The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-08
FROST SCARE is OVER
INDICATIONS OF WARNER WEATHER
CAUSED PRICES TO SLUMP.
Heavy Selling in Chicago Grain Pits
Fears for Unripe Corn Dispelled
Pork Slightly Lower.

CHICAGO, Sept. 6.-After a week of great
weather uncertainty, during which frost
scares put good strength into grain prices,
spectators to-day settled down to the be-
lief that the warm and dry weather at
hand was enough to allay all fears of crop
damage AS a result of this bearish factor
and that of an expected big movement In
the northwestern spring wheat country
next week. all grains slumped off and
closed weak December wheat lie. lower,
December corn sc down. September oats
1Ac depressed and December oats 4c down.
Provisions closed 21sc higher to 21ac lower.
There was a fair array of bearish in
fluences at work in the wheat pit at the
opening Cables were declining and, gave
the advice that worlds shipments, totaling
almost 100000 bushels, and heavy Russian
offerings in Liverpool were the causes.
Warm, dry weather was reported over
much of the wheat region of this country.
The Northwest turned bearish and sold stun
in both this market and the Northwest
Minneapolis slumped 1iec, and, although In
seeming contradiction to the reports that
next week would see the biggest move
ment of wheat in long time, cash prices
advanced nc The crowd of local specula-
tors was bearishly inclined, and heavy SELL
ing by prominent longs, both in December
and May, pressed prices down until more
than 1Ac was knocked of.
There were very few items of comfort Tor
the bulls in the days news Grading con-
tinued very poor. and Northwestern and
primary receipts were lighter than last
year by almost half. Seaboard clearances
in wheat and flour were heavy at 1,O59,oO
bushels. These influences, however, had lit
tie or no effect, save possibly in retarding
losses. December wheat started 1sqAc TO
a shade lower at 6Sssc TO 6S2zc, declined to
675sc and closed weak and 1c down at 61A
Q677sc Local receipts were 1872 cars. none
of contract grade. Minneapolis and Duluth
reported $50 cars, making total for the
three points Of 572 cars, against 594 last
week and LIP year ago. Primary receipts
were $4,000 blu. compared to 1,S43,Voo pu last
year.
The failure of frost, predicted yesterday,
to materialiZe to-day, put the crowd in
selling mood in the corn pit. With warmer
weather at hand fears for the unripe corn
with them. September was not inclined TO
slump as badly as December, because of the
short interests in the current month. Con-
tract grading was still very poor. but to-
days receipts were increased, 1876 cars ar
irving with thirty-five of contract grade.
December opened B9Ac to a shade off at
431sd43Ac, fell off 1c to AN G42&c and closed
weak &c down at 423sq42ixc.
Oats suffered from early brisk selling.
induced by liberal receipts and the de-
preston in other grains. September was
sold most freely, partly because, although
contract stuff small to-day, drying
was going on at liberal rate. Poor
weather conditions In Iowa were lnhuentlal
in holding up deferred futures September
started unchanged to nc lower at $3.50
347sc dropped to 931ac and closed weak 1hc
off at $3.50. December sold between 31ssc
and Sic and closed easy Ac down at 3llsc.
Receipts were 3S4 cars, seven of contract
grade.
Provisions were dull and somewhat ir-
regular. Advancing hog prices started an
early upturn, which was lost, however, on
fair liquidation and Saturday evening up.
January pork closed 212c lower at $l49712,
January lard unchanged at $40 and jan
uary ribs 212c higher at $3.50.
Estimated receipts for tomorrow: Wheat,
24O cars; corn. 1l5 cars; oats, $40 cars; hogs,
q 600 head.