The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-27
BIG SLUMP At THE CLOSE
Heavy Selling in the Last Honr De-
moralized Chicago Markets. .
Pork Dropped Coo from Top Prices and Scalp
ers Proceeded to Make Hay in Both
the Cereal and Provision Pits
TRADING AT CHICAGO.

Foreign Cables and an Impression that Chi
cago Il Too High Caused the Decline.
CHICAGO. Feb. 25.-Frantic selling in
to-day's business on the Board of Trade.
Demoralizing cables started the break, and
some foreign orders for corn were said to
have been Withdrawn. Holders started to
unload. and stop lose orders were quickly
reached, adding to the downward course of
prices. The most conspicuous slump was
in pork, which scored fall of Coo from top
prices. Wheat and corn each went off Sac.
At the close however, compared with last
night the net declines were much less. be-
ing $50 in wheat and corn, 12ko in pork.
loo in lard. and .O5 in ribs.
1t was scalping. narrow market in
wheat most of the 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 oil against the price. vet 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 $50 higher than
yesterdays closing. but became weaker
and prices declined l3c for July and sc for
May, then became steadier and the closing
was about sc lower for May and sc lower
for July than the closing figures of yester-
day. 1t was estimated that there might be
an increase of about 100000 bushels in the
visible supply. though some parties do not
look for any increase and possibly n slight
reduction. Agar ago there was q decrease
of So, 900 bushels.
After short buying wave, led by Cudahy
and BOyden. 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 IN
usually heavy and pressing TOR an outlet:
No. corn was said to be dull and depressed
at seabOard. as well 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 ont 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-
close as easy at about the lowest figures
and q net loss of sc. About the only sup
port came from shorts.
The action in the provision market was
quite violent and not expected. The mar
ket opened with decided firmness and a
good recovery from the break of yesterday.
There was good buying of pork for Cud ahy.
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 IL O'clock. and
after midday the market took 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 7.OO0 and the
estimate for next week was only 5000. yet
products cold off as If q great run was in
sight. Closing prices were at some re-
covery.
Estimated receipts for Monday are;
| Wheat. 426 cars: corn. 325 cars; oats. 20C
cars: hogs $4,000 The leading futures
ranged as follows: