The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-06-12

Big Bull Scare Resulted in Enormous
Offerings and Drop of 4 5-8c.
Uncle Jerry Rusks Report on rasis Of a
$50, 900, 900 BUS bel crop for This Yeor
Proved Veritabla Knockout Blow.
TRADING AT CHICAGO.

Corn Rounded Up the Exciting Session
with q Loss of Cents.
CHICAGO, June 1l.-This was q field
day for the bears on Change. The bulls
were routed at all points and the session
closed with everyth lower. 1t all grew
out of the extremely bearish character OF
the government wheat crop special Even
the most radical bears were asreeably dis
appointed at the showing made. In theface
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
one. The condition of winter wheat
was put at SS.3 or nearly four points better
than o month ago, while spring wheat was
reported at so. or nearly as good as year
ago, while the area of both spring and win.
ter was practically the same a. last year.
Traders who did not have special wire ia
ciiitIes for getting 1t as soon as issued yes
terdav afternoon, rose early this morning.
grab bed their morning papers, read the re-
port hastily, then got out their pencils and
began to figure. The results arrived at
bushels of winter. and from 1S5. 600 600 TO 1885,
CO., coo bushels of spring, or total OF $685.
0O0,000 bushels In all. AS may well be imaR-
ined the showing did not increase the appe-
titles OF holders of wheat, and with great
unanlmity they rushed down town ana
into the pit, ready to sell at almost any
price the moment the bell should tap. Tho
result was nearly panic. Perspirlng SELL
ers were plenty at the opening at any
where from SO54 and 81 "a o for July, against
40 nf Ia Las nj h Shnrfa
content TO close aud take such fne prohts
without waiting to see whether there
would be any farther decline. Their buy
ing caused the market to firm mp Tor
when the shorts were satisfied the mo-
mentsry strength disappeared. and tho
down W ard course was resumed. the donor
aliZing effect of the government report bo-
ing supplemented by weaker cables. which
naturally followed the publication of our
government report abroad and by the con-
tinued favorable weather. The cOmblna-
tion resnlt was drop to 79Ac. at which
price it closed weak. loss compared with
Yesterdays last figures of 4asc.
Corn was affected by fine weather for the
growing plant and sympathy with the
break IN other grains. Holders had owl
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 tho heavier pros
pective movement in the interior also had
q weakening tendency. Receivers sold
freely, and New York and. st. Louis were
lsrgoly represented on the selling side.
July opened at q range OF 41G47l9c. against
1875 o at the close yesterday; reacted lac on
covering; then turned down with wheat to
$40 rallied to 45sc, and closed at $3.50. q
loss of SO.
July oats opened lao lower, at Slc sold rs
low as 29l9c and closed at 29ssc.
Provision were weak in sympathy with
grains, but the weak ness as not so marked,
nor the business 40 large. The prices for
hogs were higher which tended TO prevent
generalization, as did the buying of shorts.
Pork closed with q loss of 200; lard is .07lec
off. and ribs are down like amount
Estimated receipts for Monday: Wheat.
125 cars; corn, 400 cars; oats. 400 cars; hogs.
IS 600.
The leading futures ranged as follows: