The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-03-23
A DOWN GRADE MARKET.
The Escapade of Two Young Napoleons
Who Dealt in Wheat.
INDIANAPOLIS, IND,


INDIANAPOLIS, ND,
MONDAY EvESISG, March q.
L. w. Louis & Co.'S Chicago advices today
were as follows:
The weather conditions seem 10 be the potent
influence on the market today. Taking the
foreign markets as whole, there is nothing
that would indicate lower prices. On the
contrary Liverpool and Berlin are stronger and
somewhat higher. but the reports of fine
weather in France, snow in the
winter district in this country the
past day or two, and the weather de-
partment prediction that warmer weather
is probable in the near future, caused a weak
opening aud q decline of fully ic per bu. Be-
LEVERS in wheat think that il will all be wanted
at the present prices or higher as soon as
navigation opens. But the speculative trade
continues, light receipts in the northwest are
large and the bull element does not appear
strong enough to sustain prices until the hoped
for relief comes from the exporters. Receipts
OF corn are large and the market corresponds
ingly depressed. There is going to be quite a
large short interest, which is liable TO cause
quite a reaction as soon as the farmers get
through their spring deliveries and become
more generally engaged in spring work, thus
causing lighter receipts. Packers are looking
for liberal receipts OF hogs and do not seem
inclined 70 sustain prices. Product getting so
very low it woulG be very strange II there does
not spring up an extraordinary foreign and
domestic demand very soon that will relieve
holders.
Wheat was dull today and corn likewise.
oats were weak.
Receipts for the past twenty.iour hours, 81
cars against a total of 43 cars for the preceding
day.
Wheat-Dull; No. 2 red, 500 bid; No. ) red,
$50 bid
Corn-DulI; No. 1 white. $50; No. . white.
3Sc; white mixed, 371Sc No. white, 31G5sc,
latter one or two colors; No. 2 mixed, SIZE;
No. 3 mixed SIC; No. yellow. SIZE; No.
yellow. SIC; sound ear, 35CG36o.
Oats-Weak; No. white, 33c bid; No. 3
white, 32c; No. mixed, SOEci reIected,
2SCD29c.
Bran-Firmer; local dealers are bidding $l4.
Hay-Choice timothy, $500; No. l, sll.60i
No. ., 50; No. prairie, $3.50; NO. : prairie,
$3.50; clover mixed, $3.50 bid.
Rye-75@S0c for wagon rye; soc for car lots.
Wagon Wheat-sSo bid.
On Market-Hay, timothy, si2@13; mixed
$i0H12; clover, $99i1; millet, 50; shelled
oats, 33lG35c; sheaf oats. SlO9l2; corn, 400
45c; potatoes, 35G4Oc.
CHICAGO, March 21.-It was down grade
today on the board OF trade as the two young
o.
LamsOn Bros, learned when too late. They
were surreptitiously carrying quarter OF a
million bushels of wheat in the names Of the
firms customers and il proved too much on n
day when older muscles felt the strain.
The crowd went home short on Saturday
on expectation of very cold weather over sun
day; this cold being accompanied by snow in
many places disappointed them and in selling
out they started a break which continued 10
increase during the day until the price was l2io
below Saturdays closing quotation. Corn
stood no comparatively well, but provisions
succumbed 10 the bearish influence of
wheat. Nearly everything in the way OF news
was of q depressing nature, particularly from
abroad. The wheat market opened about Ac
before Saturday, close and gradually lost $40
more. The early Liverpool cable quoted thut
market trhe better for futures, but CONT
mental adv ces were discOuragiug and domestic
markets nearly all showed adecliniug tendency
Ailder weather was reported as probable Ia the
southwest. though the cold was still reported as
severe, but there was said TO have been a gener
Gus snow fall over a large area for the winter
wheat, and the apprehension OF damage was
greatly relieved. About the first news from
abroad was that OF r heavy fnilure in Antwerp
which caused considerable local selling. The
receipts in the northwest were liberal-l206
cars-and the selling soon became urgent. The
shorts appeared TO have covered very general
on Saturday bulge and there WAS consequently
little demand from that interest. But the
weakness started the longs 20 liqudating and
nearly everybody had some TO sell. The result
was sharp break which carried May from
$3.50 earlyto s33{ before noon, and at IL o'clock
the market was about SIC. Partridge was
ing, while Brosseau Mise took
considerable line. But Baldwin, Farnum,
Logan, Mlmine-Bodman, McDougall and
other leading houses had plenty for sale and
promptly met the wants of buyers. Dunn
also sold freely; understood 20 be for foreign
account The visible supply showed an in.
crease OF $4,000 bu. last week and helped to
depress the market The market grew weaker
during the last hour and May sold OF to s3l5c
closing easy at $3.50. Partridge, who on Sat
urday was TeckOned by some 10 be short TO-
600, 900 bu., covered large amount today and
would have Melted $4,000 II reports OF his
dealings were correct. There was some good
buying for long account on the break below
633<c Foreigners were reported as free sol era
Of wheat at the seAbOard today aud New ! ok
and st. Louis operators sold heavily.
Corn was traded ia fairly but was generally
weak influenced by the depression IN wheat.
tho liberal receipts and the general bearish
feeling in all the pits There was not much
shipping inquiry the receipts we're larger than
expected and the offerings were free with but
little disposition 20 buy. May opened NJ 3o4c,
sold at IS &c, then weakened TO SSI sO13Sl4c and
at l. o'clock was 3S3ec During the last hour
the market kept dull and easy With May at
3SlE0l3S1zc aud 3Sl4 (d3SIsc and closed easy at
3Sl4c. The estimate of 900 cars for tomorrow
was heavy factor. The scarcity in New York
forced local buyers there TO take 10000 bush
els from elevators, according TO a dispatch from
there and 5000 decrease in the visible
another feature which somewhat helped 10
maintain the courage OF the bulls
In oats prices were at all
times lower than Saturdays close.
The crowd was bearish and this with heavy
selling by Horton-W orthington was the prin
cipal cause OF the weakness. Nay opened at
2Sl<c touched 275S@2Sc ana then rallied 10
2Si <O2sMc only TO react 10 CSC. closing easy Mt
27Z The visible had no effect Hogs were
reported TO be in active request at 30 improve
ment on Saturday, closing quotations, but the
provision market made no response 20 the bet
ter demand OF raw material. Weakness In the
wheat market encouraged "A raid by local
spectators which not resisted by the
packers. remnant sold 100000 pounds OF
May ribs at s5.47IE. Gregg taking 10000 pounds
and Norton WorthingtOn 100000 pounds. The
decline since Saturday is lOc in pork and the
same in lard and &c in ribs. Estimated receipts
for tomorrow: Wheat, $50 cars; corn, LOO
cars; oats. 3l5 cars; hogs. $4,000 head.
The leading futures ranged As follows;