The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-03-30
WHEAT GOES DOWN.
The Days Market Breaks the Record
and Reaches Low Figure.
INnIANAPOIIs I'D.

INDIANAPOLIS, md.
MONDAY EVENING, March %.
L. w. Louis & Co.'S Chicago sdvices today
were as follows:
Receipts of wheat are again very large. ca
bles reporting ell foreign markets. Clearances
were very light aud the weather conditions
favorable for the growing crop, surely very
discOuraging picture for holders of wheat. Our
market opened fully 1c lower than Saturdays
close and at times was quite strong. owing TO
some liberal buying by strong parties, and re-
ported fair demand for export; later on the
market became heavy, declined. closing at fully
1&c lower than Saturdays final figures The
depression in wheat was unfavorable to holders
OF corn. At one time the market was strong;
indications bid fair for better prices. but later
the market dropped, closing without much vim
at about the lowest point OF the day.
Hog product was strong and higher. Specu-
lators seemed TO favor the bull side. but Stats
tics were not favorable. We notice that the
weekly exports were fully three million pounds
less than one year ago. Shipments from Chi
cagO were also very much lighter. There were
not so many hogs as estimated. but chances are
that the light receipts are caused IN measure
by the rains and storms in the West which
prevented loading last Saturday. Our advices
from Iowa are that the balance of the week the
farmers deliveries will be large and receipts at
the packing points most liberal. Should this
prove true holders have not much before them
10 encourage higher prices. We think the price
OF farm produce is closely allied to silver, and
to the unusual decline in that metal is due in a
measure the depression in cotton, grain and
other farm products"
Wheat and oats were weak today with no
milling demand. Corn was dull at fairly
steady prices while oats were quiet and steady.
Receipts for the past twenty-four hours, 7
cars against total of II cars for the preceding
day.
Whea.-weak; No. red. $50 bid; No. ) red.
size.
Corn-Quiet; No. white, 39c; No. white
39c; white mixed. Size; No. white, 31329
3SI5c, latter for one or two colors; No. 2yellow.
3711c No. yellow. SIC; No. mixed, 3712c;
No. mixed, SIC; sound ear, SAC.
Oats-WeAk; No 2 white, 31c bid; No.
white. soc; No. mixed, 29ci rejeo'ed, 26@
&c.
Bran-Quiet; sl425.
Hay-Choce timothy, $500; No. l. $11.25;
No. ,, s.; No. prairie. $3.50; No. prairie
$3.50; mixed, $3.50; clover mixed, $3.50.
Rye-NO. 2 SOC for car lots; 759SOc for
wagon.
Wagon Wheat-s5c bid.
On Markei-Hay. timothy, s12@13; mixed,
S10@l2; clover. $99ll; millet, 80; shelled
oats. 53935c; sheaf oats, Sl0@l2; corn, 409
45c; potatoes. 35@4Oc.
CHICAGO. March 2S.-Today broke the rec
ord for low prices in the wheat pit. The figures
for May, the ruling option, crashed down 10
79c. A year ago this time bushel for the same
delivery was several cents above dollar. The
decentralization produced one failure, that of c.
2. Doerr & Co., who were on the wrong OF the
market with half million bushels in their
hands. Flat foreign markets and unusual
grist of bearish news on this side Of the water
was what brought on the big slump. A genu-
inely paneky feeling prevailed at the opening
and the price quickly fell 1c from the
lowest touched Saturday. Had the news been
made TO order for the bears il could not have
suited their purposes better. The weak open
ing cables, the decline In domestic market the
remarkably favorable weather shown every
where and the anticipated heavy increase in
the visible seemed combined to discourage.
Selling was general and persistent. Exhausted
margins and stop loss orders cut a considerable
figure. Poole, Sherman. Patton Bros, Baldwin
Farnum, Logan and Mllmine- BOdman were all
free sellers with the demand sluggish and con-
fined chiefly to the covering by shorts. The
Indian shipments last week were reported at
10000 bushels against $50 GEO bushels the week
previous and ali foreign markets were said 10
be on the down grade. For a time 1t seemed
TO be neck and neck race to see who could
get rid OF the most wheat. May opened at 1874
assoc. but the selling pressure was enormous,
and in less than three minutes 1t had touched
794c. But indications from the reports
as to the visible were that the increase would
not be as much as expected, and some began to
doubt if there would indeed be any. The mar
ket quickly showed disposition to recover.
Shorts began to buy, the selling became less
vigorous and when il found that Partridge
was not putting out any shorts, the market
turned, May selling back to 75Sc, broke again
TO 79l4c. then improved trlfe and at II
o'clock was about 791zc. During the last hour
the market developed greater weakness on very
heavy cables and selling out of the long wheat
held for Doerr Il Co., whose failure was an
nounced and there was gradual decline to
79c, the final figures Partridge is represented
as having said today that he did not
propose to sell wheat short of SOC.
Willard in Kennetts gossip, says: Wheat
ought to be worth soc, at least until the govern
ment re port is published. Ii that shows the
crop is in good condition it will probably sell
at 75c. Corn showed good deal of strength in
the face of the big decline in wheat. The Cud-
| ahys were not buying openly but 8 good
many commission houses had liberal orders
which were thought TO be for the bull clique.
| Cudahy sold some on the bulge. May opened
at $3.50, sold 1T $3.50. split, then started up
aud sold to 4014@403sc. split, eaSed off to 1910
/ and at II clock about 1890. The market
1 weakened during the last hour, mainly in SYM
! patty with wheat and May fell to 3934c. The
estimate OF GOO cars for tomorrow was one of
the features in the late depression. Oats were
| hardly firm as corn but the decline was slight
| May sold at 2S& G929c, and at L o'clock was
! 2S5sc Weakness prevailed during the last
! hour May touching 2S5sc and closed at &c
/ Hog products were higher on good covering by
/ shorts moderate offerings and the hrmness in
/ corn. Hog receipts were below expectations
| and the price Zoe higher The support given
/ to the provision market early continued
/ with slight changes to the end of the session.
| Estimated receipts for tomorrow: Wheat. 250
cars; corn, 600 cars; oats, 325 cars. hogs, 1900
/ head
The leading futures ranged as follows
|
/ A N Itch. ~.