The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-29
SMALL FRY FROZEN OUT
SENSATIONAL DROP IN WHEAT. BIT
THE CORNER NOT MoLEsTED.
Little Changed Hands for the Wide
FIuctuations-Provi Active
and All Lines Advanced.

CHICAGO June 2S.-What next in July
wheat was the question the Board ofTrade
men were addressing to each other at the
close of to-days session. 1t began with
decline of &c per bushci, and left off still
Use below the price it closed at on Satur-
day Considering the violence of the huc-
tuations the amount of wheat that changed
hands was small September was. COM
paratively steady, and closed at a Sac de-
cline. Corn and oats closed at substan-
TALLY unchanged figures. Provisions were
active and advances were scored ranging
from 1212c to 271Ac.
The manipulated character of the present
trading in July wheat was forced on the
most obtuse understanding by the violence
of its antics during the first half hour of
the session. The price of next months de-
livery, which at the close Saturday was
723sQ7212c,. was quoted at the opening to-
day all the way from nc to lice. In five
minutes thereafter it had fallen to 6919c,
and before the expiration of the first half
hour it was UP again to re for an in
slant. Ordinarily such violent and rapid
fluctuations would be to the accompaniment
of an immense business, but on this occa-
sion the quantity that changed hands was
by no means heavy and strangely out of
proportion with the noise over it in the pit.
There were large quantities of wheat for
sale at the opening, but no one would buy,
and not until 691ac had been quoted did any
support materialize. AS to whether the
break marked. the collapse of the alleged
corner, opinions differed, good many mold
ing TO the belief, which was strengthened
by the fact that little or no wheat was
offered by those who are supposed to be
interested in the deal that it was nothing
h11t oul inc nff of I
rate it had that effect. September wheat
did not participate to any great extent in
the opening weakness of July. was
wanted at the opening at about Ac ad-
vance, 66sc to 66$sc, a few lots selling at
661ac. 1t declined to 659s@65a4c when, July
was giving indications of going all to
pieces, and it recovered quickly to G61sc
when that fear was allayed for the mo-
ment. The crowd was made susceptible to
the panic by the news before the market
opened. Liverpool reported only Ad ad-
vance. Tennessee and Oklahoma advices
stated the crops in those sections the finest
ever seen, and California advices were al
most equally favorable The market here
ruled comparatively dull after the sub
sidence of its first explosion until about an
active and again weak. Some of the later
weakness was caused by cablegram from
well-known Liverpool house which said
Russian wheat and rye crops would be
abundant, and DanUban wheat equal in
quantity but deficient in quality from last
year. The July price appeared to be pegged
OF WY IICeIA blLC Civ, Iot HS PNSAAAOCA -6Ct
down to 651sc, and closed at 651sQ65l4c. July
was 7012c at the close.
There was a fairly active trade in corn.
1t ruled firm during the early part of the
session. shorts being inclined to cover not
Withstanding generally favorable weather
The weakness displayed by wheat later in
the day caused more liberal offerings of
corn, and the advance was ultima tely lost
Local receipts amounted to 342 cars. The
visible supply decreased 4550 900 bushels. Sep
TENDER opened a shade higher at 261sc, ad-
vanced to 263sc and declined to 26c, where
it closed.
Oats were easy and ruled a shade lower
with quite a good business transacted
Selling was free, the favorable weather be-
ing perhaps the most important factor. A
feature was the relative weakness OF July
Local receipts were posted at BAL cars. The
visible supply decreased $1,000 bushels. Sep
TENDER opened unchanged at 18c, sold be-
tween 1SQ181sc and 177sc, closing at 1Sc.
There was big trade in provisions with
a great deal of important covering. Firm
prices at the yards made shorts anxious to
cover. They had great difficulty in doing
so, and sharp advances were scored, but
at the extreme figures packers were more
disposed to sell, and some reaction fol-
lowed. The feeling was steady at the close
with September pork 25@2713c higher at
%S21207S5; September lard zoe higher at
$4.25, and September ribs about 121bc higher
at $46212.
Estimated Receipts for Tuesday-Wheat
% cars; corn, 500 cars; oats, $50 cars; hogs,
2l,000 head.