The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-01-20
HEAVY DROP In ALL GRAIN
Wheat Now Stands at II Cents Below
the Bulge Point on Last Monday.
Those Recognized as Clique Brokers Turned
Sellers, 1t Being Rumored that Several
Big Bears Had Been BADLY Squeezed.
TRADING AT CHICAGO.
Provisions, Contrary TO Wheat, Have Started
Upward Again.

Provisions, Contrary TO Wheat, Have Started
Upward Again.
CHICAGO. Jan. 19-Wheat had O sem
sational drop to-day, falling nearly &c from
last nights close and 4Ac from the poiht
touched Monday. The causes of the de-
cline were largely local, for. while the
news was rather bearish and cables and
outside domestic markets easy. these in
fipences alone were not sufficient to cause
the big slump. The market closed 1lRc
lower than on the previous day. Corn and
oats were unusually steady considering the
weakness In wheat, but each closed with
kc loss Provisions. under the fostering
care of such operators as Armour and Gu
daily, ruled strong after q short spell of
early weakness. Compared with last night
pork is mp 37lsc; lard .12lt a. 17l3c.
The furious selling of longs and the Viz
clous hammering by the bears chiefly
brought about the collapse in wheat. The
crowd generally attrI butod the selling to
the Clique. and IL was certain that houses
which have been all along recognized
clique houses were doing most of the sell
ing. On the down turn the longs outside
the clique lost courage and nQuidated.
Stop loss limits were gradually reached,
aud the execution of these produced furth-
er panic. The numerous and lofty pyra-
mids came tumblinR down, and for a short
time there was much excitement and O
panic among the longs who were on the
outside. At the start the market was
fully Ao above last nights close end
seemed strong. but cables came easier and
the buying soon came to O halt. At the
same time Kenneth II oehins, Boy den. Bros
sea. Parker, Gaylord, SchwartZ-Dupee
and others recognized as operators for the
Clique began to offer the wheat In big
blocks and the word went round that the
cNque was selling out and prices began 10
tumble. There was no effort TO counter
act this Impression and the market kept on
the down grade until IL had dropped gao
from The opening figure. which 1t did be-
fore noon. There w as some rally later on
free covering by short sellers to secure
profits. but there was no very important
recovery. The action of the clique. OF the
supposed action caused no end of comment.
Some declared they have not sold much
wheat but have created that impression
for the purpose of shaking ont the tailers
and getting the market down they can
buy cheaper wheat. On the other hand ir
was contended that 1t is legitimate liqui-
dation; that they have found it
impossible to market their holdings ut the
prices which have ruled of late and their
line was largely secured under soc, they re-
solved TO market it as best they could. be-
again on the break. Partridge is reported
to have covered heavily. The opening was
about sO3sc per bushel higher than the
close of yesterday and with some fluctua-
tions prices declined to u point "a c below
the highest point reached to-day. then raj
lied 7sc. again eased of. and the close was
about lac lower than yesterday.
Corn WAS tame. The market opened at
about unchanged figures, and, nnder free
selling by some of the larger commission
houses. receded $50 lac, rallied IA Sc,
ruled steady and closed with X Sc loss
There was more inclination displayed On
the part of local room operators to short
the course prices have pursued the last tw o
days.
Oats were traded in to q moderate ex-
tent, but the business was mostly local,
and prices confined to "A range.
Pork broke down the day wheat started
pork started up. The hog market was re-
ported from the yards to be weak. and
prices from 15c TO zoe lower. That caused
| weakness in the provision market ct the
start, and for half an hour it appeared
doubtful whether or not there would be q
| further decline than that which occurred
| at the opening. Armour took the initiative
| IN the matter with a number of buying or
| ders. Cudahy adopted a similar course,
aud, with the TWO heavy weights buying,
| the advance was not difficult matter. A
| feature favoring the long side was the fur
Their decrease IN the packing of the West,
| making the aggregate since the opening of
| last season to date. The poor quality of
| the hogs had some effect in stimulating
! prices Estimated receipts for tomorrow
| are: Wheat, 160 cars; corn. 30 cars: oats,
| 40 cars; hogs, $4,000. The leading futures
| ranged AS follows: