The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-30
MORE RECORD SMASHING
June Wheat Offered at 629c, the Lowest
Point Ever Touched for Cash.
Difference of Six Cents Between July and Sep
TENDER, and Many Longs Forced 10 Sell
Corn Weak and Lower for July.
TRADING AT CHICAGO.

Carrying Charges for Lard from July to Sep
rember widened Ont to soc.
CHICAGO. June 29.-While silver was
selling in New York at the lowest figure
ever touched. to-day, wheat WAS being Of
fered here at 62ssc q bushel for July.
price far below all previous slumps.
Wheat was like an ilI-favored orphan. No
one seemed to wish to take care of 1t. and
1t got turned over from hand to hand until
thirty.seven- percent. rate OF interest
wac offered as an inducement to hold il for
two months. The chief immediate cause
of the generalization was the surprising
announcement made in Beerbohm's cable
gram that India had produced in five
sections of the country 56000.000 bushels
more wheat this year than in 1892. All
previous reports from that country had
led to belief that the Indian crop was q
short one. It yet remains to be seen
whether the other districts of that country
have not fallen short as much or o greater
amount than the i've sections mentioned
by Beerbohm. Liverpool was quoted
cheaper to effect sales. The opening price
for July was 6Sssc. or exactly lie per bushel
lower than 1t closed yesterday. Septem-
Der started at 69l4c. which showed de-
cline since the previous afternoon of about
lsc. In the coarse of half an hour June
made q dive to 62l4c and September to
6Si2c. leaving gap of cents between
the two deliveries. an altogether
previously unheard of carrying charge
and smashing all records OF low prices for
cash wheat The panic In silver was, OF
course the leading source of weakness. but
aside from the news regarding India wheat
there were other adverse influences. Con-
trlbuting TO the break was news of helpful
rains in the American Northwest. The de-
cline was further aided By speculative
longs who were forced to sell their July
wheat owing to the proximity OF the month.
Rardridge and other big shorts bought
heavily at the bottom ana stopped the
drain. Reports OF some recovery In silver
and the clearance of 100000 bushels of
wheat In kernel and flour helped to steady
the market. According to one authority
the widening of the difference bet ween the
July and September options Is due to the
fact that experienced carriers are running
away from 100000 bushels of wheat that
slipped into the contract grade by the skin
of it's teeth. and that the straddling scalp
ers have got caught in the open without
shelter. The market at the opening for
July was Is 0lo lower. and for September
% "a y lower than yesterdays closing. ruled
weaker. and prices further declined 1c for
July and &c for September. rallied
slightly. July advancing Sac and Septem-
Der $50. again eased off and the closing W az
easy at 4O3so from bottom. Trading
throughout the day, but particularly
while the big decline was in progress. was
marked by considerable nervous excite
ment. and transactions at times were on q
decidedly heavy scale.
Corn was weak, the action OF heat and
continuous favorable reports and liberal
receipts all having that tendency. A good
deal of changing was INDUCED in, selling
July and buying September, the difference
at the opening being about 194c and later
widened to &c. First trades were at a "a g G
loss, and on free offerings worked down 40
more. At the decline fair rally took
place and the market held steady. showing
an advance of lac. but july weakened. ana
at the close had lost "a 6 sc. while Septem-
Der was steady aud unchanged.
Oats declined lee for near futures. The
drop was due to the increased offerings and
In sympathy with wheat and corn. There
was good deal of selling of July and buy.
ing of September that made the former
weak. but the latter held strong and it
closed lsc over yesterday.
The feature OF the speculative market
for provisions was the widening out of the
carrying charges for lard from July to
September To soc early. At the close they
were 70072l9c apart. 1t is claimed that
some of those who have bought for July
cannot find money to enable them to full Gil
ali their contracts. the banks having de-
clined to make advances on the basis of
the present prices for the product so that
buyers must either pay the premium de.
manded or take the stuff. The difference
in pork and ribs also spread but not SO
great
Estimated receipts for tomorrow ore:
Wheat. 81 cars; corn. 6l2 cars: oats, 243 cars;
hoge. $1,000. The leading futures ranged as
follows: