The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-14
WEAK CHICAGO MARKETS.
Wheat Very Low. with More Sellers than
Buyers-COrn also Has a BeariSh Tinge.

CHICAGO, Jan. 12.-Wheat is selling tonight
on the curb for 9S 3-4c for May, and there are
more sellers than buyers at this. Last night
the figures were l lie better. 1t was terribly
weak to-day; so weak that the wheat pit mar
rowly escaped a panic. The failures at New
York, of course, quickly increased the demorali-
cation. Coleman & Co, whose failure is re-
ported here, is big and bad. They were highly
thought of. Things were reported panicky at
New York, and only chance prevented a panic
here. Jack Cudahy started in this morning to
boom the market a little to sell again. He was
already short a vast quantity of grain, and so
gave almost an unlimited order, and direct
ing brokers to stop only after the market
had been rallied enough to sell on. Two
millions, three hundren and fifty thousands
bushels were bought for this account, and still
the market kept going down. The buying orders
were then stopped. Tonight, Notwithstanding
his enormous purchase, he is still short of wheat,
and berating himself because he covered at all.
He predicts lower figures for wheat. and better
for corn. The latter, he says, is worth the
money. Abe Poole, of Poole, Kent & Co, says
tonight:
Wheat looks at these figures as bottomless as
it did a week ago. There is no good in it, for it
would have dropped 3 cents a bushei further
this afternoon if it had not been for the pur-
chases of local shorts. l feel as weak on corn as
wheat
The receipts are large and likely to be larger.
TIL January clique is bewildered and partially
out of its deal. Lindblom talks as bearish as
Poole. Irwin. Orr g Co, Kershaw & Co, and
David Dow 81 Co. are also ON the bear side.
There are good houses here-McCormick, Adams
q Co., Mccormick. Kennett & Day, and other
substantial firms-with customers who are buy
ing wheat.
5000, COO bushels of long wheat on our books
next week. We are advising everybody to buy
and buy down"
There was one little failure, F. Fl. johnson &
Co.. but it was without significance. 1t is al
most invariably the case that a weak Saturday
is followed by a weak Monday, but there are
conservatives tonight who believe there will be
an exception day after tomorrow. The weakest
feature in the corn pit was the large receipts,
56S cars, over half of which is graded No. 2.
1t is expected that the receipts will be much
larger.
May corn did not go below 50 1-2c to-day, and
clOseda at 5S lie. This was only a decline 0 f1-2c
from last night. 1t looked all day as il there
was "a peg in corn at 5Sc but those who know
say that the only peg was the purchases of such
men as Cudahy, while bears i'll the other grains
predict 70-cent corn.
But while corn did yield to the tremendous
bearishness which emanated from the wheat
pit, provisions actually advanced and closed to-
day higher than last night. February pork
closed at $1467 l2, an advance for the day of
z lie, but at one time was as low as $l4 40
February lard closed at $3.50, an advance of &c;
February ribs at 7.55.
Everybody was surprised at the shipments of
meats and lard. They were r yesterday
and enormous for the week. A rumor that ne
gotiations were favorably progressing for the alb
clifton of the French prohibitory edict helped
along the price of provisions. Of late the bucket
shops have been playing an important part in the
matter. 1t is said one concern closed out over
1900, 900 bushels of long wheat on yesterday,
when the quotation was made at 81 for May
wheat, though the market was really above it.
1t is charged tonight that the option was paid
for by those same concerns. The principal field
which these shops have chosen has been the Call
Board, where it has been an easy matter for q
sharp broker. if protected, to influence prices for
a moment, sometimes as much as l401-2c. The
best brokers are chosen, and they are well paid.
The directors of the Call Board have ordered the
caller henceforth to fine any one who sells or
buys away from the market and to refuse the
call trade.