The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-10-06
MILLIONS OF WHEAT LET GO
The Chicago Market Flooded, but Not
Swamped and No Panic Followed.
Strength and Amount Of Full News Alone Re-
spODsible for Preventing a Heavy Slump
in Prices OF the Leading Cereal
TRADING AT CHICAGO.
Hogs Have Disappointed Traders, and p
Continues to Advance.

Hogs Have Disappointed Traders, and Pork
Continues to Advance.
CHICAGO. Get. 5-Four million bushels
of long wheat were dumped into the pit to-
day. Nevertheless wheat tonight is only
$50 TO &c lower tnan at the close yesterday.
Corn Is from &c to lac. Provisions were
firm aud higher under the lead of January
pork. which advanced 3o19c per barrel.
Wheat opened very strong. and first sales
were at some advance, the strength being
based on higher cables and brisk local de-
mand. But there seemed to be any amount
for sale at the advance. and there was a
gradual loss of ssc. from which there was
su bsequently but little rebound. One of
the potent reasons for the early display of
strength was the unfavorable report of the
condition of winter wheat. In Illinois. Ia
diana and Missouri the fall-sown wheat
was said to be suffering severely from
drought. and a good deal had
not terminated. Logan, Mitchell,
Dunn ~ Comstock were good buyers
early, but later the crowd turhed largely
to the selling side, led by Rumsey-Light.
ner, Walker X Co., and Partridge, and
there was "a steady decline. 1t was part of
the gossip on the floor that Bloom was sell
ing ont q large line through Rumsey ~
Lightner. Armour was also a liberal sell
er. The receipts IN the Northwest were
liberal and exports from the sea board
were smaller. A dispatch from Marshall.
lnd., said that only 20 per cent. of an aver
age of winter wheat had been sown around
there. that very little of it had come up
and that crickets and grasshoppers were
monoDOliZiDg what Appeared above ground.
The dispatch Is being paraded as a warn
ing that, while this continent has been
favored with two consecutive heavy crops
OF wheat. three big crOD9 IN succession
have so far never occurred here or else
where In the world. Closing cables were
for the most part firm, and Bradstreets
estimate of the visible supply did not show
as heavy an increase as had been looked
for, but the fact of the receipts at primary
markets exceeding ], 735, 600 bushels, which
are the heaviest for one day on this crop.
kept buyers back and encouraged short
selling.
The corn market was firm ut the OPEN
ing and alittle higher, due in part TO cold
or weather and some frost IN northern Wis
consin and Michigan. The receipts were
somewhat less than had been estimated,
which helped the market at the start. The
tirmness began TO give way to a different
feeling when wheat was observed To be
sagging, and the slight gain with which
the market opened. and lsc besides. were
knocked OF the starting quotations. BUSH
ness In the pit was fairly active at times,
but there were long intervals of dizziness.
Frost predicted by the Signal-service Bu-
reau for the States Of Ohio, Pennsylvania
and New York steadied the market at the
decline. The estimated receipts OF COS cars
for tomorrow were considered too heavy a
movement to wake up the bull side of the
market ON.
There was q gradual firming M of all
products in the provision trade. The bulk
of business vas tor January. with October
generally neglected. Even since the first
cholera scare there has been more or less
shortening of the market for January, so as
to be ready for the decline which might
follow the breaking down of the Wright
corner in short ribs. Of late the hogs have
not come up to expectations. Instead of q
heavy movement and lower prices at the
yards, the hogs are being raked mp grad
ually. The shorts are now beginning to
get even on their January contracts. In
pork 1t was known that Wright was q
pretty good buyer and. this a the
market q lift. Altogether, the broad.
strong market was a surprise with corn
heavy and lower.
Freights were weaker aud lower at pa
for wheat and &c for corn to Buffalo. Es-
tImated receipts for tomorrow are:
Wheat. 553 cars: corn, GOO cars: oats.1 $40
cars; hogs, $4,000 head. The leading fu-
lures ranged as follows: