The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-03-07
A GREAT DAY FOR BEARS
After Waiting a Fortnight Partridge Is
Able to Rake in Enormous Profits.
The Bottom Apparently Drops Out Of the
Wheat Market and Break to S914c Oc-
ours, with the Close Weak at S9asc.
TRADING AT CHICAGO.

Spectators Receive a Hint that the Pits
Are Being Manipulated.
CHICAGO. March 5.-Thcre was q de-
cdedly bearish feeling in W heat during most
of the session, and lower prices ruled. The
news presented a sharp contrast with that
which was given ont SO freely yesterday
morning. The bulls hardly got single
item in their favor, and the suspicion start
ed yesterday that the trade had been clev-
erly deceived by manufactured news was
strengthened. Foreigners. who were repre-
sented as buying so vigorously yesterday,
and the damage to crops which they rep
resented as being so alarming, were scarce
" mentioned to-day. On the contrary,
dullness seemed to prevail everywhere
Amid so much that was bearish it was diff.
cult to say what was the most depressing.
but the meager exports from the sea-
board for the week-only 2,90S 600
bushels, being less than for q
long time-was very discouragiug. The
fact that no wheat was cleared from the
seaboard yesterday was another bearish
item. A published report on the condition
of the winter wheat crop. the continued
free movement in the Northwest and the
lower cables were likewise weakening in
their tendency. With this news it did not
take long for the crowd to get on the bear
side with unusual unanimity. Longs saw
ell their hopes of q profit shattered and
made haste to sell, and the bears, taking
new courage, assisted In the decline by
selling freely. There was very little dispO-
sition to buy until there had been q de-
Clded recession in prices, and even then
it was mostly in the way of
covering by shorts, who had good profits
in sight. Partridge was buyer and COW
cred o big line of wheat which he has been
selling all the way from Gle up to Csc, and
then down again from 600 to S0c. The last
two weeks must have brought the great
pl9nger very big winnings. New Workers,
led by COttrell, were heavy sellers from the
start. Tho weakness continued through
out the session, with no noticeable reaction,
and closed weak and only slightly above
the bottom figures of the day at loss of
over 10 compared with yesterday. May
opened asc lower at S0sc, sold at 9OA Q,
worked off to S9lec. firmed up to S9Ac,
broke to S9Ac, and closed weak at $3.50.
Corn was quiet and easy. The receipts
were trlfle In excess OF the estimates and
was slow and this. with the weakness in
the wheat pit and the slackness of the cash
demand. were the depressing influences.
Transactions. however, were confined to a
range of sc, and the close was so lower
than that of yesterday.
Oats were dull and easy. The market
was featureless Considering the weakness
in wheat. the dullness in corn and larger
receipts of oats than expected, prices held
very well, closing with ko loss.
Hog products were quiet and rather easy,
the opening was little tirmer on the fact
that the receipts of hogs were COCO less
than expected and prices at the yards so
10c higher. But there was little inquiry
and the firmness soon disappeared. There
was some recovery near tho end. and the
close shows pork unchanged, with lard and
ribs Csc higher
Estimated receipts for Monday are:
Wheat. IFS cars; corn, 2O5 cars; oats. 1877 cars:
hogs. $1,000 head, and 10000 head for the
entire week. The leading futures ranged
as follows: