The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-10
THE SLUMP IS in ORDER
LACK OF SUPPORT PERMITS BEARS
TO FORCE WHEAT TO % 7-sC.
No Change In the Foreign News OF
Ruined Crop In Roumapia-Pro-
visions Weaker.

CHICAGO, June 9.-Fear Of bearish
government crop report was again mill
stone around the necks of wheat specula-
tors to-day. This and estimates Of an enor-
nous winter and spring wheat yield clipped
Nc off July and 1x@ssc of September wheat
during an exceedingly dull session. Corn
and oats were also very dull and declined
about lsc each. Provisions closed 2izQloc
lower.
For a brief period Immediately following
the opening wheat showed some degrees OF
steadiness This was due TO the Kansas
crop report making 25.0oO,0fO bu the max
imum possibility of that States yield, and 20
the continued Russian damage reports. But
the steadiness was not Of long duration.
Opening at 747sd75c. July. after few trans
actions at those figures, slowly slid on
There were slight reactions at times, caused
by covering by shorts. but the tendency in
the main was steadily downward, and be-
fore the noon hour the price had reached
74lkc. The Northwest was a free seller on
the decline. Besides the natural feeling OF
bearishness caused by the government re-
port due tomorrow, the market was much
depressed by Snow crop report, which said
that 100000 bu was a conservative esu-
mate Of the probable yield Of winter and
spring wheat this year. These figures were
far over the average production for several
years past, and made the market suscepti-
BILE to any selling pressure. Liberal North
west and local receipts were factor. Min
neapolis and Duluth reported $50 cars. COM
pared with 5SS last week and 2SS year ago.
Chicago receipts were Sc cars. three Of con-
tract quality. Estimates on the visible
supply were for an increase Of about 100000
bu, compared with a decrease last year OF
800 900 blu. This also had its effect. Argen-
tine shipments were 1.096,000 blu. against
264,OO0 bu last year. The seaboard claimed
as high as seventy loads taken for export.
After noon there was some Improvement:
Liquidation was checked by number OF
complaints from Indian Territory. Kansas
and Nebraska Of too much rain, ana the
market received substantial support, the
first in some time, when private cables were
received from a prominent chicago gram
dealer, now in Russia, confirming the worst
reports as to the condition of the crops
vious to this time the market had declined
to 5sc but during the last half ,on nsre
That was the price at the close.
Corn was dull and little lower through
out. Commission houses were moderate sell
Iers and buying was scattered. Complaints
Of too much rain in the corn belt had a
steadying influence on prices. cash demano
Was MAS rather ransd poor rom ep to ssNase and
closed hc lower at $3.50.
Oats were dull and a shade lower. Crop
reports were somewhat bullish. but sym
pathy with wheat was shown In the class
of selling There was little cash demand
Receipts were ZIG cars. July ranged from
2SIsM23Kc to 233s@23lzc. and closed sqhc
lower at 23Ac.
during most of the session. There was
some Commission house selling of pork. and
the decline that followed was shared In
degree by other products. Packers also
sold moderately. Buying was scattered AT
the close July pork was 10c lower. at Sso,is.
July lard SC lower. at $497lz. and July rios
21k15c lower, at $462l2.
Estimated receipts for Saturday-Wheat,
% cars: corn. 535; oats, $50; hogs. 1900 head.
Leading futures ranged as follows: