The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-15
BEARS ON TOP In ALL PITS
Better News from Abroad Not Enough
10 Overcome the Local Situation.
Wheat Chased Nearly o Cent Down. May,
However, Being Firm on Account of Spot
Demand, and Corn and Oats Also Declined.
TRADING AT CHICAGO.

Che Pork Clique Unloaded Heavily and Pro-
visions Tunlbled.
CHICAGO. May 1a.-The wheat market
to-day struggled with two opposing forces.
The foreign news was bullish and put the
prices mp temporarily; the financial dis
turbance at home had q decidedly bearish
effect. and pulled them down. in che end
the nearby influence proved the stronger.
and closed the market at from &D7sc de-
cline from yesterdays closing quotations.
The more remote deliveries OF corn were
easier, in sympathy with wheat, but for
May IL was firm. owing TO the good demand
for spot. Provisions were subjected to q
mild raid, n closed 22l9c lower for pork.
..7sac for lard and .15c for ribs.
Extreme drought was reported in portions
of England, and the quotations from there
were higher and gave the color of truth to
the dismal reports. In the country there
was no improvement reported in the winter
wheat. and Prime t~elesraphed that IN some
of the most important states il had retro
graded during the week. Under these con-
ditions the market was strong and q shade
higher at the opening aud for q short time
thereafter. B~uttraders were not disposed
to do much. asst was a half holiday and out
side business was lighter than for
some days. Then there came a re-
port of some small failures in New York
and stocks began to break. A Milwaukee
dispatch said that a run had begun on the
Plankinton bank there. and all this caused
operators TO lose confidence. There was q
wild rush to get rid OF long wheat and it
did not take long to cause considerable de-
moralization and carry prices of. There
was a eiight reaction. but the feeling con-
tinued nervous and inclined to
AZ the opening prices were advanced 40
$50. but later became weak and prices de-
clined with some slight fluctuations. l4o
for July and 1hc for the September future;
rallied slightly and the closing was Sac
lower for July and go lower for September
than yesterday.
In corn there was more doing than on
yesterday. The feeling at the start was
quite firm, being q continuation OF the
sentiment prevalent at the close OF yester-
days session. First trades were at abont
the same prices. Small receipts and a good
cash demand. together with unfavorable
news from abroad. were the streng thening
factors. The market held steady for n
while until wheat began to break and then
acted in sympathy. selling OH 19c. the tnan-
cial situation having q good deal to do with
the easier feeling. Prices afterward rallied
L0ssc and at the CLOSE had lost but "a O$sc.
There was a moderate trade IN oats and
an easier feeling. Opening prices were at
about the top. and closing at the bottom.
and showed a net loss of A0asc. Weak
ness in wheat and the other unsettling In
tiuences we're the chief cause for the de-
cline.
Provision trade again suffered at the
hands of the OBSERVATION-DISCLOSURES banks
combination. There was enough trading
to start selling on stop loss orders. On the
break there was good buying of lard by
brokers acting for the combination. and
there was O partial rally at the close.
Freights were slow and rates unchanged
at 101lsc for wheat and 1c for corn to
Buffalo. Estimated receipts for Monday
are: Wheat, 165 cars; corn. 195 cars: oats. 205
cars; hogs. 24.0OO. The leading futures
ranged as follows: