The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-16
WEAKER WHEATMARKET
DECLINE SET IN EARLY AND FINAL
LY AMOUNTED TO L 1-sC.
Better Crop Prospects Led to Reaction
in All Cereals-Porl< Was IL Lee
Lower at the Close.

CHICAGO, June 15-Wheat started weak
to-day and continued so to the end of the
session, closing at 11sc decline. The hot sun
which wilted the collars of the spectators
had the same effect on the price, the wealth
er being ideal for the new crop. Prices in
the other speculative markets suffered pro-
portionately, corn declining sc, oats, 1sQAc
and provisions, 21aQ121ac.
There was a scarcity of July wheat for
a few minutes at the commencement of
trading, but there was plenty of September.
The first transactions in July were at from
7012 to 702sc, about yesterdays closing price,
and 70Ac few seconds later. September
was for sale at from 651s to 65c and drop
ped quickly to 644G647sc. 1t was when Sep
TENDER got down to that price that the
pressure began to be felt in July and at
the end of the first fifteen minutes July was
down to $3.50 and September to 643sc, the
nearby future having by that time become
the weaker of the two, showing 11sc de-
cline at the quotation last given compared
with the price at the close yesterday, while
the loss in September at the same time was
1c. There was nothing startling or unus-
ual in the news from the outside but what
leaning it had was toward the bear side.
Foreign markets were quoted somewhat
pected. The weather throughout the West
was hot and forcing and favorable to crops
for the most part, the exception being that
rains had fallen in some districts where
the winter wheat harvest is in progress.
Receipts here were fourteen cars. Mime
apolis and Duluth received 295 cars against
GA the corresponding day of last year. New
York clearances of wheat and flour equaled
900 blu, $4,000 blu of which was wheat
The making known of these heavy clear
ances caused a reactions of 1ac per Blu, July
recovering from 693s to $3.50, but as none
of the other Atlantic ports added anything
worth mentioning to swell the total of the
days exports and nothing else occurring to
revive the spirits of the bulls, the price be-
gan to sag and July had got as low as CSC
by 1890 o'clock. Bradstreet's statement
that the worlds visible had decreased $685.
coo blu had no appreciable effect on the
price. During the last half hour there was
a little revival of the buying demand
enough to cause an advance in the price of
July to $3.50, which was the price at the
close.
Corn acted fairly steady, recovering the
decline in wheat, which market always has
more or less influence. The market was
weak for a, while. opening on me perIect
weather and some short selling, but good
demand sprang up at the decline and the
decline was subsequently recovered. Not
all the advance was held, however. Receipts
were reported at 1856 cars, considerably be-
low the estimate, July opened &c lower at
247sc, sold off to 249sQ24%, reacted to 25lsc
Oats were inactive and little interest was
displayed with the feeling weak through
out principally through sympathy with
wheat and corn. Elevator people We're
prominent sellers. Receipts amounted to
39S cars, July opened shade lower at 1880
1S1bc and declined to 1Sb41S14c, closing at
Provisions were weak from the start,
heavy receipts of hogs West and perfect
weather for corn causing weak opening
prices, and liberal selling by packers, fore
ing prices still further down. Buying was
scattered at the close and July pork was
l0c lower at $755G7.5715; July lard, 2l2@oc
lower at $S.7212, and July ribs 112c lower at
A.40
Estimated receipts for Wednesday
Wheat 20 cars; corn, APO; oats, 23O; hogs,
SO, 900 head.