The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-02-04
QUITE A BEARISH OUTLOOK
Foreign Situation Begins to Tell Sc
verely on the Chicago Wheat Market.
Little Encouragement for Buyers Until Ex-
port Demands Improve, or Unless the Grow
ing Crop Should Suffer by the Weather.
TRADING AT CHICAGO.
Corn, Contrary to Wheat, Is Wearing
Builish Aspect

Corn, Contrary to Wheat, Ii Wearing q
BuIlish Aspect
CHICAGO. Feb. 8.-Yesterday's weak
ness In wheat was continued to-day, and
values struck the lowest point so tar re-
corded on the last crop. The chief depress-
ing cause for some time has been the dis
couraging situation abroad. Stocks In
Great Britain and On the continent rave
been large. and the tendency In prices has
been downward for the past two weeks.
The Gillian war scare helped TO MAINTAIN
prices on this side for q time. but 10Y that
trouble has been averted and conservative
traders here do not look for any marked
Improvement in values until the export de-
mand and the European prices improve, or
unless the growing winter wheat crop suf-
fers material damage. The trading in this
market for some days has been largely of q
scalping character. Partridge has been
conspicuous as the leader In this line, sell
ing on the advances and covering on the
recess,ons at &c or +c profit. His trans
actions in this way and in the sale of op-
tions have been enormous, and the trade
generally credit him with having made i'm
mense profits. some dealers putting them
as high as 81. 500. 600; but this. of course. is
probably greatly exaggerated. The market
TODAY was rather slow and decidedly low
er. There was little in the way of news
that was encouraging to holders and much
that was the reverse. Cables were lower
and weak; domestic markets were heavy;
receipts In the Northwest were liberal.
and the export c~learances moderate.
These weak features. with the fact
brought in large. selling orders from out
side points, caused the lower opening.
For a time the offerings were generous,
Schwartz.D upee, Logan. Milmine.BOdman,
Mcdonald and others selling very freely.
Liquidation was quite free on the down
turn. and as there was little demand. con-
oessions had TO be made to find q market.
Partridge was again an aggressive seller.
and hammered the MARKET ferOciOusly. On
the break some Of the early sellers began
to cover. and cables coming steadier. with
q decrease of over 100000 bushels in the
available supply reported by Bradstreets'.
there was q rally which carried prices
almost to the closing price of yester-
tary. however, as another avalanche
of offers quickly demoralized the market.
and the downward movement " as resumed,
and continued without material reaction
till the lowest price of the day was touched:
Confidence seemed 10 be wholly gone, and
this. with exhausted margins and the
vicious courage displayed by the bears,
was disastrous to holders. At the bottom
Partridge and the other shorts began to
cover and take their profits literally. caus-
ing n rally to medium figures: in spite of
late weak and lower cables. The close was
steady at the reaction. May opened at
SaGSSAc. against S9sc at the close yes
terday. 1t settled around bottom figures
for a time, then advanced to soc, broke to
SSc. rallied. and closed at SSl9c.
Corn showed decided strength at the
start. and was going up steadily until the
weakness in wheat became pronounced.
when 1t came to q stand-still, then receded
in sympathy and closed at bottom figures,
with prices from unchanged to n shade
lower in comparison with yesterday. The
situation in corn is generally regarded as
having a good element of strength. The
receipts are moderate and the grading un-
precedentedly poor. not q single car having
proved of contract quality In the entire re-
ceipts of the past three days. Stocks are
low every where. and decreasing. and the
exports are generous. Shorts were q little
uneasy and disposed to cover. The noar
futures were strong, as well as May. The
latter opened unchanged at 411sc. advanced
to Al l3c. eased off to and closed at the OPEN
ing price.
Oats were firm early In sympathy with
corn, but weakened later and closed ut
yesterdays last prices TO a shade higher.
Hog products were owe although the
receipts of hogs were smaller than ex-
pected and prices at tho yards higher. The
weakness in the other speculative pits had
the chief cause of the weakness was the
receipts of the large outside orders to sell
short ribs. Prices declined until near the
close. when there was q slight reaction.
Pork shows n loss of 12lsc, ribs are I'M
changed to .l0c lower and lard Is ORIG Csc
Oft.
Estimated receipts for tomorrow are:
Wheat. leo cars; corn. 175 cars; oats 120 cars;
hogs. 5000 head. The leading futures
ranged as follows: