The Indianapolis journal., 1894-04-25
LOWEST ON RECORD
Red Letter Day for Chicago Bears
Who Were Short on Wheat.
Unusual Exports and Good Rains in the
Western Belt Provoked the Decline
Other Markets Quiet.

CHICAGO, April "a. After something
verging on a panic wheat to-day closed
firm with a gain of 1ac, compared with the
closing price of the previous day. Holders
of the cash article sat back and demanded
a premium OF 1c per bushel over May for
ordinary No. 2 Chicago spring, and got
their price, while the speculative holders
Were chasing around the pit for buyers at
the lowest price on record. Corn was af-
fected for time by the weakness in wheat,
but also shared it's later firmness and
closed with gain of sc. The May shorts
in oats had to suffer for their temerity in
view of the low stocks here.
AS soon as the opening signal was given
the wheat pit resounded with offers to sell
May wheat at from 572sc to 57Ac. Trading
was general for a moment at the lower of
those prices, 5714c. The decline since the
close yesterday was sc. The decline was
attributed to unusual export reports and
reports OF rains in the West. Including the
shipments from this country, 100000 bu
were put afioat last week in excess of the
estimated needs of the importing nations.
There was nothing in the mornings news
to encourage buyers to take hold even at
the extremely low price. The price itself,
however, was potent argument
with the shorts, who took hold
freely. and by their purchase put the value
up to 5Sc in the course of half an hour. Be
sides the prospective loss of 200O0,000 bu
of wheat from drought in California, the
bulls tried to sustain their dropping cour-
age by a contemplation of the cledranceS
for the last twenty-four hours. which
amounted in wheat and flour together to
about 100000 bu, including what went from
the four principal Atlantic ports and New
- DrIsfiIS- ne DuiiS IalIeu 70 DuS any "hedc
that was left TO the shorts, and buying OF
that character was sufficient to sustain
prices in the near neighborhood of 5Sc dur
ing the greater part OF the session. Late In
the session il was discovered that there
were buyers for some cash wheat The
misfortune of the spectators was the op-
portunity of the users of the cash grain,
and the latter went around among the ele-
vator men, but found that there was
panic among the latter class Of holders,
and that No. spring could be bought by
paying 1c over the May price for it, and
hard spring was held at premium over the
Of some of the pit wheat manifested itself
and caused the price TO advance to 5S1bc for
May. July sold TO 60&ic.
The business in corn was rather light,
when some more light was impaired to the
trade by the rally in wheat The receipts
were light and the exports liberal, and for
tomorrow ninety cars are all that are
looked for
the other markets. but late in the session
were quite strong. Only a small business
was transacted.
The provision market was dull and feat
ureless. Hog receipts were light, and pork
and ribs improved a trifie a result of the
days business, while lard closed at a slight
decline. Hog receipts were only 1900.
Estimated receipts for tomorrow are:
wheat, 20 cars; corn, 30 cars; oats, 40
cars; hogs, 10000 Leading futures ranged