The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-05
FLUCTUATIONS ARE WIDE
WHEAT GAINS NEARLY TWO CENTS
AND QUICKLY LOSES THREE.
Net Loss for the Day Over Cent
Corn and Oats Lower Rains
Provisions a Shade Easier.

CHICAGO. June 4.-The wheat market
ran the gamut of prices to-day. with ma
nipulative liquidation the feature. July
wheat closed weak and 1q11sc lower. July
corn closed ssd34c lower. July oats &c
der yesterdays final price and provisions
unchanged to 2lac lower.
There was another exciting session, with
an extremely large volume of business in
the wheat pit. The remarkable strength
which characterized the market yesterday
was not maintained, for a pyrotechnical
advance in the price was followed by a de-
cline which, in the face of general condi-
tions. was probably quite sensational.
proving that the July option still is in the
grasp of manipulatOrs. July wheat opened
1s0ll4c to 1ss11@4c higher, at 7sc to 791zc
der conditions strongly faVoring the manip-
ulators. There were gOod rains In the west
and Northwest, and everything but wheat
responded TO this influence. Hardly recov-
cred from their shock or yesterday, the
spectators were loath to.believe the show
ers would depress the market, and. rushing
i'm their buying orders In such confusion
that business could hardly be transacted,
they ran the price up TO .yS4c within d few
minutes after the opening. The anxious
shorts were then fed with long lines put
out by the commission houses. which bid up
the price yesterday, and when the source
of the supply became common knowledge
lators and began selling. Under the force
of fresh reports OF general copious pre-
cipitation in the Dakotas. Nebraska, Kan
sas and other drought-stricken localities,
and the enormous offerings by commission
houses the market reacted instantaneously
and within an hour July wheat was selling
at 1850, the low price or the day. itnln
this range there was little opportunity Tor
even the most modest profit-taking Tor any
who bought after the high prices at the
opening but when the minimum figure was
h., .,,f,, nlat al
to the buyers side and the rally which fol-
lowed carried the price to Ulsc. AT this
stage the recent purchasers showed dis
position to take profits and the price re-
acted and at the close was weak and lq11sc
lower at 76Ac. Seaboard clearances Of
wheat and flour were equal to $4,000 bu
Ten loads were reported taken for export
Primary receipts were $1,000 blu. Mime
apolis and Duluth reported 323 cars, against
19S last week and 354 year ago. Local re-
ceipts were ia cars, four of contract grade.
The corn market was dull and heavy,
with very little profit-taking in a specula-
tive way Rains i'm the corn belt had a
5earish effect and fluctuations Were mar,
row. July sold between A4c and 44lac and
closed ssMs4c lower, at 44i4m44Ssc. Local re-
oeipts were 64S cars, sixty-three OF contract
grade.
other cereals. influenced, like corn, by the
heavy rains in Nebraska, but also by the
| heavy increase i'm the local stocks and
rather heavy selling by longs. July sold
between 2Sl4c and 2Sssc, closing l4c lower, at
| 2Si4c. Local receipts were 434 cars.
| Provisions were quiet, opening higher and
| with more show of strength on better prices
! for hogs. but weakening later and losing
more than had been gained at the begin
ming of the session. July pork sold be-
| tween $1447i5 and SASS and closed Zee
| lower. at S14.521a; July lard between sS.15
| and S. 221k closing unchanged and July
ribs between S.S212G7S5 and SS712, closing
a shade lower at the minimum figure of
| the day. -
Estimated receipts to-morrow-Wheat, 50
cars: corn, 35 cars; oats, 200 cars; hogs.
80. 600 head.