The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-07
THE DROP CAME QUICKLY
Both Wheat and Corn Recede from
Thursdays Bulge and One Firm Fails.
Sunshine at Ch;csgo Frightens the Bulls Who
Have Been Nursing Bad Weather Reports
and They Straightway Flee to Cover.
TRADING AT CHICAGO.
Higher Prices for Hogs Not Enough to Hold
I'm Provisions.

Higher Prices for Hogs Not Enough to Hold
Up Provisions.
CHICAGO, May 6.-Wheat broke ESQ to-
day. corn I4c and pork CSC. There was
one failure, a small one. Brighter weather,
a rumored removal of the Russian prohib-
Itory edIct and the improved crop con-
ditions In Kansas formed the combination
that smashed prices.
The closing quotations were at or near
the very bottom for the day. 1t was o no.
ticeable fact that the Signal Service map
showed that there had been little or no i'm
prOvement either in the West or Northwest,
where rain or snow was still reported.
Throughout the Dakotas and Minnesota
the mercury was at the freezing point or
below, and the seeding operations were
still held in allegiance. But the Kansas
State report on the winter wheat came in
very bearish, showing q condition of IS per
cent. against IS last month, with the spring
wheat condition at SO and an increase of
nearly 200. 600 acres in the area seeded.
Liverpool cables were up l5d to &d,
but this was not as good as
expected on the SO advance of Thursday.
The market started on O break of lao, and
OIoppcu aUOlDcT r2C III n low minutes LILO
July price got 10 under the opening. and
lac under last nights. Then CAM Bing-
hams dispatch on the prospective removal
OF the Russian EMBARGO and the Kansas
report. Partridge helped the scamperinR
by hammering with all his might. The
bulls. who had been keeping their courage
uD for a week or more on o diet of rain,
snow and frost in the Northwest. threw up
the wintery mixture in disgust. 1t came
out in the form of cold, long wheat. 1t was
n livalv srapar IN the pif M aayHral ypillinna
of paper profits disappeared like moisture
breathed on q polished blade. The closing
cables were firm. foreign markets all high
or. but the reactionary spirit with which
the early news imbned the crowd could not
be shaken off. and the price continued to
sag. Another reason was that Arregoni 81
Co.. who we're said to have taken an On
fortunate and-for tbem-heavy plunge.
the purchase OF from 4O0. 600 to 500. 600 BUSH
els of July yesterday. at SIC. made no
response to margin calls. and the wheat
was sold out just at the close ut about sec.
The weather caused corn TO open very
weak, AND the prospect of the clouds hav-
ing emptied themselves improving as the
season progressed, the market continued to
weaken up TO tho close. Trading was
active. but the weather and the decline in
wheat encouraged both shorts selling and
the selling out of long stuff, causing q
heavy feeling, from which there was no re-
lief during the day.
In oats there was free selling. and espe-
ciaIly of May. NOrton-W orthington and
w. X. Smith put out the largest lines.
Marry Nelson bought July. The state of
the fields. which we're reported to be badly
flooded yesterday. tended to make the
market firm. but the break In wheat and
corn was q moro powerful factor, and
caused n decline of sale III prices.
An improvement of sc in the price of
hogs had no intluence on the provision mar
ket. Wheat and corn, the strength in
which yesterday had bolstered MP the hog
products, had gene where the wOodbine
twineth. The small.sized boom in the pro-
vision market straIRhtway betook itself TO
the same u~nbrageous retreat. July pork
made spasmodic recoveries. one amounting
to 10c, bnt the general tendency was down
from the start to finish. Lard dropped
.071ac and ribs .10c. The leading futures
ranged as follows: -.,,--,rln ~ 1