The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-08-27
On THE VERGE OF A PANIC
Pork More Demoralizpd and Grain In
fuenced by the Cholera Scare.
Wheat Worked Up lJ2c on the start. but Tum-
bled Later and Close 1Ilc Under Thurs
days Figures. at 70 l4c and Weaker.
TRADING AT CHICAGO.

Pork Opened 35c Lower. Recovering zoe
Before the Close.
CHICAGO. Aug. 2G.-The grave aspect Of
the situation as regards cholera in eastern
Europe. as shown by the dispatches pub
lished this morning, demoralized the mar
kets On the Board of Trade. especially the
hog meats. Yesterday the stories in regard
TO il were regarded with some caution. To-
day. however, the published reports con-
cerning the spread of the epidemic abroad,
and tho talk of quarantine caused traders
to take a gloomy view of the future. Re-
ceipts of wheat continue in good volume.
notwithstanding reports freely circulated
that they were sure to decrease greatly. At
the Start Logan, Schwartz-Dupee, Norton
WorthinRton and other prominent houses.
with the scalping element. were free sell
ers, and the first sales showed 40 isc de-
cline. Dunn, Brant, Walker. Cutler and
McDougal were good buyers on the break,
most of it being understood to be
In the way OF covering shorts. and
there was some recovery. but at no
time did the market show much strength.
The bears. VINO have all along contended
that the situation was weak, considering
the crops st home and abroad, and the large
surplus carried over, now feel that. since
the cholera has added It's weight. there can
be no doubt of the correctness OF their po-
sition, and are steadily increasing their
short lines. Many former bulls are show
ing discouraRement, and are unloading
freely, as the market cannot take their
holding. Of course, there Ia more or less
bull sentiment yet, but it is ebly hesitat-
ing and cautious. and consequently with
out much influence. After the market had
worked up about lsc under buying for in
vestment by representative operators, who
were inclined TO the opinion that the chol-
era danger had been over stated, and
that the price was at q safe point,
the news that cholera had reached
England, coupled with reports from North
western States that the spring wheat crop
duciDg quantities. caused q down turn again.
Sales OF September around the opening
were made at 754 C and 75c. against 75l2c at
the close yesterday. The price worked its
way up. with some slight reactions, to
1850, reacted and closed weak at 75ac.
Corn was weak almost from the start,
and before noon had fallen l lsc on Septem-
Der from yesterdays close. The cholera
scare. tho weakness In wheat and the de-
moralizatlon in provisions were the de-
pressing factors. Congdon, Schwartz
DuDee and BALDWIN Farnum were big sell
ers. C0ngdOn. who has been bull until
recently, led the raid. and nov predicts
lower prices. Some prominent longs
mand except to cover shorts and secure
profits. Purchases by the latter, together
with On upturn in provisions. caused a
rally later, but the advance was mo- all
held, the market sinking when the shErts
quit buying. September opened lac lower,
at 5lasc. with q possible sale'at 51a4c, and
sold down to Sic, reacted to 5lasc weakened
| and closed at 81 sc.
Oats were slow ana easier, largely in
sympathy with wheat and corn, closing
with loss of lsc.
Hog products were again demoralized.
| Receipts of live hogs were much larger
| than expected, with the market at the
yards demoralized and 2O025c lower.
| Holders of products were pressing sales.
| and low prices ruled at the start. But COW
| ering by shorts to secure profits and good
buying by Cud8hy ana Charley Wright
started prices MP some. September pork
| opened 35c lower. at 5000. remained weak
| for some time. then adv anced to Sl05 30 and
closed at 5000. Lard was very weak early
| on the lquidating sales and stop loss orders.
but soon regained the lost ground, closing
| Csc higher than yesterday. Ribs were af-
fectcd much the same as pork and lard,
| and closed with loss of .12lao for Septem-
| Der.
Lake freights were steady at &c for corn
| to Buffalo. Estimated receipts for to-mor-
| row are: Wheat. $50 cars: corn, 40 cars
| oats 800 cars; hogs. 5000. The leading
| futures nged as follows: