The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-09
STILL BREAKING RECORDS
Lowest Price for Chicago Cash Wheat
Ever Touched Quoted Yesterday.
Alarm Concerning the Condition of Some Big
Northwest Elevator Companies Taken with
Heavy Sales Caused the Decline.
TRADING AT CHICAGO.

Corn Only Slightly Affected - Provisions
swampsd with Duiiness.
CHICAGO. June S-Whest broke ell
records. to-day. by selling down to ESQ for
the cash article, the lowest price ever
touched on the Board OF Trade. The mar
ket started firm. and for about twenty
minutes it looked as if the Improvement
would last. AT the end of that time there
was o return of yesterdays weakness, and
the slightly higher prices which ruled for
the time mentioned were succeeded by q
decline of July to ac below the lowest
price it had ever previously reached. At
the opening it sold from 66@o to 667sc. and
before it began to decline it just touched
continuing about sn hour, prices were cut
down by sixteenths and elghths,
until July was 6614o. and be-
fore rally of more than $50 had
been effected it dropped TO 65Ac. That
at the present rate of discount would make
cash. or June wheat. worth only 63 cents
The decline was due to fear of further
trouble among the elevator concerns of the
Northwest. which was. In measure. con-
tirmed by the weakness of the MinneapO-
clined to 5634c. or 9l2c below the lowest it
touched here. The most prominent seller
of wheat here during the break was Ar
mour " Co.. and their sales were reported
as being based on purchases of equal mag
nitude In the relatively cheaper markets of
Mlnneapolis and Duluth. Another Item In
producing the weakness will be the Mis-
souri, state crop report. which gives the
condition at 81 compared with II the
previous month. and as compared with ~
as given by the government month ago.
The acreage was reported at 90 per cent. of
last years. The receipts at Chicago were
only fifty cars. only five of which were
contract. No more than thirty-tHo car
loads are reported for tomorrow. The
market Quieted down after the break al
luded to above, and recovered o little, but
there was no great buoyancy. and after
reacting about Is G the Improvement stop
ped, and the close was lsc lower for July
and 34c lower for September than yester-
days final figures.
In corn there was considerable trading
the market being quite active at times but
near the close dizziness ruled. The feeling
at the opening was fairly steady. though
first trades were at fractional declines and
so remained for some time or until the
shake-up in wheat when sales were free
enough TO break the july option 10 from
the best point early, while September at
the same time lost 12c. The selling was
sOverdone, and the shorts began buying In
way that caused q complete recovery be-
corn bought against puts. also. as that OPP
tion was largely traded in on the curb last
night There was considerable changing
from June to July at lao. showing about
Is per cent. paid for carrying corn. This
was the weak feature in the market. The
receipts were 491 oars, including pa cars
contract corn. The Friday estimate was
500 cars. The Price Current called the
condition of the whole crop I'm proved. The
market opened with July 59l4 039asc, Sep
tember 1880 and mp to 4lc. The break was
to 80 leo for July and 40lac for Septem Der.
with the rally later to 39lsc and 4lc. June
was quoted at 37Ac and back to 81 iec. The
close wns Is % Is lower than yesterday.
There was fair demand for oats. but no
special features developed. The offers OF
juno were light, and the demand fair
There was also moderate selling OF July
and buying of September Prices had lac
range, and the close was at the top figure,
with q net gain of $50 on June and Ac on
July and IA on September. Receipts were
POI oars.
The speculative market for hog products
continued dull. the volume of trade early
being very light and especially in mess
pork, there being scarcely enough business
TO make q market. The opening sales ex-
hibited slight Improvement on higher
prices for live hogs at the yards but on the
selling of lard by prominent operator the
market declined considerably. Most of the
trading was for September delivery. Trade
during the balance of the session continued
uSut Win Only TRANSACTION now ana tnon.
On some buying of lard by leading COM
mission house the market reacted to some
extent the early decline being partially
recovered. The opening sales for pork
showed improvements of loo
over yesterdays closing figures,
followed by little decline.
The market then ruled stagnant curing
the balance of the session, closing firm and
l0c higher than yesterday. Trading IN
lard was light. The market opened 2l2o
higher. improved to like extent and then
declined 20c on prominent spec ulator SELL
ing July. September being carried down
with IL. July broke 25c. The market then
ruled steady during the balance of the ses-
sion, i'm proving loo for September on some
buying by prominent commission house
and then tiuctuating within a scent range.
and closing firm &c lower. In the short
ribs market there very little doing.
The market opened Sc higher and then
declined zoe in sympathy with the break
III wheat. Changes were made freely from
July TO September at 30G32c difference in
favor of the later. The market su bseauent-
ly improved 12lsc, closing 2l2c lower
than at the came time yesterday. The
offerings were only moderate.
Lake freighJs were steady. with fsir
demand at 2l2c for wheat and &c for corn to
Buffalo. Estimated receipts for tomorrow
are: Wheat, 80 cars; corn, 500; oats. 200;
hogs. $4,000 head. The leading futures
ranged as follows:
n