The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-06
GRAIN PRICES DECLINE
SEPTEMBER CORN LEADS THE
SLUMP IN CHICAGO PITS.
Losses Range from lie in Oats to
L 1-?c in Considerations Irregu-
lar, but Close mt Gains.

CHICAGO. Aug. 5.-Grains were heavy
to-day and prices declined sharply. Sep
TENDER wheat, depressed by almost perfect
harvesting weather in the spring wheat
country and by very heavy receipts.
dropped to the lowest price so far this sea-
son. Corn also ruled very weak on heavy
selling notwithstanding receipts were fall
ing off greatly. At the close of trade Sep
TENDER wheat had lost s4G7sc. corn 12sq11kc
and oats AQ2sc. Provisions closed 2l2q
l212c higher.
Wheat momentarily showed a good front
at the opening of trade. Gables were firm,
grading was very poor and there were
rains in the Western States and in the Ohio
valley. September started sc up to sc
down, al zoe to $3.50, and sold at 7O1sc Soon.
however. the perfect weather Northwest
began to have a decidedly bearish effect
on the crowd. Receipts here and South
west were large and at primary points
totaled much above last year. This started
free selling. and September dropped to the
low level for the crop-69c. Bradstreet re-
ported a decrease in the worlds visible sup
ply and the seaboard cleared equivalent to
$4,000 bushels in wheat and flour. These
factors had a checking influence on the de-
cline, but the close was weak and heavy,
September 24GBc down. at 69G69Bc. The
seaboard did a fair business The volume
Of trade here was not large and was mostly
of a professional character. Local receipts
were 546 cars, eight of contract grade;
Minneapolis and Duluth reported 173 cars, a
total of 79. against 7SS last week and $50
year ago. Primary receipts were 1,925, 900
hiIGh plS last he
board reported thirty-nine loads taken for
export.
Corn receipts here to-day were only sixty
nine cars and estimates for tomorrow were
but twenty-five cars For a moment prices
in this pit edged above the closing ngures
of yesterday, but bullish statistics could
not overcome the decidedly bearish senti-
ment of the crowd. Heavy selling of Sep
TENDER soon after the opening caused the
slump. Offerings came out abundantly and
there was no let up to the pressure until
September had dropped from size to 555sc.
| The big interests Identified with the free
selling of the last several days were in the
pit selling. In the absence of anything that
resembled support no one wanted the corn.
! Stop loss orders came out and helped in the
! decline. Liverpool was strong and as much
/ as &c higher, but eXerted no influence. AT
| the bottom there was some buying by COM
mission houses and by shorts who covered
| This brought a slight rally. but September
( closed very weak and 13s4l12c down, at $3.50
! The weather West, while rainy, was con-
! sidered favorable to the growth of the crop
| Oats held up well against the depression
| of the other grains. There was dip early
! and again late. influenced by lib>ral re-
ceiptS and the corn break, but the weather
was against the harveSts, and reduced esti-
mates of arrivals checked any sympathetic
! declines of moment. The cash demand also
| was fair. September sold from 3211G325sC
| to 31&c and closed easy and Ad3sc down. al
| intG
Provisions were quiet but somewhat irreg-
! ular Hogs at the yards were weaker for
! poor grades and higher for the best. Early
! liquidation depressed products, but good
! Milwaukee support brought a brace in the
market and everything advanced. Septem.
Der pork closed 1212c up, at S16.S5; lard 21RC
| higher, al $10.S5, and ribs nc advanced al
! S10.47h
Estimated receipts for to-morrow-Wh
800 cars; corn, %; oats. IS; hogs, p, 600 head.
Leading futures ranged as follows: