The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-01-18
QUICK SLUMP In GRAIN PITS
Wheat Weakened and in Fifteen Min
utes II Cents We're Knocked OF.
Clique Brokers Discovered to BE Selling Out
on the Quiet aud q Rush TO Unload Caused
Sudden Decline in All Cereals.
TRADING AT CHICAGO.

Partridge Found Nearly 5000 900 Bushels
Short-Provisions Decline.
CHICAGO. Jan. IA grand slump of
lac in fifteen minutes occurred in the
wheat DIT Just at the close of the day. The
final price, compared with las. nights
figures, showed O net loss of &c. 1t was
found on the last rally that the clique
brokers. instead of whipping Up the mar
ket as on former quick spurts. had had
any quantity of wheat for sale. The crowd
adjusted itself quickly to that fact, jumped
the market. and brought out q perfect
deluge of offerings. Corn IS lac and oats
SO lower. Provision were at no time
strong, and closed weak; pork ct 22b2c.
lard at zoe. and ribs at .22lac decline.
Wheat started a shade higher and sold up
a trifle, but soon turned weak. The early
strength was principally due to the de-
crease Of about 900, 000 bushel IL the
amount on ocean passage and the 100000
bushels decrease in the English visible.
Tbs receipts in the Northwest were also
light. only go cars, against 34S cars the
same day last week. Shorts were rather
nervous, and there was good covering for
a time and not much for sale. Schwartz
Dupee led the buying. taking, 1t was esti-
mated. fully one million bushels. while
Logan, Hately and Walker d Co. were also
good buy ers around the opening figures,
but aftec tho market had advanced the
realizing became general, some OF
the early buyers commenced to-, let
go. and there was q gradual decline.
Pardridge was n free seller through Bald
win-Farnum. Wright also sold very gen.
erously. The market turned very strong
during the last our on the small estimate
for to.morrow-ll5 cars-and the big ex-
ports-7s1. COO buebels-in wheat and -four.
The market had been oversOld during the
previous weakness and on these strong
features there was an attempt to cover.
which sent May IN. but prices or wheat
weakened later on heavy realizing and the
close was about at bottom prices. The
opening was about the same to $50 higher
than yesterdays closing, ruled firm and
advanced 40 more, then declined &c,
rallied %c, declined 1ltc and the
closing was about 80 lower than yester-
day for May. and 1c lower for July. 1t is
said that the heavy long lines have been
largely reduced in the last two days. a
canvass to-day among what may be called
the active. everyday large operators in the
wheat pit to the number of seventV-tive is
said to show that Partridge Is short $780,
600 bushels on the board.
There was less animation displayed in
corn. the market keeping within closer
llInlt5, WIFI tu6 VOluIDt Vi UublntSs 6u1dltcT
and more of O local character. The senti-
ment at the start was fairly firm though
initial trades were at a fractional decline,
but sold up 20 soon afterward, when IA good
deal of realizing took place and wheat
turning down, assisted the decline of 9sc.
AT 4Sc for May the demand was quite brisk
and the car lots for tomorrow coming In
light started the crowd to buying, under
which the early break was fully recovered.
But the advance was not maintained and
ut the close the market had lost u Ossc.
In oats the trading was largely In the
way OF closing-out streaks by parties who
bought oats and sold corn some time ago
at 12c difference. As the difference has
wIdened To 12t2c they were anxious TO
close mp. The market opened steady, but
weakened Is l3c. and alter rallying Ac.
receded and closed at o loss of Sc.
The dizziness and weakness In provisions
would indicate that the manlpniators on
the bull side on the way up have largely
realized and got ont of the market, leaving
the late local buyers and the country hold
ers to get out at their leisure: This they
appear TO be doing now. With b. O0 hogs
at the yards. the prices were posted at 50
loo decline. The estimate for Wednesday
was larger. at 10000 hogs. Products opened
easier. made q good rally OF 90 TO 10c all
round, and then started on O slow drop.
When tho grain markets broke sharply at
the close products declined quickly TO low
figures. Estimated receipts for tomorrow
are: Wheat, lis cars: corn. 80 cars; oats, IS
cars; hogs. 10000. The leading futures
ruled as follows: