The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-25
BARRELED PORK BREAKING
Slump of Nearly 81 from the Closing
Figures of the Day Before.
Spectators Regard the Decline IS 0minous,
Perhaps Indicating the Wind Up of the
Long Bull Campaign in Provisions
TRADING AT CHICAGO.

Wheat Deals Restricted, Small Traders
Keeping Close Watch on the Clique.
CHICAGO, Feb. ga break of nearly
dollar barrel took place to-day in the
price of pork. From S19.10, last nights
closing figures. the market fell to 1892,
closing at s1a25. The speculative branch
OF the trade has been in the hands of scalp
ers for several days. no outside orders bav-
ing been received. The big plungers took
advantage of this condition of things and
organized vicious raid They found the
market poorly supported and pressed their
advantage with yig0r, bringing out lot
of property on stop-loss orders and pre-
cipitsting violent furry. The closing
price marks decline of 50 q
barrel in pork from the outside
prices made on the recent advances The
slump was Board of Trade affair entirely,
the hog market at the stockyards feeling
the effects of the raid only slightly. 1t
was looked upon by many as the long
looked-fOr beginning of the end of the bull
campaign in provisions. Compared with
yesterdays closing prices the May dehv-
cries are 200 off for lard and ribs tonight
and wheat Il sc. Corn was supported by
some covering by the shorts and longs. and
left off 40 higher. Wheat trading was of
restricted character. Prices early In the
day defined &c below the closing hg1res
of yesterday. then became stronger, and
the decline was recovered, but eaeed OH - O
again. closing steady.
The attitude OF the clique Is still the
principal consideration with operators.
and SO long as 1t is believed to hold on to
It's line there will be probably not much
IN ms
bearish leaders may feel. unless there
should be something unusually bearish In
the way of news. One of the firm features
was the fact that the local receipts were
one hundred cars less than expected, and
cables reported little better tone abroad.
The clique had few brokers in the mar
ket who picked up some wheat, but 1t was
apparently more to let the crowd know that
the clique was still here than to any desire
to add much to it's holdings. The dispatch
shown that farmer Hatch had suffered an
other defeat in his efforts 10 bring the anti
options bill to a direct vote was another
Strengthening factor.
A large business was done in corn. and
an early period of weakness gave way to O
subsequent recovery under good buying.
The initial decline carried May down abOut
ssc. and was due to the bright weather.
suggesting further liberal receipts. to the
with other markets. The majority of shorts
evidently aimed to make May touch 43c,
believing this would bring out some stop
orders on the selling side. But good de-
cline has been scored during the last ten
days. and some operators on the short side
of the market. having q profit in sight,
came in as buyers. Boyden was credited
with buying IN 700, 900 bu, partly for out
side account Others who have been sellers
for few days changed to the buying side.
There was good trade in oats with the
range of lac. The market closed steady at
about the same figures as yesterday. There
| has been a good deal of liquidation by
| longs of late, but 10 has not been as
| thorough in corn. The shorts have GOV.
cred freely and were the best buyers to-
| day.
The market for hog products was demon.
| allied. and. as prices declined under free
| offerings. considerable long property was
| thrown OH the market. and especially on
behalf of outside parties which had been
| carried on small margins. and this added
| to the depression generally. Prices huctu
| ated wildly and on the whole range de-
chned materially all around. Trading on
behalf of outside parties was very unsatis
| factory, and 1t was almost impossible t.
comply with orders.
Estimated receipts for tomorrow are
| Wheat. les cars: corn. 295 oars; oats. 81
cars; hogs. 5000. The leading future.
| ranged as follows:
Il