The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-11
NERVOUS GRAIN MARKET
WHEAT WAS STRONG AND CLOSED
Use HIGHER ON THE DAY.
Trade Restricted Somewhat by Gov
eminent Crop Estimates-Other
Markets scored Gains.

CHICAGO June 10.-Wheat was strong,
but very nervous To-Day and closed at a
7sc advance 1t was almost exclusively
scalper's market, the pending government
report exercising it's usual effect in restrict
ing trade. Other markets were strong, corn
especially So Corn advanced &c; oats, sc.
and provisions closed from unchanged
to 5G712c higher
Wheat opened with stronger tone than
prevailed at the close of yesterdays ses-
sion. July started at from 68Ac to 6S3sc,
compared with yesterdays closing price of
6SBQ6SAc and worked up in a very few
minutes to 6Sa4c then dropping to 6Sssc
again. The proposal to prevent elevator
proprietors from storing grain owned by
themselves in houses made regular by the
Board of Trade and the possibility of the
owners of such refusing to apply for the
privilege of having their elevators accredited
under such restriction, caused the traders
to be timid of selling July wheat short. The
five cents or so per bushel discount at
which September was traded in also caused
reluctance to get short of that delivery.
On those grounds the buying was better
than the selling at the start, notwithstand-
ing an opening decline of Id at Liverpool
and only 221 cars of wheat reported re-
ceived at Minneapolis and Duluth. COM
pared with 1853 a week ago and 449 the cor
responding day of the year before.
Thoman's crop estimate, showing a small
err indicated aggregate of the growing
spring and winter wheat than made by pr1-
waite statistics helped in maintaining the
strength of the market. The seahoafd
clearances of wheat and flour were much
more liberal than the day before. Ihey
were equal to 463 900 bu, $4,000 bu OF wheat.
All foreign markets sent lower quotations
except Antwerp, where prices We're re,
ported unchanged. Liverpool closed lAu
10 latest
Paris from 10 confines TO 10 centlmes lower
and Berlin from l mark to IA marks lower.
The market became very unsettled aiter II
O'Clock, but averaged strong. July adj
vanced to 69Ac and fell back to 6S14c. but
by 1915 o clock had again advanced TO 6914c,
In the last half e2uF July ~ t feacne oae OS7Sc
Corn acted strong after rev minutes
of hesitation at the beginning, the cnle1
price current report" Weather conditions
were improved but not enough so to relieve
the anxiety of shorts, who We're active
buyers all day. Receipts amounted 10 9.a 9sS
cars. July opened shade higher at 24asQ
241a advanced to 20lsQ25Ac and CLOSED at
251sc bid. 49,,
better feeling in wheat and corn. Crop eso
Inmates were circulated predicting to
per cent. area reduction and placaing me
condition at 92 These were also innuentlaI
features. There was good general buying
all day Receipts were Is cars. July
opened a shade lower at 11@qlSc ana aa-
vanced slowly to 1880, where 1T closed
Provisions were steady in spite OF heavy
selling of pork and ribs by English houses;
Their offerings were readily ABSORBED ana
prices advanced somewhat. Cudahy was
conspicuous buyer. Hog recelpts were
much below the estimate and this fact con-
tributed to the firmness A. the 9 flose o ri Jpl
Shade higher at $3,4712Q3.5O, and july RIOS
TIC higher at S4.2o. ,,,,. q
Estimated receipts for Friday-W heat, o
cars: corn, $50; oats, 305; hogs 5000 head.
Leading futures ranged as follows