The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-06-07
LOWEST NOTCH YET.
July Wheat Fall Below Any Former
Figure.

CHICAGO, June 5.-Another record
was smashed today and wheat has sold
lie lower than heretofore for July, and
has also shown sharp decline in the de-
ferred futures but not to the same extent.
The failure of Meadowcroft brothers, pri-
vate bankers. this morning. gave the mar
ket quite a shock. Then came the failure
Of the Kansas City grain company, and
prices took another dip downward. On
this decline 1t was announced that Nell
son, Van Kirk d Co.. small traders in
wheat, had failed, and this, in the strained
condition OF the market, proved sufficient
TO send prices off again. Still. as prices
were so low before, the total decline
was only about lie on July and
considerably less on the longer futures.
The nearby futures are feeling the result
OF the tightness in money more seriously
than others, as is shown by the fact that
at one time &c was paid to change July to
September, in the hope that before that
month came around financial conditions
would mend. Ii was a great day for the
rumor mongers, the calamity howlers and
the whisperers. who kept the trade full of
feverish apprehension. There was appar-
emily no disposition TO buy wheat, how
ever cheap il might seem, except to cover
shorts and get in profits, but with wheat
below the cost of production the selling
is almost entirely on exhausted mar
gins and liquidation, few indeed being
nervy enough now to short the market.
The general rains followed by hot, forcing
weather, the Indifferent cables, the
European reports of cholera cases
three important cities, the increase of
100000 bushels in wheat stocks at Liver
pool. the increase of 100000 bushels on
ocean passage, the large India shipments
reaching 900 600 bushels for the week, the
receipts of 697 cars at Northwestern mar
kets-all these were natural influences
against the market. The worst break OF
the day in wheat came at the last hour.
Instead of 100000 bushels decrease in
the visible, alter long waiting the trade got
over 100000 increase. The uneasiness
was greatly intensified by the
run on LsSalle savings banks,
which traders could see from the windows
of the exchange. The opening was about
the same as Saturdays closing to C lower
and with some fluctuations prices declined
&c for July and PC for September, then
recovered slightly and closed easy about
pic lower for July and | &c for September
than Saturday. Corn, owing to some de-
mand for the spot article was compare
lively steady at the start, opening trades
being the same as the closing prices of
Saturday, but the market later on sagged
off Ia l1c owing to the down turn in the
surrounding pits. The principal feature
was the liquidation of July and buying of
September, the premium OF the latter in
consequence widening to l4c one time.
The increase in the visible was decided
disappointment; closing prices were about
at inside. Oats were affected by causes
similar to those active against corn.
There were few rallies. buttheY were in
turn followed by declines and the close
was about the lowest point with net loss
of I(Glsc on near futures and 20 on Sep
TENDER. There WAS a decrease of 81. 10 per
Dbl. in pork, 374c in lard, and 45c in ribs,
In pork the decline was brought about
not through transactions at gradually re-
ceding prices, but by sellers Offering 1t at
lower and still lower price without any
buyers appearing to make definite quota
tions possible until almost the entire de-
cline had taken place. The close was at
reaction OF zoe for pork from the inside
and &c each for lard and ribs.
Freghts were steady with a fair demand
at &c Tor wheat and &c for corn to Buffalo
and 34c for wheat to Kingston.
Estimated receipts for tomorrow:
Wheat, 20 cars; corn, l 100 cars; oats, 500
cars hogs. $4,000.
The leading futures ranged as follows: