The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-26
BIG SLUMP AT THE CLOSE
Heavy Selling in the Last Hour De-
mOralized Chicago Markets.
Pork Dropped Coo from Top Prices and Scalp
ers Proceeded TO Make Hay in Both
the Cereal and Provision Pits


Foreign Gables and Impression that Chi
cago Is Too High Caused the Decline.
CHICAGO. Feb. 25.-Frantic selling in
the last hour was the notable incident Of
to-day's business on the Board of Trade.
some foreign orders for corn were said to
have been withdrawn. Holders started to
unload. and stop loss orders were quickly
reached. adding to the downward course of
prices. The most conspicuous slump was
in pork, which scored q fall Of Coo from top
prices. Wheat and corn each went off 40.
At the close however. compared with last
night the net declines were much less. be-
ing $50 in wheat and corn, 12lao in pork.
.l0c in lard. and .05 in ribs.
1t was a scalping. narrow market In
wheat most of tho session. 1t Is argued
that Chicago is relatively higher than any
other market in the world. that the stocks
in sight and the apparently unlimited re-
serves are all against the price, yet hold
ers are inclined to continue their grip hop
ing for some favorable action by the big
bulls to help them out.
The opening was about 1sc higher than
yesterdays closing. but became weaker
and prices declined 9c for July and Sac for
May, then became steadier and the closing
was about sc lower for May and Sc lower
for July than the closing hgures of yester-
day. 1t was estimated that there might be
an increase of 8b0ut $50. 600 bushels in the
visible supply. though some parties do not
look for any increase and possibly a slight
reduction. Agar ago there was decrease
of &c.. 900 bushels.
and Boyd the corn crowd was inclined
to talk of the big reserN es of corn at in
terror points. with some operators contend
Ing that stocks at country stations are un-
usually heavy and pressing for an outlet.
No. corn was said to be dull and depressed
at seaboard as we'll as in the West and
offers TO deliver In Liverpool at low prices
were not accepted. The estimate for Mon
day is 325 cars and this suggested liberal
movement from first hands next week. and
started free selling. Orders were largely
of that character, and the support was
feeble at any time. The export was small.
Outside domestic markets were steady to
firm. The local out inspection Was more
favorable and as soon as NAVIGATION opens
shippers expect to move out liberal guam
titles.
Oats opened shade better. but there
was fair realizing by longs. and values re-
coded bc, with but few reactions. The
close was easy at about the lowest figures
and net loss of sc. About tho only sup.
port came from shorts.
The action in the provision market was
quite violent and not expected. The mar
ket opened with decided tirmness and q
good recovery from the break of yesterday.
There was good buying of pork for Cudahy.
Wright had brokers bidding for stuff also.
The Hatelys bid for lard. but the market
moved away from them on buying by
others for July and September. Some of
the advance was lost after II O'clock. and
after midday the market took q similar
down turn to that of Friday. Local longs
resumed the raiding and unloading. The
outside holdings came out on stop orders.
and those who bought for a scalp early
were quick sellers The hogs were lost
sight of. Receipts were but 1000. and the
estimate for next week was only $1,000. yet
products sold of as If great run was in
sight. Closing prices were at some re-
COvery.
Estimated receipts for Monday are:
Wheat. 4S6 cars; corn, 325 cars; oats POO
cars: hogs. $4,000. The leading futures
ranged as follows: