The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-06-13

Big Bull Scare Resulted in Enormous
Offerings and Drop of 4 5.Sc.
Uncle Jerry" Eusk's Report on a Tasis of
535.0OO. 900 bushel Crop for This Year
Proved Veritatl. Knock.Ou How.
TRADING AT CHICAGO.

Corn Rounded Up the Exciting Session
with a Loss of 3 Cents.
CHICAGO. June 11.-This was field
day for the bears on Change. The bulls
were routed at all points and the session
closed with every thing lower. 1t all grew
out of the extremely bearish character OF
the government wheat crop special Even
the most radical bears were agreeably dis
appointed at the showing made. In the face
of the reported wholesale destruction of
fields by floods and the rotting of seed in
the rain-soaked ground, the show
ing of Uncle Jerry" Rusk's
bureau was an absolutely roseate
one. The condition of winter wheat
was put at SS.3 or nearly four points better
than month ago. while spring wheat was
reported at 90. or nearly as good as year
ago, while the area OF both spring and win
ter was practically the same as last year.
Traders who did not have special wire IA
cilities for getting 1t as soon as issued yes
terday afternoon. rose early this morning.
grabbed their morning papers, read the re-
port hastily, then got out their pencils and
began to figure. The results arrived at
seemed to indicate q crop OF 345,O00.O0O
bushels of winter. and from 1S5. OOO 900 to 1885,
000,C0O bushels of spring, or total OF 3d.
0J0. 600 bushels In all. AS may well be imag-
ined the showing did not increase the appe-
titles of holders of wheat, and with great
unanlmity they rushed down town and
into the pit. ready to sell at almost any
price the moment the bell should tap. The
result was nearly panic. Perspiring sell
were plenty at the opening at any
where from S0lc and 81 a Q for July. against
Sac at the close last night. Shorts were
al nsxA L. II. tlno 70
without waiting to see whether there
would be any farther decline. Their buy
ing caused the market to firm up for q
time, the price going as high as Slssc, put
when the shorts were satisfied the mo-
mentary strength disappeared. and the
downward course was resumed. the demon
alizing effect of the government report be-
ing supplemented by weaker cables. which
naturally followed the publication OF our
government report abroad and by the con-
tinued favorable weather. The combina-
ton result was drop to 79ssc. at when
price it closed weak. loss compared with
Yesterdays last figures of 49sc.
Corn was affected by fine weather for the
growing plant and sympathy with the
break in other grains Holders had EVIL
IDENTIFY lost heart, and the selling craze was
intense, long corn being thrown over reck-
lessly, and an immense business was done.
The large arrivals and the heavier pros
pective movement in the interior also had
weakening tendency. Receivers sold
freely, and New York and st. Louis were
lsrgely represented on the selling side.
July opened at range Of 47Q47l2c. against
$3.50 at the close yesterday: reacted "a G on
covering; then turned down with wheat TO
Az Q; rallied to asa c, and closed at 45asc. q
loss of &c.
July oats opened 1Ac lower, at Sic, sold as
low as 29l7c and closed at 2Jasc.
Provision were weak in sympathy with
grains, but the weakness v as not so Marked
nor the business so large. The prices for
hogs were higher. which tended TO prevent
Generalization, as did the buying of shorts.
Pork closed with loss of 20c lard is .07lEc
off. and bs are down a like amount.
Estimated receipts for Monday: Wheat,
125 cars; corn, 500 cars; oats. 400 cars; hogs.
35 600.
The leading futures ranged as follows:
.l.iaSi,.1s