The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-08-26
BOTTOM FELL OUT OF PORK
From S10.97 1-2 ItT0ok a Slide 10 5000
Without Making Stop on the Way.
Later There Was Reactol to $40 55-Grains
Broke Badly on the Cholera Scare, After
wards Recovering Most of the Loss.
TRADING AT CHICAGO.

Traders Begin to Fear There Will BE No
Foreign Market to Speak or
CHICAGO. Aug. 25.-There was panic in
provisions on the Board of Trade this morn
ing owing TO the cholera scare in Europe.
and prices went down if they were
creased, dragging grain down with them;
but later in the day n feeling of greater
confidence was developed and decided re-
action in everything resulted. Wheat
opened steady. The. settlement OF the
strike at Buffalo, reports that farmers de-
liveries of winter wheat were falling Oft
and the Cincinnati Price Current state
ment that the returns from tbreshers con-
time very disappointing and that the con-
ditlon of spring wheat had deteriorated
during the last week. were strengthen ing
pieces of news. but were more than offset
by the reported spread of cholera in
Europe. the weak cables and the break
In provisions. This first was the most
important factor In the bear interest, and
was used 20 the utmost. New York Hood
ed this market with the most sensational
and panicky dispatches saying that steam
erswere refusing 20 load for any of the in
fected ports. and that the business stagna-
tion abroad had caused the suspension OF
many grain merchants. The impression
soon prevailed that It might be impossible
to sell our wheat abroad. and there was
partial panic among holders. Hatley Bros.
the situation was bad as represented in the
papers. and the answer was: Cholera not
severe; no danger" This, with the
fact that weak holders were soon
oaiied out, partially restored confidence and
the early loss was recovered. With the
Buffalo strike off, the bulls were encour-
aged TO look for q reaction, and on the curb
bought September at 75A c, against 75ssc at
the close yesterday. but when the bell
tapped they discovered their. error, for
under the load of offerings prices gradu-
ally receded to 74ssc. the lowest figure yet
reached on the crop. Then the offerin IS
decreased, foreign advices became more
encouraging provisions began to recover
from the panic and an upward movement
in values resulted, carrying the price to
75ac. and the close was steady at IS t3c.
Corn was more or less affected by the pre-
vailing Generalization. but did not break
as much as wheat or provisions and recOv-
cred all the loss and more. Good rains were
reported In many OF the corn States and
Bryant Il CongdOn. who have been leading
bulls, were free sellers on the early weak
ness. There were also q good many stop
loss orders to be executed. which contrib
uted to the. weakness. Later there was
more confidence: the traders began to argue
that rams, after all, might not be so bene-
tcla as at first supposed. Wheat and hog
and prices advanced. September opened
$50 higher, at 51a4 O, touched 51ss 05l4c C, ad-
vanced to 517sc, then broke, with provis-
ions. to 5lssc, strengthened. sold up to $3.50.
and closed ut 52lsc, an advance of 12c over
yesterdays last figures.
Oats were fairly active and weak early,
but soon had partial recovery. First
sales OF September were sc lower. at 34lsc.
prices receded to $3.50, reacted and closed
at 34hc, gain of 4c.
Hog products were nervous, unsettled
and decidedly panicky for a time. The re-
cent strength in provisions was based
largely on the increased European demand
consequently the cholera news subsequent
ly from Europe produced CONSERVATION
aud there was(ree liquidation, stop-ioss
orders and vicious raidIng. The latter was
| through brokers and was supposed TO 10
| for the account of heavy packer. who 1t
| is said, has all of his products sold in ad-
vance at high prices. September pork
opened &c lower. at S1O.95, touched
| Sl0.97l3. broke to 5000 without a
stop. reacted slowly and closed steady
| at S10.55, d loss of 45c compared with the
| closing price of yesterday. September lard
opened ut 7.45c, against 7.62l5c yesterday at
! the close declined further to 7.40c. but raj
| lied sharply TO 767l9c. and closed at lose.
| Short ribs opened .05c lower at 7.70c, sold
| down to 7.55c. rallied and closed at Z. 72lec.
Estimated receipts for tomorrow are:
| Wheat, 557 cars; corn, go cars; oats, 81
| cars; hogs. 7,0U0 Lake freights are IN
changed. The leading futures ranged as
follows: