The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-06-15
SHORTS COVER MILLIONS.
Spectators Wright, Hudahy and
Others Go 1t on Big Scale.
INDIANAPOLIS, IND.

INDIANAPOLIS, IND.
MONDAY EVENING. June l3
James E. Berry's Chicago adyices today were
as follows:
A very active and large trade has been the
feature of the grain and provision markets
throughout the day. under the pressure of stop
orders. Large receipts and lower cables. The
opening on wheat was about one and one-half
cents lower than the very lowest price OF Sat
urday.
There were large buying orders from the
start, principally by few local shorts and ex-
porters-one large short is supposed to have
taken Is, 600 600 bushels.
The crops of the world are In q very critical
condition, and must necessarily be very active
If exporters continue to buy they did today
for time. The lowest price reached today is
likely to be the bottom.
The corn market was flooded without aide Or
ders to buy. This together with the local shorts,
caused steady advance, with very few reac-
tons from the opening to the close. The OPEN
ing about 10 of from Saturdays close. all
of which recovered, and an advance of
fully lie per bushel from Saturdays first figures
established for the day. Ii is evident that the
spectators IN the corn belt are disposed to
buy around 45e. Shorts were satisfied with
their profits, making large purchases around
the opening.
Under the pressure of extraordinary large
receipts oats were almost panicky on the open
ing but finally closing strong, fully Lc per
bushel higher than Saturday.
Provisions opened at about Saturdays final
figures. Under the influence of heavy buying
by spectators and for foreign and domestic
use the market became very strong and adj
vanced steadily till the close.
There was no call on indianapolis change to-
day on account of the annual board of trade
election. Corn showed only moderate ktren 9TH,
while other grains ran light.
CHICAGO. June l3-The event to-day in the
wheat pit was the covering OF line Of mill
ion bushels or more by Charley Wright. He
had been short this line for q considerable
time, having put out the bulk of it, it was sup
posed, at 81 to IS cents and not only stood by
il on the recent bulge to SIS. but added cOnsid-
erably to IL. On the break to-day he seemed
TO have concluded that ii was the proper place
10 cover and began TO buy IN. lie was joined
by Cudahy, Linn and other big shorts. Their
purchases all together are SAID to have reached
over five million bushels to-day.
Owing to the continued fine weather, the
weak cables lower domestic markets and the
free selling on stop loss orders, The Grst sales
were at 1870 decline from Saturday, with
July at 7S and few transactions
st 77Isc. These prices were loo lower
than the bulge on Tuesday last, when Pard-
ridge did the bulk of his covering of short
wheat at one-half to three-fourths of a million
dollars loss. With some fluctuations the mar
ket rallied steadily from the start and closed
4Ossc decline today. There buying on
California account, rumors OF large freight en-
gagements here, better export business at
the seaboard and reports of foreigners buying
futures. In addition came reports of hot winds
doing damage In Kansas. Corn was active and
unsettled. ruling weak at the start but stronger
as the session advanced and the bulge was
fairly we'll maintained. O:erings at the open
ing were immense and initial transactions were
a Il[(qI5La decline the henp
free sellers, as also local operators. The fine
weather all over the West and the large re-
ceipts. both present and prospective, were the
factors which caused the early weakness
and at the decline demand sprung up
and the. market gradually advanced 23s
(g35sc 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 while. reacted &c changed
some and at the close July had gained go 80
aud September 5000. Oats opened with
sales at 54g15sc decline and the market for q
time was very weak. The longs unloaded, the
shorts rather overdid il and in their efforts to
cover later in the day they advanced prices
2(G24e and the close was steady at about the out.
side sad 1850 higher than on Saturday. The al
most panicky decline in the wheat and corn
markets at the start similarly anected pro-
visions for q few moments. There was a very
sudden rally in the hog products and
a strong market succeeded the momentary
weakness referred to at the opening
The chief feature of the days business was the
buying for account of Wright of about 7,O00OO
pounds of ribs. Such heavy purchases adj
vanced the price from $3.50 to S6.57lz, the mar
ket closing at the latter price against S6.375<
on Saturday. Lard and pork also recovered
from the early weakness and closed with i'm
provements, respectively of 30 in lard and Zoo
per bris in pork. Vessel room was in good
demand aud rates held steady at &c for wheat
and 1910 for corn to Buffalo. Estimated re-
eeipts tor tomorrow: Wheat, 225 cars; corn,
1,225 cara; oats, 655 cars; hogs. e, 600
The leading futures ranged follows: