The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-17
SLUMP IN CHICAGO WHEAT
Dropped About 2 Cents from the Open
Ing, but Recovered Part of the Loss.
Nay Closed 11sc Lower than II Was on Thurs
dSy. and Corn and Oats Went OF Ice and
lse. Respec,iye!y-Proyisions Active.
TRADING Al CHICAGO.

Wheat Denoralized, Excited and Lower
Corn and Oats OH.
CHICAGO, Dec. 16-Demoralized and
excited was the condition of the wheat pit
to-day, and there was the largest break
that has occurred for some time past. A
slump of nearly 2 cents was recorded. with
a partial recovery ut the close. Eggleston.
whose recent buying has been frequently
alluded to as portending . big advance.
sold some near the opening. but on the
break he was q buyer, suatching $4,000 bu
within 10 of the bottom from a panic
stricken seller. 1t was that action which.
in a measure. restored confidence. Tonight
the price for May is Use lower than last
night. Corr is tc lower. oats are OFT hc.
and provisions. after an advance in the
forenoon, wound up at about yesterdays
closing prices.
Believers IN the existence of q powerful
bull clique in wheat grew weary early in
the day. With news that receipts in the
Northwest were again liberal-762 cars,
against SEQ cars the same day last year
came q report that Clausen, the State in
spector of Minnesota. had stated that he
expected the North w western receipts to keep
M with the present rate for the entire win
ter. Immediately q semi-panlcky feeling
developed and the crowd began to throw
overheard their wheat. About the same
time the story was circulated that the
Clique was selling out, and this increased
the demorniizatIon. Cables were higher
and the exports from the seaboard were
large. but this cut no figure, and liquida-
ton. short selling and stop-loss order sales
went on. The weakness was by many
attributed chiefly to the money scare
in NA- Xov o,d fho onfiiuofn1 IorOo
gold shipments next week. The decline
brought out a good deal of wheat on stop
loss orders. There was buying briefly by
shorts until tn o last hour. when EgglestOn
took n fresh hold. The talk of big receipts
in the Northwest all winter was fatty con-
tradlcted by messages from reliable houses
at Minneapolis. saying that the end of the
heavy movement is in sight. IN opening
was the same as yesterdays closing, but
became weaker, declined lac, recovered
Ac quickly, fluotuated some, and the clos
ing was about ls01Ac lower than yester-
day. A story is current that when business
opened Partridge was short 100000 bush-
els. On the break he 10 reported to have
covered the entire line. making q large
profit. 1t was over forty.ive minutes
from the opening before the break
started. but when il get well under way it
took less than twenty minutes to knock
1$c per buehel Oft the price. Short wheat
was what at first began to press up In the
market, but as soon as the prices got under
THO there was q wild scramble between
both shorts and longs as to who could get
rid OF the most in the shortest time. Pur-
chasers could not be found. except at lower
and lower prices every time q fresh yell
went up from the sellers. This evening,
opinion was divided as to whether the
leading longs in the market let go of inn
p~ortant holdings or increased their lines
and strengthened their position.
In corn, operations were confined mainly
to professional and room traders. The
market opened dull. but steady. at yesser-
days final quotations., was firm for q WHILE,
but when wheat started down corn sympa-
thized. selling off. with hardly q reaction,
Sac, rallied kOasc, afterward changed
some, ruled steady and closed with IS hc
loss. E
Selling of oats was not OF sufficient mag
nitude to cause a big break. After q de-
ciinetoftss o. the market closed easy at about
inside prices.
! Itwas q big day in provisions. Receipts
OF hogs were moderate, n prices at the
yards were the highest of the year. The
shipping demand for products was further
improved. More attention was given to
advanced. Armour brokers were perhaps
the best buyers. On the advance, however.
there was realizing. n the break In wheat
induced selling. SO that at the close the
gain was erased. The ribs deal showed
marked weakness, compared with the
othere. and closed at n not decline OF
.07l9c for January and Csc for May. Es-
timated receipts for tomorrow: Wheat, "a
cars; corn, 260 cars; oats. $50 cars; hogs, 15,-
600. frhe leading future ranged as fol-
lows