The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-02
WHEAT STILL FALLING
TOTAL LACK OF CASH DEMAND
CAUSES DECLINE OF L 1-4C.
Price of the Leading Cereal ut Chi
cage Has Been on the Toboggan
for over a. Week.

CHICAGO, June 1.-Speculative markets
did not all go one way to-day While wheat
and provisions were weak corn and oats
We're strong. Weak cables and total lack
of cash demand caused a decline in wheat
of 1Ac per Blu. Corn, on the other hand,
advanced 9sc, frost-damage fears driving
shorts to cover. Oats advanced A0ssc for
a similar reason. Provisions closed at
decline of about SC all around
Wheat was weak at the opening in conse-
quence of the piling up of the receipts since
Saturday morning and the weakness of the
Liverpool market. The LASER was the most
potent of the opening factors, and, al
though dry weather and sharp frost have
been the characteristics of the climatic con-
ditions since Saturday, that had but little
effect in staying the hand of the short
seller. July wheat, which closed Saturday
at 6S3sc, opened to-day at 675sQ67$4c, and
after a temporary recovery to 6S1sQ6SAc
it started on a decline, which, by L O'clock
had carried the price to 6619c. The little
squirt following the opening decline was all
the effect the reports of frost had on the
market, it being considered that little or
no damage would result therefrom. Liver
pool was 112d lower at the opening than it
closed Saturday. Foreigners were said to
have been sellers of December wheat in
New York Wheat on passage decreased
GOO bu. European stocks, according to
Beerbohm's, decreased 1868 900 bu last week
The English visible increased 1913 900 bu
The worlds shipments for the week were
5,C75OOO blu. The domestic visible showed
a decrease of /, 1898, COO blu, against 95S, 900 bu
decrease the corresponding week of the
year before. This was disappointment,
as the trade had expected a decrease of at
least ], 1850 600 blu. Chicago received twenty
four cars of wheat and 161 100 blu were
inspected out of store. Minneapolis and Du-
Iutn reported 1907 cars received since Sat
urday, against 1,453 cars for the similar
days of the week before and 1,4S4 cars the
like days of last year. The poor cash de-
m.and resulted in a total loss OF premiums
here, June selling at July price This was
a factor in the liquidation, which was gen
eral and steady ali morning. During the
last hours shorts covered to a certain eX-
tent their EFFORTS causing a reaction to
67Ac. The latest trading was at 6I1sc bid.
corn was strong and active, compared
with the usual dulIness of the market. The
started general buying, shorts being es-
pecially prominent, and the market adj
Vanced steadily, being strong even when
wheat was at it's weakest. Receipts were
very heavy 1887 cars. July opened sc
higher at 233sc, sold at 2S14c, then advanced
to 237sc. That was the closing price.
Oats We're firm helped by a large cash
demand, by good-szed clearances and by
the frost reports. Trading was not large,
but the market was by no means dull
one Local receipts were 903 cars. Local
stocks decreased 10000 bu. July opened a
shade higher at 173sQ1712c and advanced to
1.34c, where it closed.
Provisions were very erratic, the market
moving up and down within a comparative
ly narrow range, but without any apparent
reason outside scalperS manipulation. Inc
market ultimately felt the break in wheat,
and final prices were close to the bottom.
July pork closed about &c lower at $3.50, July
lard about sc lower at $35I12QS6O and July
ribs about &c lower at $4.30G43212
Estimated receipts for w ednesday =
Wheat, 20 cars cora, 1,50O cars; oats 725
cars. hogs 81. 600 head.