The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-04
BEARS ARE in CONTROL
THEY FORCE HEAVY DECLINES IN
WHEAT AND CORN PRICES.
Oats Steady and Unchanged at the
CIose-ProvisiOns Rather Firm
and n Little Higher.

CHICAGO, June 3.-Bulls in the grain pits
lost to-day all the gain they made yester-
day. Under spell of the excellent growing
weather. the promise of early harvests in
the Southwest and foreign weakness. bears
took control again. After an early show OF
strength. pressure was put on wheat and
corn and July wheat closed %Q7sc lower,
corn 1911sc down and oats unchanged. Pro-
visions closed unchanged to sc higher.
AT one time wheat gave promise of good
bulge. Liverpool cables were weak. lux
uriant growth was reported from most of
the wheat fields and the weather was all
that could be expected. This caused
opening weakness, but support in the way
of buying July started an upturn. Tail
ers' came in on the buying side as did COM
mission houses and July, which had opened
SsQAc lower at 1A4719sc. advanced to 721kc.
Part OF this strength was given by the
heavy decrease in the worlds visible sup
ply. This price, however, could not with
stand the constant selling pressure that
was brought to bear from the Southwest
and the Northwest. Early crop talk in
fiuenced the crowd to change sentiment and
soon everything was on the downturn. July
slumped sharply TO INC and closed weak.
4Qkc down, al 71L671%c. Local receipts
were 80 cars. three of contract grade; Min
neapoHs and Duluth reported 126 cars,
total OF 1885, against l26 last week and
liberal at $4,000 blu, compared with 49l, 900
last year. Seaboard clearances in wheat
and flour equaled $500 blu.
Corn ruled weak all day. Cables were
rather firm, but the foreign markets were
dull, and, affected by the early drop in
wheat and heavy receipts of 524 cars, July
corn opened &sq12c TO 1sQl4c lower at &c to
62Ac The big bull interests were buying for
q time, but succeeded only in steadying the
decline. Offerings were not excessive but
there was constant pressure on the bulls.
Primary receipts were very liberal at 1.04S,
900 blu. Crop reports were excellent, and,
although the country movement was not
markedly increased, the recent large ac-
ceptances caused cash houses 10 reduce
their bids which. together with poor cash
and export demand and reports of excellent
fodder growth, induced slumps. July slid
down to 6l14c, after having sold at 62%.c, and
closed weak, 1Q1lsc lower at 61$sc. Esti-
mates of only 200 cars for tomorrow did not
steady the market.
Oats were stronger than the other grains
to-day, but were dull and featureless as far
as trading was concerned Receipts were
not so large as of late, and there were
| fewer cars of contract grade In the 23l re-
ceived to-day. This steadied the early weak
feeling induced by tie depression in wheat
and corn. The late weakness in the other
grains took off a small advance that was
caused by some small buying, and July
| closed unchanged at 36Ac.
Provisions showed strength after a weak
opening. Hogs were firm at the yards, IN
| spite of the transfers strike, and heavy re-
auctions in ribs stocks induced good buying.
| Lard and pork stocks were increased some
what and caused free offerings at the open
| ing. but support started a good, though
| short-lived activity. July pork sold to
$3.50 and closed 211c up at $17.20; lard closed
unchanged at sl0.25 and ribs sc up at $9.S1z.
Estimated receipts for tomorrow: Wheat,
10 cars; corn. 200; oats so; hogs, $4,000
| head.