The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-07
SMALL WHEAT DECLINE
TRADERS WERE CAUTIOUS AND
BEAR NEWS WAS NOT so POTENT.
Corn and Oats Maintained a Firm
Tone All Day and Provisions
Closed Unchanged.

CHICAGO. June 5.-The adjournment of
the Board of Trade from noon to-day to
Tuesday morning caused both parties to
the wheat deal to operate with more than
their usual caution. The result of that. not
withstanding a preponderance of bear1sh
features in the days news, was a decline
of only 14c per bu in July wheat September,
however declined sc. Corn averaged firm
and closed at 1ac better than it did yes
terday. Oats kept strictly in line with corn.
Provisions were unchanged at the close.
The continental markets did not much in
fiuence the trading here, although the Paris
market was said to be weak and declining
because of improved weather. The principal
factor at the opening was the publishing OF
an improvement of points in the condl-
ton of Kansas wheat since May /. The
market opened with sellers Of July at from
671sc to &c and a sale or two at 6l1sQ6IAc
slipped through about the same time. The
tendency was downward after that and in
about half an hour the price was reduced
to 6658 for a moment, with vastly more buy
ers than sellers, however, at the price last
mentioned. September in the same time de-
clined from $3.50 and 64c at the start to
631sc.
The weeks cIearances of wheat and -four
from both coasts as reported by Bradstreet
was equal TO 2620 900 bushels, against 20S1,-
600 bushels the preceding week and 3,ZV9'VO
bushels the corresponding week of last
year. Chicago receipts were 81 cars ana
MINNEAPOLIS and Duluth reported $40 cars
received The Atlantic port clearances for
the day were very small, being equal to
only 1i5000 bushels. The comparatively
small quantity OF contract wheat in store
fn
they were rendered still more cautious
when they heard it rumored that several
firms had wheat sold to Armour & Co,
N Wi tha ' moderate decline referred to- those
who had a profit in short wheat became
anxious to secure it and in the doing OF II
they caused it to advance again TO around
&c. Cold weather in Manitoba, cold enough,
it was said, to freeze wheat to the roots,
was an element in the closing reaction IN
prices. July recovered to 61Q611sc ana closed
at $3.50 bid
Trading in corn was fairly active and
! firm in the main People who were 81 sup dC,
sold short made a drive at the market
early in the session, That caused decline
in July from 237s@24c at the opening TO 2394c,
but as soon as the previous sellers com
menced to show disposition to BUY at
the decline the price went up again quickly
to 24c and a shade better. Reports from
the country were for the most part or an
unfaVorabe character regarding prospects
for the growing crop. Inc Kansas state
report gave the condition of growing corn
at S5.7. The closing price for July was 24c,
| at which there were many buyers and few
| sellers.
The improved tone of the market in oats
was alone the result of sympathy with corn.
July opened at 177sc, touched 17$4c adj
vanced to 177sG18c at which price it closed.
Provisions were in fair demand at a Slight
reduction in price, which the trading started
with. The decline was recovered from near
the end under the encouraging strength
in corn. Closing prices were substantially
the same as Friday.
Estimated Receipts for Monday are
Wheat 50 cars; corn, 800 cars; oats, $50 cars
hogs, 1000 head. For the entire weak II 800
hogs are expected.
leading futures ranged as follows: