The Indianapolis journal., 1893-05-30
WHEAT BREAKS BELOW 10
Reaching l684c, the Lowest Point
Touched Since the War Save Once.
The Chicago Market Fairly Deluged with Bear
News, RspOr:S Coming from All Over
Europe a. Well es from This Country.
TRADING AT CHICAGO.

Charley Wright Playing with Pork TO the
Sorrow of Numerous Scaipers
CHICAGO, May 29-Wheat to-day sold,
with one exception. at the lowest point in
thirty years. The single exception was in
1884, during the reaction from the imitation
caused by the running of corner by Har-
per. the bank MANAGER. of Cincinnati The
great receipts with. little outlet for the
wheat. the fine weather. weaker cables.
financial tightness and the heavy load of
wheat carried here. all acted as depressing
influences. The cash price broke below zoo
early. and decided many wagers made on
euch figure. Then, on the shaky feeling,
May touched 6Skc. q price reached only
once before since war times. Liquidation
was on q stupendous scale. Stop-loss or
ders were pouring in all day, margins
were wiped ont almost every moment,
causing large lots to be thrown on the
market. and short sellers were encouraged
to operate with increased freedom. The
local receipts were $50 cars above expecta-
tions and tho deliveries ct all primary
points were heavy, while exports were
slow. The newspapers had long dispatches
from Europe claiming that the wheat out
look there was almost without exception
either mp to an average 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
authority for the rosy Wow Of the foreign
situation was any better than the authority
which has of late been sending contrary to
ports, but as cables came lower they were
regarded as contrmatory and the selling
went on unchecked. The opening was l2G0
SO lower and with only slight fluctuations
prices further declined lac. then
held steadier, aud the closing was about
lac lower for July and 20 lower for
September than the closing figures of
Saturday. There has been O good deal of
aggravation of the situation by the per-
sistent statement that money Is difficult to
borrow on the security of wheat. Eggles-
ton, who ls III position TO talk authorita-
lively on the subject. says that owing to
its low price bankers lend readily on it
within SO of Its market price. He say also
that he never found it easier to borrow on
wheat collaterals. The visible supply de.
creased /, ,433. 900 bushels. which as 800 600
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 $50 on July; but May dropped 10. The
feature of the day was the taking in of many
out of the September. The failure to catch
many stop-loss orders at 40c and increase
the offerings was looked on as a steady
feature.
Oats were unsettled. Prices declined
hc01L4c early. chiefly on arrivals exceed
ing the estimates. After the decline there
was better feeling. and prices reacted TO
opening figures. the market closing steady
for July and September. with h09so
lower for May and June.
Charley Wright played with pork. send
ing the price Oft 81 on light business A
| few speculators were caught on stop orders.
and Wright got the pork. and then rallied
| the price so cents in q few minutes. Lard
and ribs closed respectively .15o and zoe
lower than Saturday.
Vessel room wes In good demand at 1Sso
for wheat and 1ss o for corn to Buffalo. Es-
timated receipts for tomorrow are: Wheat.
4Os cars; corn. 1000 oars; oats. $50 cars; hogs.
| 1900. The leading futures ranged as fol.
| lows: