The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-18
HEAVY SLUMP AT CHICAGO
Wheat Takes Sudden Drop of &c and
Corn Is Pounded Down lie.
Nothing but Bearish News Being Circulated
Both at Home and Abroad. and the Bull
Clique Was Reported 10 Be Unloading.


Provisions Also Low, Pork Declining SOC,
Lard roc and Ribs zoe.
CHICAGO. May 17.-There was q costly
surprise in the shape of q bad break in
prices the last hour to-day on Chance.
Wheat tum bled to 74lac for July and left
of rather weak at 1850, or 20 under last
nights close. Corn quit with II loss of &C.
Provisions show declines of 500 in pork,
ESQ in lard and from zoe 70 .22l4 in ribs.
In wheat many things com bined to create
q weak feeling. The Washington and State
crop bulletins had q bearish tone, the for
eign markets all showed weakness, New
York reported nervousness over further
Australian bank troubles. bank at Min
neapolis failed and the fact was magnitied
ten times by the trade. But more than all
these influences. the trade was very
demOralized by the suspicion that
the Cudahy bull clique had q
number of houses selling all the wheat pos
sible. Pardridge had covered not less than
100000 bushels since Monday morning
and be was not in hurry to take wheat,
even on the break. In addition to this Ar
mour and n. Il. Ream were apparently
squarely against the marker. They ale
sellers. IL W as said, ION the theory that the
~. CJo, 600 bushels of wheat here must be
carried, aud must be sold again. Late ca
bles were lower, and rains were reported
in Germany. The opening was 4 "a NC low
er than yesterdays closing. aud with some
fluctuations, prices further declined Ia "a
1tsc. held steady. and the closing was about
14017sc lower than yesterday. A private
cable, purportlng to come from Buda Pesth.
was circulated among traders. reporting
great excitement there. with an advance
of So per bushel in wheat owing to dam
age from drought in Hungary. But,
as other foreign markets did not seem to
be affected by 1t. the trade here voted 1t q
canard.
Corn was firm and sold at shade over
yesterdays closing prices at the opening,
but was crushed by the weight OF the offer.
ings when wheat declined. The close was
within $50 of inside prices. Advices from
the country were that farmers were resum-
ing the hauling of corn TO market, and that
rail- shipments would Do much heavier
next week.
Oats opened firm and remained so until
about noon. The receipts were 10 cars
short Of the estimate and there was q good
many buying orders reported. The fine
weather and also sympathy with wheat
and corn caused q decline in the market
toward the CLOSE. and values dropped from
asc to l2c closing with lsc reaction.
The provision market was weak. but on
light trade the slump in grain and the
continuation OF uneasiness on account OF
the financial situation were weakening
factors. and the market received very lit
tie support from the bull clique.
Freights were in better demand and lake
rates trmer at lao for wheat and $50
for corn and oats to Buffalo. Wheat was
taken through to New York at use. Esti-
ma ted receipts for to- morrow were Wheat
ITO cars; corn. 220 cars; oats. 100 oars; hogs
% 600. The leading futures ranged as fol-
lows: