The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-09
SEMI-PANIC IN CORN
THAT GRAIN is HAMMERED BY THE
BEARS FAST AND FIERcELY
In General Alarm Drop of 2s4c Takes
Place-Both Pit and Countryside Bear
ish-Wheat Has Similar Experience
Oats Are Likewise Lower

CHICAGO, Aug 8-Corn was ham
mered by the bears fast and fiercely to-
day The growing crop was ripening too
rapidly under the influence of perfect
weather to suit the holders. In the gener-
al alarm there was a panicky drop of
"A ca decline of 41ac since Yesterdays
pit and countryside were both bearish
deliveries of wheat also We're too heavy
Tor prices, and on sympathy 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 "a @23sc de-
pressed. September wheat GDAc down.
and September oats q C lower. Provisions
haq inherent strength, but closed I'M
changed to 35c lower on the grain in
The corn pit was filled with bears from
the sound of the starting gong. 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. Today the outlook for
crops could not have been better. Hay
and oats, as well as corn, promised abund-
ant yields.
Avalanche of Selling Orders.
: Even with the wheat market weakening
on The prollflc season the general opinion
was that the coarse grains were still far
out OF the natural range with wheat. The
opening sales today indicated a heaviness
in corn, but it was some time until the
avalanche of selling orders struck the
PIT and resulted in the break of 2s4c
longs and shorts. Stop-loss orders came
out and then millers dumped long stuff
freely. Shorts became light buyers, but
the demand for covering did not equal
the desire on the part of the longs to sell
out, and September, which sold early at
2g@531ac, floundered at 50Bc.
There was little reaction late, but
the close was very weak, IA 023sc lower
for September at 51Ac. On the decline,
December touched $3.50, and May 1880
Bulls were simply terror stricken. One
ct h0 dc hot
influential bull interests had closed out
their holdings. Receipts were very small
at 81 cars, but had no unfolding effect.
Wheat Follows Suit.
Wheat was influenced to a great extent
by the weakness in corn. Big commission
weather, big deliveries and bearish crop
advices. Receipts still kept above last
years figures. There was moderate early
buying by shorts, which steadied prices
for a 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-
cline. Cash business was at a good pre-
mium-as high as 4c-but the selling pres
sure persisted and most options closed lie
lower.
Business was heavy September opened
1s@Ac down, at 655sc to 6SAc, sold at
6Sa4 @681sc, brought it to 67a4c and closed
weak, &@Bc down, at CSC. Local re-
celptS were ZIG cars, none of contract
grade. Minneapolis and Duluth reported
70 cars, making a total for the three
points of 298 cars, against 511 last week
and 379 a year ago. Primary receipts
were 1887, 900 blu, compared to 912, 000 bu
last year. Seaboard elearances in wheat
and flour equaled 5000 blu. Argentine
shipments were $4,000 bu, against 32S.00O
bu year ago.
Oats and Provisions.
Oats were lower with corn, on favorable
weather and good crop adyices. There
were liberal offerings at times, and only
a light demand. Receipts were more lib
eral. and the sentiment was generally
bearish The cash demand was fair but
had little effect. September sold from
315sc down to 30Bc, and closed weak, &c
lower, at 31e. Receipts were ia cars.
Provisions were liquidated again by the
outside. Hogs were lower, but packers
supported well for a time and helped in
an early rally. The coarse grain weak
ness brought a late slump and the close
was generally weak. September pork
closed Csc lower, at $16.50; September
lard unchanged, at $1075, and September
ribs, zoe off, at $10.15.
The estimated receipts for tomorrow
are: Wheat, 27O cars corn, 35 cars; oats,
245 cars, and TO- 600 head of hogs.
Members of the Board of Trade voted
not to adjourn business tomorrow in hofor
of King Edwards coronation.
The leading futures ranged as follows;
Open High. Low. Close.