The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-16
WHEAT OFF Pa CENTS
CHICAGO BULLS ROUTED AND A
NUMBER BADLY SQUEEZED.
suited in Sending Wheat Down
to - 3-4c-Proyisions Higher.

CHICAGO, June 1.-THE wheat bulls on
the Board Of Trade were endorsed to-day
and routed temporarily, at least July
wheat, which sold few days ago at s2sse,
went down to-day with a "sickening
thud' 10 74Ac. The loss in price only
stopped with the closing of the session and
was at the bottom of a 2s.c decline, COM
pared with the )sing figures of yester-
day. Corn and oats were also very weak,
provisions alone of the speculative arti-
cles making any gain in value.
All the big wheat bulls, including Baker,
Hammll, Driver, Smith, Dunn, George
Smith and others of like faith apparently
became convinced some days ago that the
advance could not be neld and commenced
to let go their big lines; they have been
doing il quietly, but effectually, and this
unloading has been largely responsible for
the weakness which has ruled for some
days. Yesterday the fact became known
and started a selling stampede on the part
of the longs, who had been left by their
shrewder associates and to-day they were
tumbling over each other in their efforts
to get rid of their long stuff, which showed
such a handsome profit but a short time
ago. AS usual, the country was slow to
catch on and found itself holding the empty
bag. One of the most discouraSng features
which has brought about the break which
was at one time almost panic, was the
fact that the advance appears to have
caused serious decline N exports. as there
were ], 200, 600 bushels less from both coasts
than the week before, or COO bushels
only, against 2991, Oco bushels before. Con-
sentative operators urge that there will be
some export surplus, however small, and
har
prices which will render shipments lmpos-
sbe, as the recent price seems 10 nave
| done. So there general disposition TO
get rid of long stuff and the liquidation
| was enormous Stop loss orders and ex-
hausted margins, with vicious short SELL
| ing by the local talent helped along the
| downward tendency and completed the rout
| of the bulls Crop news also seems to he
| shifting more favoraoly for the bears and
adyices were numerous tending to Indicate
| a fair crop.
The corn market was fairly active and
very weak. 1t was not as weak as wheat
but suffered break of 1Ac per bushel.
which would ordina rily be considered dis
astrous loss to make in corn for one day.
The tail end of short crop year mas not
| among the experienced spectators, but the
| present prospects for next crop are prov
ing too alluring and some OF the them AR, are
opened at from 49l9c to 1850 as against
| 50isc at the close yesterday, and after re-
covering TO 1890 it slumped TO 4Ss4c, which
| was its value at the close.
For Saturday trading in the oats mar,
ket was active and business aggregated
| compare lively heavy. Considerable long
| stuff continued to be offered. mostly in
| small lots, which was consumed quite readily
by the crowd in general. Reports of good
| crop condition were mainly influential in
| causing lower values. The decline in wheat
| and corn prices was also regarded as eff
| fectiye In reducing values. September
ranged from 29lsc to 2shc. resting at the
low price-a decline Of sc since yester-
| day.
The provision market started weak in
| sympathy with the drop in grain prices,
! but closed strong on some good buying,
! which, however, was principally due to the
| covering of shorts The weakness in wheat
permitted a good deal of porf. lard and
| ribs being bought without sending prices
| up very materially and the shorts bought
on such an expectation. After decline of
| &c in pork and about .021zc in the other
articles, the prices advanced until. COM
| pared with it's price yesterday, pork was
sc higher. lard .o2i2c to Csc up and ribs
| from .071ac to .10c advance.
Receipts for Monday, estimated: Wheat,
! q cars; corn, eco cars; oats, 30 cars; hogs,
25,COo head for the week. $4,000 head.
Freights were dull at 1c for grain to
| Buffalo.