The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-11
BREAKS in PROVISIONS
ENORMOUS SELLING CONFIDENT
WITH COVERING IN CORN.
Mixed Changes Result. Wheat, Oats
and Provisions Closing Lower,
with Corn n Little Up.

CHICAGO. Aug. 9.-Calamity overlook
the bulls in the provision pit to-day. The
downhill course of all grains during the
week and especially the precipitous de-
cline in corn, had taken all the faith from
holders in all the speculative pits. AS
further argument against the bulls corn
broke again early in the day. This was
too much for the provision crowd and an
avalanche of stop-loss selling orders
swamped the pit. Pork made the greatest
break, soc, but other products kept company.
While stampede was working havoc in
provisions the grain crowds came TO the
belief that bottom prices had been reached.
Covering on tremendous scale took place.
Corn shorts covered by the millions. The
bearish conditions of weather and fine
crops worked against a rally, but in the
end everything on the floor reacted. Sep
TENDER corn closed 1sqAc up. wheat
shade lower and oats 34c down. Provisions
closed 71kQ15c lower.
Provisions were demoralized until late in
the session. There was a great selling
pressure in the shape of liquidation in
September holdings and selling short of
January and May. Pork was the product
raided and the bottom dropped out of the
market Everybody was offering stuff. At
times January pork was offered zoe under
the market with no takers. The bottom
reached at a decline of about soc.
Lard had been the firmest of the prod
ucts and turned strong on support. The
hog market. which had been lower on only
six thousand head receipts turned up late
with a view to attracting more stock TO
market next week. Corn, the weakness of
which was the primary influence in the
provision selling, turned firm. After the
severe break there was a reactive tendency
and the days losses were much less than
at one time seemed probable September
pork sold from 1888 down to S15.75 and
| from sl4.S5 to $3.50 and closed at Sl4.50
September lard sold as low $3.50 and
closed nc down at $10.671k. September
ribs dropped from 5000 to $50 and closed
1219c off at Sl0021.
Corn was so weak early that II caused
| weakness in everything else on the floor.
After slumping over &c in one week. an ad-
| ditfonal decline in deferred futures of 1c
| frightened the remaining bulls into renewed
| liquidation. The weather was favorable
and crop reports were bearish Texas was
| asking for bids for immediate shipment
! Altogether 1t appeared that soon there
would be d big movement from the South
west. The decline, however, soon brought
! prices TO spot which was considered too
profitable to the shorts to last long. Cow
ering had been going on all morning but
now grew lively: The clique that had sold
|
against the corner in July. covered enor-
mously at big profits. The crowd turned
bullish but the recent depression had been
| so great that 1t was hard to overcome.
| September, which slumped to 50ssc, rallied
| to 51&c, but closed only a trifie firmer,
! 1sqAc up, at 51$sg5l19c. December slumped
| 1c to 39c. and closed easy, 1sqAc off, at
394Q397s Receipts were still remarkably
small at "a cars.
| Wheat made new records for low prices
for the crop. There was a temporary firm
ness at the opening, on light rains in the
| spring harvests, but the drop in corn and
| the subsequent depression in oats brought
! marked depression. Crop prospects still
| were excellent and all reports indicated big
| yields both for winter and spring wheat.
| Stop loss orders were plenty. short selling
| was free and there only scanty cover
ing late in the day on more rains pre-
dicted Northwest Receipts were very
| heavy, especially Southwest. There was
the continent was weak. September opened
Ac up to unchanged at 6s14c to 6Sc broke TO
| size and closed easy at 67BG6Sc. December
| sold down to 6612c and closed 1sc up at 66&4
| $3.50. Local receipts were 262 cars one of
| contract grade; Minnea polls and Duluth re-
ported lis cars, making a total for the
| three points of $50 cars against 459 last
| week and Ais a year ago. Primary receipts
| were 1,3l1, 600 blu, against $4,000 last year
| Seaboard clearances in wheat and flour
equaled $685. 900 blu.
| Corn weakness brought slumps in oats
Trade was fair but the crop reports were
too bearish to allow much of a rally when
other grains reacted. May ruled relatively
strong, but liquidation in the near future
| caused dips of 1c. September sold from 31C
| TO soc and closed weak, &c off at 30I4c. Re-
ceipts were bearishly large at 244 cars
Estimated receipts for Monday: Wheat
$40 cars; corn, 50 cars; oats, 80 cars; hogs
% 900 head.