The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-08
SHARP BREAK in PRICES
EXCELLENT WHEAT CROP CoNDI-
TIONs AND CABLES LOWER.
Liverpool Market Demoralized and
tiOn-POrk Down 15c.

CHICAGO, June 7.-Liquidation by longs,
a sharp break in the Liverpool market and
excellent crop conditions caused depression
in wheat to-day. July closed with a loss
of &c and September AqBc. Corn gained
1sc and oats lost sc. Pork left off 15c lower.
Lard and ribs are down sc and 212c, respec-
lively.
The Liverpool market, which has been
steadily declining for several days, was es-
pecially demoralized to-day and reported
drop equal to S12c per bu in July and 4lzc
in September, with the continental markets
also lower. The crop outlook continued all
that could be desired, with the grain in
large areas ready for the reaper. The Kan
sas report for June shows the condition
at 1903 per cent, the highest ever reported
at this season of the year. The report set
at rest the rumors about chinch bugs and
rust. AS a result longs quickly began to
liquidate. There was urgent short selling,
sales on stop-loss orders and on exhausted
margins. Under the pressure the market
went off rapidly. The rally which followed
was due chiefly to the fact that many shorts
were disposed to take advantage of the
break to secure profits. This class of buy
ing was sufficient in volume to cause tenn
porary reaction. Chicago received forty
$1,000
Minneapolis and Duluth 116 cars compared
with 212 the year before. The Atlantic Port
exports were astonishingly heavy, amount
ing in wheat and flour to about 100000
blu. The figures gave the discouraged bulls
heart enough to take on some wheat, and
caused many shorts to get out and be in
position to contemplate the situation rhlo-
sophically for a while. The total stock in
the worlds visible, as compiled by the Chi
cago Daily Trade Bulletin and the Liver
pool Corn Trade News, is 109, 100000 blu,
against 1U7 100000 bu a year ago. While the
crowd was battling over the small domestic
receipts on the one hand and the Dearish
figures connected with the worlds stock
on the other a heavy thunderstorm broke
over the Board of Trade building that set
tied the fight. The shorts rusned to get
their wheat in out of the wet and the mar
ket became quite strong. July opened 24@
nc lower, at S5129S6c, sold up to S61ac,
down to S51ac, up again to S7a4c then fell
or to S6Ac at the close. September started
1Q1Ac down, at 74a4Q75c. advanced to 1878
Qlo12c down to Toe, rose to 76144163sc, then
fell off to 75ssQ7519c, the closing figures
After weak opening corn became strong
on unfavorable crop reports from Kansas
There was no export demand, however.
This, together with the decline in wheat,
caused a decline in prices near the close.
July began 3s@1sc lower, at 31A@31asc sold
up to 31Bc, declined to 31Ac, advanced to
3321sQS2Ac, then fell off at the close to
S1AQ31Bc.
Selling orders predominated in oats at the
opening. Later, however buyers took hold
and the market steadily advanced Until a
gain of 1sc over Mondays close was made.
A slight reaction took place at the close.
July opened ssQ7sc lower, at 2212Q23c, sold
up to 2318c, down to 2212c, up to 23Ac, then
reacted to 23c at the close.
Heavy grain markets at lower prices for
live hogs weakened provisions. One or two
heavy selling orders were on the market,
but at the decline in prices there were
plenty of buyers; July pork opened 171zQ
25c lower, at $40 10Q10.17, advanced to $10.27.
declined to SOTO and rose to 5000 at the
close The range of values in lard and ribs
were inconSequential.
Estimated receipts for to-morrow-Wheat,
40 cars; corn, $50 cars; oats, 160 cars hogs,
10000 head.