cars, eight of contract grade.
| Provisions ruled strong under the in
| fluence of the advancing hog market. On
| the rise there was considerable selling,
| which caused some reactions. The pit, how
| ever, was bullish on the cold weather and
| higher corn. The trade was good at times.
though it was principally local January
pork closed at @@221ac up at $l5.2211h; jan
uary lard, 15c higher at $S.6211. and January
ribs s5a71s up at S.97h.
Estimated receipts for tomorrow: Wheat,
It's cars; corn. 2l6; oats. 1876. hogs. 10000