The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-10
TOOK A BIG TUMBLE
Panicky Selling Caused May
Wheat to Lose l 3-4c at Chicago.
Lowest Ever Known for This Future
Provisions Forced to Yield to the
Depressing Influences.

CHICAGO. Feb. 9.-Wheat went down
with a rush to-day, and after losing &c
and smashing all low-price records, closed
with May 1Ac lower, at 6OAc. Free sell
ing by Armour about two hours after the
opening started the decline, and from that
on the selling was fast and furious. Corn
resisted the action of wheat and closed
unchanged for May. Oats closed sc lower.
Provisions, in sympathy with wheat, fin
ished lower all around, May pork losing
Acc.
heat opened steady, with May Ac low
err, at 624c. The indications that a very
heavy cold wave was bearing down on the
rain-soaked whea belt aided the discom-
fitted bulls in regaining a little Of their
lost nerve. and May soon advanced to
623sc, where it closed yesterday. Until IL
o'clock honors were easy with bears and
bulls. and fluctuations We're confined to a
&c limit. But the news of the day was gen.
orally bearish. Cables were not encourage
Ing and the Northwestern receipts were
again in excess Of those of last year. Min
neapoliS and Duluth received 25 cars, COM
pared with 1S1 on the corresponding day
last year. Primary market receipts, too,
were larger than a year ago. The export
c~learances from the four principal Atlantic
ports, including New Orleans, were under
100000 bushels in wheat and flour. Lester
sold a big lot of wheat for Armour, who
had bought yesterday. That started the de-
cline, and May climbed on the ~toboggan
slide, landing, after the first break, at 621ac.
From that figure it recovered Slightly and
then, with another slide, went to 60ssc, the
lowest price for May ever made on the Chi
wheat came out, liquidation by ST. Louis
followed and every one seemed to have
selling orders. The selling was at umes OF
the close. with a rally of but Ac at the
finish from the days bottom figures. May
opened sc lower, at 62l4c, advanced 1sc, de-
ci'rod &c rallied &c, lost nc, rallied &c, to
close at 60Ac.
an c0In mere was not much doing. the
market ruling rather quiet. The feeling was
steady. considering the action In the sur
rounding pits. The market showed strength
at the start, initial trades being at a frac,
tional advance, and on good buying sold
vi bq4c more. Offerings were not free,
while the demand was considerably i'm
stormy weather and TO a reported better
and more active European inquiry for cash
corn at higher prices. The advance in
from room traders, who sold, thinking the
market would sympathize with the heavi-
ness in wheat. Prices went down &c, rail-
lied &c. became steady. and closed with
May at the opening figures, and but &c
from the highest prices of the day.
There was a stubborn market in oats.
Noo GAA I'M ICIA
within a $sc range being firmer and &c
higher on the early steadiness of wheat,
but later, when wheat weakened, prices
receded &c, and the close was easy with
May Bc above the bottom rgure of the
day.
Provisions were dull early and steady.
with an undertone of weakness. The offer
ings We're light, and some disposition was
exhibited on the part of the local oper-
ators TO advance prices. due to slightly
higher prices for hogs at the yards on the
run being less than estimated. and the
Later on the bottom fell out of the market
on the break in wheat and on the product
being offered down in the absence of any
support whatever. There was an attempt
at a rally subsequently,, but there was no
stability In the market, closing weak and
near the inside prices of the day. Com
pared with last night May pork is 45c
lower, May lard .l0c lower and May ribs
.22ikc lower.
Estimated receipts for tomorrow are:
Wheat. So cars; corn, 800 cars: oats. les:
as follows: