The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-17
WHEAT OFF 23-4 CENTS
CHICAGO BULLS ROUTED AND n
NUMBER BADLY SQUEEZED.
suited in Sending Wheat Down
"a 3-4c-ProvisfOns Higher.

CHICAGO, June l5.-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 S2ssc,
went down to-day with '.sckenng
thud' TO 74a.c. The loss i'm price only
stopped with the closing of the session and
was at the bottom Of a 224c decline, COM
pared with the closing 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,
Hammill 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 it 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 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 discouraging features
which has brought about the break which
was at one time almost panic, was the
fact that the advance appears to have
caused a serious decline N exports as there
were /, 10000 bushels less from both coasts
than the week before, or 1.1S3,OO0 bushels
only. against 1891 goo bushels before. Con-
servative operators urge that there will be
some export surplus. however small, and
that prices here cannot be maintained at
prices which will render shipments impos-
sible, as the recent price seems to have
done So there was a general disposition TO
get rid of long stuff and the liquidation
was enormous. Stop loss orders and ex-
hausted margins, with vicious snort sell
ing by the local talent helped along the
downward tendency and completed the rout
of the bulls. Crop news also seems 10 De
shifting more favorably for the bears and
advices 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 a break of 1ssc per bushel
which would ordinarily be considered DIS
astrous loss to make in corn Tor one Day
The tail end of short crop year mas not
as rule any attraction for short selling
among the experienced SPECTATORS, but the
present prospects for next crop are prev
ing too alluring and some OF the them AR, are
opened at from 49l2c 10 $3.50. as against
5Oisc at the close yesterday. and after re-
covering to 4b4c III Siuinpeu 10 foTsC, WhiSh
was its value at the close.
For Saturday trading I'm the oats mar
ket was active and business aggregated
comparatively 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
fective in reducing values. September
ranged from 29isc to 2&Ac, resting at the
low price-a decline OF &c 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 i'm wheat
permitted a good deal of pork, lard and
ribs being bought without sending prices
up very materially and the shorts bought
on such an expectation. After decline of
sc in pork and about .021ec in the other
articles. the prices advanced UNTIL COM
pared with it's price yesterday. pork was
sc higher. lard .02i2c to Csc up and ribs
from 07lzc to .l0c advance.
Receipts for Monday. estimated: Wheat.
% cars corn, 2O0 cars oats, 20 cars; hogs,
25.Oo0 head; for the week, $4,000 head.
Freights were dull at 1c for grain to
Buffalo.