The Indianapolis journal., 1893-10-15
AT THE LOWEST POINT
Wheat at Chicago Touched 63 3-4e,
but Closed 1-4c Better.
Drop of 2 LIE in Two Days-COrn Off
lie, and Oats. Pork, Ribs and
Lard Also Down.

CHICAGO, Oct. 1.-THE wheat trade had
hard time Of it to-day. Late in the ses-
sion the bears pressed the selling and
forced prices to the lowest point of the
year. December broke the last half hour
to 63%c. and closed 112c under last night,
at $3.50. This was 21sc off for two days.
Charters were 227, 900 for wheat, but moth
ing can apparently prevent a large increase
In stocks here. For the week there has
been the enormous increase of 2Oo0,OO0
bushels or more in the visible supply. The
slowness of the Senate concerning silver
continued as a weakening influence. Corn
is 1Isc lower, oats from HG11c lower, and
provisions likewise yielded to the general
heaviness.
There were no cables and practically no
news from the East, nearly all the wires
being down, and operators were left some
what at sea. This gave the bears an ex-
cellent opportunity for raiding, and they
improved it. If wheat or other cereals had
any friends they hardly showed them
selves. The wheat market yielded easily
on hostile bear demonstrations. and showed
no rallying power. Holders who have been
bravely fighting the decline for weeks got
demoralized and let go; stop-loss orders
became operative, and selling on exhausted
margins completed the decentralization.
Nothing seemed favorable for the cereal;
the exports fer the week were light. the
deliveries in the Northwest were again
large, and the demand was even less than
yesterday. On the break Partridge covered
a good deal of his short line, and Walker
did the same, but the demand was not in
comparison with the offerings and the
weakness and depression resulted. The
opening was about 1sc lower than yester-
days closing, and, with only slight changes,
prices further declined 111@1a4c, the May
future suffering the greatest decline, then
held steady, and the close was 1sQAc from
bottom.
Corn WIS depressed by the action of
wheat and free offerings of new corn for
future delivery. The parties who are sup
posed to be among the LARGEST shorts were
again selling freely, while the buying was
scattered and mainly to cover shorts, the
smaller traders being inclined to realize.
The market opened with 1ac loss, graduaiIy
worked down 1G1sc, rallied 1sQAc, changed
some ruled steady and closed within 1sc of
the bottom figures.
Oats declined sc for May and closed at
&c above the bottom, with a net loss of
the close, but the trade was light Longs
unloaded freely and the market did not
have any support.
Provision traders had dull day. In the
absence of active operations prices dragged
down somewhat in sympathy with the
grain markets There was some little de-
velopment looking like short sales by the
local trade. Prices were largely nominal,
with trade scattering. The closing figures
were the lowest of the day-30c down for
January pork, .021zc off on lard and .071.1
.l0c lower on ribs.
Vessel rates were steady at &c for wheat
ana lac for corn TO Buffalo and &c for corn
to Kingston. The estimated receipts for
Monday are: Wheat, 225 cars; corn, 500
cars; oats, 400 cars; hogs, 25,0O0 head. The
ieaolnS FUTURES ranged as follows: