The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-18
BARELY HELD ITS OWN
WHEAT JUST ABLE TO RECOVER
LOSS EARLY IN THE DAY.
Corn and Oats Not SO Fortunate,
Both Declining Fractions, While
Provisions Advanced Toe.

CHICAGO, June T7-Wheat, after tiuc-
tuating over a range of 1c per bushel, closed
at prices substantially unchanged from yes
terday, good seaboard clearances and cash
business causing the market to recover
from decline caused by the favorable
weather Corn and oats were not so fortu-
nate, however, losing Ac of their previous
values. Provisions developed firmness and
closed about 10c higher all around.
There was decided dullness in the wheat
pit almost throughout the session The
Liverpool market appeared inclined to go
its own way. 1t opened I'd lower for July
and Ad higher for September, notwith-
standing yesterdays 1Ac decline here. Any
influence this might have had, however,
was overshadowed by the domestic crop
conditions and weather reports. July opened
at 6S1sc, compared with yesterdays closing
price of 6S1a@6S5sc. and in the course of an
hour had worked sluggishly down to 677sc.
Heavy rain fell in the neighborhod of Chi
cago in the night and very generally east
ward to the Atlantic. Rain had been gen
eral Also throughout the Northwest, and
therefore, the previous good condition of
the spring wheat was insured for at least
another ten days TO come. In the West and
Southwest it had not rained, which, OF
course, favored the harvesting of winter
wheat Chicago receipts We're sixteen car
loads, and sc, 900 bushels were inspected out.
Minneapolis and Duluth reported receipts
of 219 cars against 221 last week and SIS a
year ago. The first thing to reasSure the
bulls and inspire them with courage enough
to hold on to their wheat was when the
days clearanceS from Boston were found
to be 100000 bushels. The price commenced
on that to recover but there was too little
life in the trade and too few anxious shorts,
in view of the fine crop weather, to give
prices much of a hoist. Later in the day,
when the total quantity cleared from the
hoard bushels
which 1872. 900 bushels was wheat, the price
gained another slight Improvement. Later
marked for immediate shipment, and that
added a little more strength to the market.
1t was allowed to work its way up to 69c
without starting any panic among the
shorts. That price showed a satisfactory
profit to scalpers, and the letting go of a
few lines caused reaction to 6S12c, which
was the price at the close.
Corn attracted fair amount of attention,
without any material change in price re-
sulting therefrom. The opening was easy
on the favorable weather reports. Some
reaction followed on good buying, but the
belief that another big crop was almost as
sured was too strong to be overcome and
prices declined again under short selling. A
good cash business was done. Receipts were
42S cars. July opened Ac lower at 247sc, adj
it closed. 1f
In oats shorts bought early and created
firm feeling for a brief period after
weak opening. Selling orders from the coun-
try were on the market all day, however,
and caused an easy tone to prevail during
the greater part of the session. Business
was inclined to be dull, and no special fea-
lures were reported. Receipts amounted to
2S3 cars. July opened 1sQ14c lower at 1SAc,
with corn declined to 1SQ181sc and closed
at 1S1sM1SAc
Provisions opened easy on liberal receipts
of hogs here and at other packing points.
good demand developed at the decline and
prices had a smart recovery, closing near
the top of the advance. Cudahy and other
packers were prominent in the buying AT
close hiOhnr at
$7.55Q7 STE July lard Toe higher, at $3.721a,
and July ribs 1001212c higher, at $4.471a
Estimated receipts for Friday-Wheat. 8
cars; corn, 4S6 cars; oats 265 cars; hogs,
20, 900 head.