The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-08
EVERYONE WANTED TO SELL
As Consequence the Chicago Market
Lost More Than 1t Gained Wednesday.
Estimated Increase of $4,000, 900 Bushels in
Last Years Wheat Crop and Enormous
Stocks in Tendon Caused the Decline.
TRADING AT CHICAGO.
Corn, Oats and Pork Unable to Stand thu
Slump In Wheat.


Corn, Oats and Pork Unable to Stand the
Slump In Wheat.
CHICAGO. Jsn. u The bull feeling
which prevailed in the wheat pit yester-
day all evaporated over night and the
sentiment to-day was decidedly bearIsh.
The feeling was one OF disbursement and
the selling was equally unanimous. The
result was that the appreciation in values,
which it took all of yesterdays session to
bring about. had all disappeared
before the trading began. Prices
broke steadily. with scarcely any re-
action. and the close was weak
at q net loss of 2itc compared with yester-
days. There were several bearish pieces
of news. but the potential one was the gov
eminent estimate on last seasons crop.
The market has been for months staggering
under the load of the enormous crop-gen-
when the statistlcian of the Department of
Agriculture piled about IL. 600. 600 bushels on
top OF that it was too much. 1t was the
proverbial last straw. and broke the mar
kets back. On top of that came the intel
ligsnce that the stocks of wheat and flour
in London were the largest in recent years.
being 1000 bushels of the former and
10000 barrels Of the latter, against 2,240.-
oS Of tSs m and s:e S..r ss
who had been holding in the hope
that something might turn up to
help them out, together with the
generous buyers Of yesterday made haste to
lily ratified yesterday. rallied in force and
pounded the market. Domestio ma rkets,
furthermore. were all weak. New York,
which closed last night at SLOT, fell to
appolis Ia g. and st. Louis Ike. Foreigners.
however. did not seem to take such q pessl-
mistlc view of the situation. The weather
was reported at zero and below in the
Northwest and very cold in the winter dis
trict but with little snow. Lester sold Q
big line and nearly all the big houses had
selling orders. Partridge sold wheat early,
but covered good deal on the subsequent
decline. May huctuated for some time be-
tween 947sc and 95lsc. then grew decidedly
weak, and. without material reaction.
broke to 93c, recover ing some. but closed
weak at 93Ac.
Corn was fairly active but easier. chiefly
in sympathy with the depression which
ruled in wheat But there was not the
same encouragement and loss of conf
dence. The government reports the crop
at 2,060 000. 600 bushels. or 1900 900 less than
generally computed. and the export demand
heavy and inspection continues to show q
very small proportion Of the contract grade.
Oats were quiet and weak IN sympathy
with wheat and corn and closed with loss
of 7sc.
Hog products opened lower in sympathy
with weakness in wheat. but there was
fair buying. This was met by free Offer
ings by packers There were some further
fluctuations within narrow range and
the close was at slight losses compared
with yesterday.
Estimated receipts for tomorrow are:
Wheat, liz cars; corn, 1S2 cars; oats, la
cars; hogs. 5000 head. The leading futures
ranged as follows: