The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-05
BEARS RALLIED AGAIN
ASSAULT on THE WHEAT MARKET
THAT LED TO &c DECLINE.
Other Markets Responded to the De-
preston and Scored Losses Amount
ing to 15c i'm Pork.

CHICAGO June 4-Wheat to-day closed
at a decline of 1c per blu. Liverpool, which
yesterday was the leading star of the bulls,
was responsible for the disaster which
overlook them to-day, the market showing
a break as sensational as was the advance
of the day before. The other markets were
also weak corn declining 12G5sc, oats 4u9sc
and provisions 5Q15c.
AS soon as business started wheat began
to rid itself of the effect the Liverpool ad-
vance of the day before had upon it, That
market reported a decline of Id per Genital
before trading commenced here. The re-
suit was that July, which closed yesterday
at 681sc, was sold at the opening to-day
at 6712Q675sc, and declined In the first twen-
ty minutes to 6715Q67Ac, although few
sales were made Immediately after the
opening at 67a@6778c A lac reaction fol-
lowed the drop to 671sQ6714c, then business
died away and the price once more declined
to it's present low point. Liverpool mean
time continued to decline, and about the
period of the second drop here, to 67$4c
the English market quotation for July was
1%d lower than at the close of the day
before Another bearish feature of the early
news was the June crop report, which gave
the condition of wheat at IS, or per cent
improvement during May as against a con-
diton of 81 at this date a year ago. The
taking of $4,000 blu No. 2 spring at from &c
to 2Ac premium over July late yesterday
afternoon and early this forenoon was the
only encouraging matter the bulls had to
talk about outside of threadbare statistics
of the trade Chicago receipts were twenty
one cars and the quantity inspected out
was 1900 bu. Minneapolis and Duluth re
cepts were 314 cars, compared with 407
a week ago and AIS the corresponding day of
last year. Elevator stocks at Minneapolis
and Duluth are estimated to have decreased
900 bu compared with 1853, 900 bu de-
crease at the two places the week before.
Chicago stocks are expected to show a de-
crease for the week of $4,000 bu and the
visible supply a decrease OF l,2o0OO0 bl. At
lantic port clearances of wheat and flour
were equal to 100000 bu Liverpool closed
with drop of I'd for the day. The market
here declined to &c on that No increase
of business followed the additional decline
and the market ruled exceedingly dull to
the end. The closing price was o71sc bid
Corn was easier fair amount of trad
ing, the decline being due TO large receipts,
freer country offerings and sympathy with
the break in wheat Short selling was
prominent all day. Local receipts amounted
to S75 cars July opened A@$sc lower, at
2f1s62414c. 1t declined to 2334c and recov-
cred to 237s024c bid, Where ii closed.
Oats were dull and weak, chiefly through
sympathy with corn, although good wealth
er, large receipts and the extreme narrow
ness of trade also contributed to the de-
cline. Buying was scattered. Local receipts
were 421 cars. July opened 1sc lower at
1S1sc, declined to 1734c and closed at IT'S
01Sc.
The provision market was merely repc-
tition of early deals in the week dizziness
being the feature. The Cudahys SELL
ers. larger run OF hogs than expected
and the break in coarse grains We're the
causes of the decline At the close July
pork was 15c lower, at $40; July lard sc
lower at $3.5212, and July ribs sc lower,
at S442R.
Estimated receipts fer Saturday-Wheat,
10 cars; corn, S45 cars; oats, 400 cars; hogs,
49, 900 head.
Inndinn f11t11rnS rnnnnd Q g folInrrr.