The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-28
O AT A DECLINE
CHICAGO WHEAT FLUCTUATED IN A
WIDE RANGE OF NEARLY &C.
Price Changes Were So Rapid that
StOp-Loss Orders Could Not BE
Filled with Any satisfaction.

CHICAGO, May 27.-Wheat was feverish.
with sudden and wide fluctuations. covering
a range of from 2hc above to 12.c below
the closing figures of Saturday and closing
&c lower. Corn was weak throughout and
closed 1Isc lower. Pork was bulled by
country buying at the start, but eased off
and closed with zoe gain.
The session commenced with the now
daily repeated extravagalt excitement in
the wheat pit. The bulls already held all
of the grain in the visible supply and had
bought for future delivery all that will be
harvested from the growing crop, and were
still clamorous for more. The bears shout
ed for some of IL. 1t came high. but they
had to have 1t. July wheat, which barely
could be sold for 79hzc at noon on Satur-
day, readily brought from s0isc up to sl%c
at the opening this morning. The most
generally current price at the start was
SAc- From that point it rose in a few
minutes to size and dropped back again TO
SOisc. 1t started up again, and for the sec
ond time it touched S1&c. The very heavy
orders ceased coming after that, and with
the Stacking up of the volume of business
the price declined to 79Ac. The price con-
tinued to rush up and down in the most
nervous manner. The one minute sellers
were everywhere. and buyers seemed to
have dropped out of the market. In the
next there would be no sellers, while the
crowd of buyers competed with each other
in the rapidity with which they advanced
their bids. AT times stop orders could not
be filed within from Csc to 12c of the limit.
The changing aspect of the visible supply
had much 10 do with the feverish changes
in the price of wheat. When New York
ctnolO u-nro ctx,an ~ lQr tn ~, 49,
they amounted to a week ago the price had
its tumble to 79Ac. and when a total de-
crease at all points of about 100000 blu
seemed likely, the price took an upward
shoot to SoAc, climbing to that from 1850
in about ten minutes. Inside of the next
trading price. The realization of a 1000. 900
bu decrease in the visible appeared for a
time as If it had been discounted by the
found when the figures were all in that the
actual falling off for the week was 2.24O.0O
bu. the market did not rally for some time
more than about sc, although a little later
1t was up to S0lsc. The Liverpool market
was quoted from 112d to I'd per Genital high
er for futures, with a heavy speculative de-
mand reported by the private cables. The
great feature of the news, however, was
that which had reference to the domestic
crop situation and the visible supply. The
latter did not permanently influence the
market. and neither did the news of dam
aging frosts in some parts of the North
west and crop damage reports from Indiana
of the most distressing description. The
| feeling began to spread that the buying en-
thusiasm was about over, and was corrobo-
rated by the fact that country orders to-
day were principally for fives and tens in
stead of fifty and hundred-thousand lots, as
| for some time back. The foreign shipments
for the week were heavy. and that. to-
gether with rumors of Oregon wheat on the
way to Kansas City and st. Louis. added to
the bearish feeling which prevailed all aft
ernoon. The price in the last half hour
kept dropping to near 7Sc and rushing up
again to about 7sc every few minutes. The
Il lnu-acf n Touched q -S1Ln onl ~ clDooJ "a
7s4c.
Corn suffered from the inspection into
store of 1.S24 carloads since Saturday and
| estimated receipts for tomorrow of 1,12c
cars. The reported freezing which brought
buying orders from Joliet, in this State.
on account of ice having been there was
not believed to have occurred over a wide
enough territory to materially hinder the
advance toward maturity of the immense
and only elevator people seemed to want
the offerings Argentine shipped $4,000 blu
sold there for export to-day. The visible
increased 1,4ll.OO bu for the week. COM
pared with a decrease of 626. 600 blu on the
corresponding week last year. The opening
price for July was from 53ssc to sac, and
the highest prices of the day were made at
that time. The lowest point, made near the
end OF the session, was 52l2c, and 1t closed
at 52%c bid.
oats were active, with a heavy business
transacted. Prices at the close were from
&c to hc under Saturdays last quotations.
For a short time after the opening there
was a firm tone to the market and prices
were higher. This was entirely influenced
by the early strength In wheat, and as soon
as the latter cereal starte- to decline oats
promptly accompanied 1t. There is, how
ever, a heavy feeling in oats, and it needed
very little coaxing to decline.
The provision market opened weak and
lower on account of the days run of hogs
numbering 1900. Those heavy receipts APP
peared to have been calculated by the bears
to make a heavy market; heavy enough to
permit them 10 cover their shorts without
causing the price to recover while they did
so. In that they were mistaken, while it
took very little buying on the decline by the
bulls to cause a lively reaction and con-
vert a bearish into a bullish market. Pork.
from an early break of 71zc, rose 421zc and
closed with a net gain of 17kc. Lard at the
close was barely" .0212c higher than on Sat
urday and ribs only secured from .021ac to
.0c of an early gain of from .10c to .121ac.
Much of the early buying was on country
orders.
Estimated receipts for to-morrow-Wheat,
20 cars; corn, LILO cars; oats, $50 cars; hogs,
5000. Freights were firmer at 13sc for
| wheat. He for corn and lac for oats 10