The Indianapolis journal., 1893-06-05
WHEAT REFUSED TO SLUMP
Steady and at Bottom Prices Until Near
The Close, When Ii Advanced 1-Sc.
Bulls Claim the Price Is Lower than the Cost
of Production, and that IL Is Bound 10 RiSe
Shortly. but They Didn't Boy Much.
TRADING AT CHICAGO.
Corn and Oats Declined and the Trading I'm
Provisions Was Dull.

Corn and Oats Declined and the Trading I'm
Provisions Was Dull.
CHICAGO. June 3. = Wheat surprised
every body, to-day, by q remarkable exhibi-
tion of steadiness The failure of Schatfner
81 Co., bankers, caused n little slump of lac.
Bottom was reached on July at the 6Slso
mark, where values stop ped in an apathetic
manner, as if waiting for the next turn.
Fluctua alton of lac W as the range until near
the close of the session. when the opposing
forces In the wheat pit had a sharp battle
as to who would dominate the close. At
6S1sc the price stuck until within two min
utes of the close. when the bulls pried
prices ND On eighth Of cent. leaving the
market fairly firm at GSssc for July.
IhrOugnOut the session there WAS very ht-
tie trading, while arguments were plenti-
ful. One reason assigned for the scarcely
appreclable effect OF to-daya failure OF tDe
Dit values Is shat Sehaffners was private
banking firm and did not come into direct
contact with the commercial world RS rep-
resen ted by the Board of Trade. Aside
from this. of course the natural bulls say
prices are too low. anyway. ltwas claimed
that at present rates the price OF wheat
is below the cost of production. Few.
however. seemed TO have the courage OF
their convictions. The low prices, which.
it is said, are On u parity with foreign lar
kete. did not seem to DO calling out mucn
export business and the decrease IN stocks
Is slow, apparently not giving much nope
of any important reducing 0ef0re the new
crop will begin to move. The opening was
strong on tho wet weather and some export
buying. Initial trades were 3 "a %c per
bushel higher. but prices declined s4c, then
ruled firDler and advanced b2c. again enseo
oft. and the closing was u SO higher for
July and asc higher for September than
| closing figures yesterday.
Corn started at a triiie advance over the
| closing prices of yesterday. but under very
| liberal Otterings the market gradually
worked down 34c, rallied tulI ssc, ruled
| steady and closed with IA lD5sc loss- There
| was not much support 10 the situation out
| side of the buying TO cover shorts. Re-
ceipts were quite free.
Oate were traded In freely and O weaker
| feeling prevailed. Opening prices were
tue highest and closing the lowest with .
| net loss of $40 Oh June aud lB04c on the
other months. The weakness was attriO-
| uted to sympathy with corn and the free
selling of June by the shipping house of
Counselman 81 Co.
| Provislons were extremely dull with o
few change overs from July to September
in pork. aud q very little trading in lard
| aud ribs. The first named was steady and
| the last two named u trifie lower on the
decline In hogs at the yards, and reported
| liberal receipts at Omaha aud Kansas City.
| Freights were frmer and higher. with a
good demand ut 20 for wheat and $50 for
| corn to Buffalo. Through rates TO Liver.
per bushel to ID I2c OH wheat. and from
| IL. y4c to 13 IL OH corn. both lake and ocean
| going MP.
| Estimated receipts for Monday are:
| Wheat. Sc cars; corn. 10 cars. OATS 80 cars;
hogs. $1,000.