The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-12
BIG SHRINKAGE IN WHEAT
In The Face of That, However, There Was
q Fall of | $50 a Bushel Yesterday.
The Government Report Indicates a Crop OF
Only 39i, 000. 900 Bushels, the Smallest.
with One Exception, Since 1877.
TRADING AT CHICAGO.

Corn Went Down with Wheat. and Pro-
visions Traiied Along.
CHICAGO, July ia queer somersault
was turned By the wheat market to-day.
The latest Whit of the financial blizzard
seemed 30 be the reason. There was q fall
of 1850 a bushel in the price of the cereal
right in the face of q government report in
dicsting a smaller crop of wheat than in
any year since 1885, and. with that one ex-
oeption. than in any year since 1877. Com.
pared with last night wheat had lost lao.
corn declined Sc INT oats ESQ. Provision
prices also were heavy.
Wheat opened h@4sc higher than yes
terday's closing. but ruled weak. immedi-
ately began to decline. prices receding in
all 1ssc for September. held steady and the
closing was about $50 lower. December
closed about Sac lower than yesterday.
The market was q decided surprise to
operators. who had expected higher prices
to-day. on the strength of the government
report. The higher opening was the result
of this report. which indicated q crop of
only 1874. 900. 900 bushels. against a crop of
40l. 600. 900 bushels q month ago. The shrink
age was entirely in spring wheat. But
there were other influences which out
weighed the effect of the government re-
port. These wero she failure of q realizes
tete firm at Denver. the failure of q COM
mission house and q bank of Kansas City
and a bank in Australia. Railroad stocks
at New York were much lower. Ii was
thought that o good deal of long wheat
held to the account of the suspended Kan
sas City firm Was sold out. There was a
general desire 30 sell most of the session
and not much disposition was shown TO
buy.
The corn trade followed wheat. 1T was
easier to follow on the breaks than on the
bulges. because the news in corn was most
ly bearish. The crop estimate In corn lost
much OIL it's force because the trade had al.
ready discounted q good Improvement In
the condition. The receipts were heavy,
but this was offset by a decrease in local
contract stocks. leaving less than LIDO. 600
bushels of No. 2 IN store. There was y rally
on the light estimate for tomorrow. Later.
when stocks and whoat got panlcky, corn
dropped again. Bartlett-Frazer Parker and
others bought on the break. All she vessel
room available was taken for corn. The
market opened with ls0Ac loss and sold
off % 0&4c. rallied A0 SO. reacted again
and ct the close showed q decline of As 01o.
The feature in Oats was tie strength and
advance of &c in July and the weakness
and decline of $40 from yesterdays close In
SopLeD DER, the CLOSE nOW1u U net au-
vance for the day OF asc in July and Sac de-
cline in September. The strength IN July
was due to the fair buying by shipping
houses. The weakness in the new crop
futures was attributed to free selling on
the government crop report.
The advance of yesterday in provisions
was wiped out. The weakness in grain
markets. the Kansas City failures and
some selling by packers and raiding by
brokers for Wright did the business. Ar
mour and Allerton brokers tried TO sell
ribs. Wolf, Logan and Schwartz sold lard.
or offered IL in O way to break prices.
Lard and ribs declined heavily. The
former lost zoe of it's September price and
.35c of It's value for October. Septem Der
ribs are 22lsc lower. Little attention was
given TO pork. 1t was marked down loo
from yesterdays figures.
There was good demand for vessel room
at 10 for wheat and corn to Buffalo and
Port Huron. Estimated receipts for to-
morrow are: Wheat, 65 oars; corn. 2I0
oars; oats. It's cars: hogs. $1,000. The lead
ing futures ran ged as follows: