The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-05-31
LOWEST IN YEARS.
Wheat Gets Way Down TO Bed-Rock
Prices.

CHICAGO, May 29-Wheat today sold
at, with one exception, the lowest point
in thirty years. The single exception was
in 1887 during the reaction from the in
flation caused by the running of a corner
by Harper, the bank manager of Cincin-
natl.
The great receipts with little outlet for
the wheat, the fine weather. weaker cables,
financial tightness and the heavy load OF
wheat carried hegs all acted as depress-
ing influences. The cash price broke
below 7Oc early and decided many wagers
made on such a figure. Then on the
shaky feeling MAY touched csc, price
reached but once before since war times.
Liquidation was on a stupenGous scale /;
stop loss orders were pouring in all day.
margins were wiped out almost every
moment. causing large lots to be thrown
on the market, and short sellers were en-
couraged to operate with increased free
dom. The local receipts were $50 cars
above expectations and the deliveries at
all primary points were heavy while ex-
ports were slow. The newspapers had
long dispatches from Europe claiming
that the wheat outlook there was almost
without exception either up to the aver
age or above and there was little doubt
but that the outlook in America was more
encouraging. The trade did not stop to
inquire whether the Ruthoritylfor the rosy
view of the foreign situation was any bet
ter than the authority which has of late
been sending contrary reports, but as
cables came lower they were regarded as
confirmatory and the selling went on un-
checked. The opening was about 9(d4c
lower and with only slight fluctuations
prices further declined lie, then held
steadier and the closing was about 15c
lower for July and &C lower for September
than the closing figures of Saturday.
There has been q good deal of aggravation
OF the situation by the persistent state
ment that money Ia difficult TO borrow
on the security of wheat. Eggleston,
who is in position to talk authoritstively
on the subject, says that owing to its low
price bankers lena readily upon
He says also that he never found
it easier to buy on wheat collaterals. The
visible supply decreased 1 ,433, 900 bushels,
which was SOC, 600 bushels more than was
generally looked for. and there was some
cash wheat worked for export, which two
circumstances were OF some assistance in
steadying the market at the decline. Corn
was easy. but small stocks make sellers
careful and the days decline was only
&c on July, but May dropped lie. The
feature OF the day was the taking in of
many of the iarge "short" lines of July
and putting out OF the September. The
failure to catch many stop loss orders at
Acc and increase the offerings was looked
upon as a steady feature.
Oats were unsettled. Prices declined /
(Glic early, chiefly on arrivals exceeding
the estimates. After the decline there was
a better feeling and prices reacted to open
ing figures. the market closing steady for
July and September, with lC9gc lower for
MAY and June. Charlie Wright PLAYED with
pork, sending the price of 81 on light BUSH
ness. A few spectators were caught on stop
orders ana Wright got the pork and then
rallied the price fifty cents in few min
utes. Lard and ribs closed respectively
15c and 20c lower than Saturday.
Freights-Lake room was in good demand
at &c for wheat and l. for corn to Buffalo.
Estimated receipts for tomorrow: Wheat,
40S cars; corn, 900 cars; oats. $50 cars /;
hogs $4,000.
The leading futures ranged as follows: