The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-29
INNING FOR THE BEARS
CHICAGO WHEAT TUMBLES ON A
43-4C DECLINE AT LIVERPOOL.
weather in Wheat Delt Favorable
and July Closes at II 5-Sc-Yellow
Fever Scare Sends Pork Down.

CHICAGO. June decentralization at
Liverpool and fine harvest weather gave the
bears in wheat an inning to-day. July left
off 1850 down and September declined sc
Corn lost Sake and oats closed 11sc lower.
Provisions also show declines-pork. &c;
lard, 15c; ribs 21kc.
Nearly everything was against the price
of wheat at the opening. The most de-
pressing feature was the sharp decline and
apparent decentralization which prevailed in
Liverpool That market seemed wholly in
different to our advance yesterday and
July there was equal to 4$4c lower than the
close last night. The weather, too, was ia
vorable throughout the winter-wheat belt,
in marked contrast with the conditions
which prevailed yesterday. This improve
ment in itself, was a weak factor, and
when the slump in Liverpool was added the
bearish sentiment became irresistible. Much
of the long stuff taken during the preva-
lence of the bull sentiment yesterday was
liqudated, and there was active selling for
the short account and hammering of the
market by professional bears. July, which
closed at 73c last night, sold down to Tic
during the first half of the session. and
September showed loss of 11ac, selling at
65Ac. Prices rallied somewhat on reports
from various sections of the country, and
more especially from Kansas, reiterating
Yesterdays advices about the sudden de-
terioration of the crop prospects. Lower
closing Liverpool cables caused another sag
In values, and the market was heavy at
slight improvement on the lowest price of
the day until Bradstreet's report of the
change for the week n the worlds visible
was received. That gave decrease in all
IN - nNn .lirw e
rally. But the advance merely served the
purpose of the bears, who had come TO the
conclusion that all the crop damage that
had been heard of would still leave more
than enough wheat for all requirements,
and consequently extended the glad hand to
the buyers on the Bradstreet statement. and
accommodated them with ali the wheat they
wanted for future delivery. Prices fell off
once more. but recovered some of the loss
against 20 last year Minneapolis and Du-
luth received 60, compared with 3S7 the year
before. The Atlantic port clearances of
wheat and flour were equal to about 300, coo
blu. July opened 11a@2c lower, at 1Q7112c,
rose to 71a4c. fell off to 1c, then rose to
7sc bid the closing price September be,
65s4c rallied to 661ac, then sold down 10
663sc at the close.
liquidation in July by prominent longs
Later some of the early loss was recovered
on good buying by shorts. July opened IA
asc lower, at Sl1sqSlAe; declined to Scssc'
ure
Heavy selling by July longs caused
break of 1a4c in oats. There was a partial
recovery on good buying by shorts and
scalpers. July started Bc lower, at ZINC.
sold off to 2O1sc, then rallied to 204c bid at
the close.
Heavy hog receipts and two more cases of
yellow fever in Mississippi were the appar-
ent causes for the weakness in provisions.
July pork opened nc lower. at SO As, adj
Vanced to $780, then sold off to $9.4712, the
closing price. July lard started 21ac down,
at $552h. and declined to $40, the resting
ngure. July Tlbs began &c on at $o51z2,
close
Estimated receipts for to-morrow-Wheat,
IA cars; corn, 800 cars; oats, 40 cars; hogs,
5000 head.
Leading futures ranged as follows: