The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-06-14
WHEAT LOW AS 1888 CENTS
Number of Chicago Spectators Cover
Large Lines of Short Sales.
Since Lest Tuesday There HES reen 10-Cent
Decline IN = he L'ading Cereal-Corn and
Cas- close Near the Top Notch.
TRADING AT CHICAGO.
Large Purchases of Provisions Garry the
Price Upward

Large Purchases of Provisions Carry the
Price Upward.
CHICAGO. June 12.-The event to-day
in the wheat pit was the covering of a line
OF O million bushels or more by Charley
Wright. lie had been short this line for
considerable time. having put out the bulk
of il. it was supposed, at sc to SIC. and not
only stood by it on the recent bulge to SSc.
but added considerably to it. On q break
to-day he seemed to have concluded that
1t was the proper place to cover. and began
to buy in. He was joined by Cudahy, Linn
and other big shorts. Their purchases al
together are said to have reached over s.
600, 900 bushels to-day. Owing to the contin-
ued fine weather. the weak cables, lower
domestic markets and the free selling on
stop-loss orders, the first sales were at 1ssc
decline from Saturday, with July at 7Sc.
and few transactions at 77Sc These
prices were 10c lower than the bulge OIL
Tuesday last, when Partridge did the bulk
of his covering of short wheat at half to
three-fourths of q million dollars loss.
With some fluctuations the market rallied
steadily from the start, and closed at "A "a
$50 decline to-day. There was buyig on
engagements here, a better export busl-
ness at the sea- board, and reports of for
eigners buying futures. In addition came
reports Of hot winds doing damage In
Kansas.
Corn was active and unsettled, ruling
weak ut the start, but stronger MS the ses-
sion advanced, and the bulge was fairly
well maintained. Offerings at the opening
were immense, and initial transactions
were at Ia 1880 decline. the country being
very free sellers. as also local operators.
The fine weather all over the West and the
large receipts. both present and prospect
i've. were the factors which caused the
early weakness. At the decline q demand
sprung MP, and the market gradually al
vaDced 2Ss O2ssc on covering by shorts and
on investment buying by local operators,
many thinking the price low enough for
the present. The market ruled steady for
awhile, reacted &C, changed some and at
the close July had gained Noise and Sep
TEN Der IS a34o.
Oats opened with sales at u 01ss 9 decline
and the market for time was very weak.
The longs unloaded. The shorts rather
overdid it in their efforts to cover later in
the day. They advanced prices 2lO24 C.
and the close was steady at about the out
side, and "a 0ssc higher than on Saturday.
The almost panicky decline In the wheat
and corn markets at the start similarly at
tected provisions tor few moments.
There was very sudden rally in the hog
products and a strong market succeed
ing the momentary weakness re-
ferred to at the opening. The chief feature
of the days business was the buying for
account of Wright of about seven million
pounds of ribs. Such heavy purchases adj
vanced the price from $500 To 6.57l9c, the
market closing at the latter price as against
o.aI1ac on Saturday. Lard and pork also
recovered from the early weakness and
closed with improvements respectively of
.05c in lard and zoe per barrel in pork.
Vessel room in good demand and
rates held steady at &c for wheat and Ia Q
for corn to Buffalo. Estimated reoeipts for
tomorrow are: Wheat, 225 cars, corn,
1 225 cars; oats 655 cars; hogs, $4,000. The
leading futures ranged as follows: