The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-13
FLOODED THE MARKET
Fasteners UnlOaded Wheat at
Chicago with Vengeance.
Decline of 3-4c Followed by Rally of
3-8c-ArmOur Rakes in a Profit
on 55-Cent Rise in Pork.

CHICAGO, April 12.-rhere was a heavy
days business done in wheat and much
Weakness resulting in a decline of lac
early in the session. That was succeeded
by a return of buying confidence, and at
the close the price for May only 2sc
lower than on yesterday, and for July only
sc lower. The reports of crop damage We're
very numerous from the frost-bitten dis
tricts and almost startling from the
drought-smitten areas of California and
western Kansas, and this caused the later
firmness. Heavy selling was responsible for
the early decline. Corn closed firm without
much change, after averaging weak
throughout the session. Armour got his
arms around the shorts in the pork market,
and squeezed soc per barrel profit out of
them.
Wheat started active at a shade under
yesterdays closing prices. The first bid on
May was 60Ic, and IL sold sparingly in
moment after at 602sc. There was a big
trade around 60Ac, but there came on the
market a perfect avalanche of selling
ders when il was seen that all the out
side markets were much weaker than Chi
cago Liquidation by the holders of May
appeared to be general. Houses with orders
to sell for that month found ii extremely
difficult to find buyers without Offering
their stuff &c lower at every fresh attempt
to dispose Of it. The pit became worked
up to pitch of noisy excitement. 1t was
a better market. without an iota of bullish
feeling in ii, from about ten minutes after
the opening until 10 o'clock. In that time
May dropped TO 5S7sc. There was an excited
struggle at that price, with millions chang
ing hands every few seconds, but the pres
sure of long wheat was terrific, and an
other slump to 5S3sc was the result. All the
large commission houses with New York
connections appeared Tor a matter or ten
minutes to have ineXhaustible orders to sell.
Baldwin-Farnum alone were estimated TO
have sold 100000 bushels in that time.
There comes Deacon Whites line" was
the general remark when the selling by the
last-named firm was In progress and no
one was glad to hear it. W. r. Linn did
his best in the way of administering a few
kicks at the market to accelerate its de-
cline. F. G. Logan & Co. bought
from 59Ac down to 58$4c as much as Bald
win-Farnum sold. Norton worthington and
CounSelman-Day sold May wheat in great
chunks on the decline. Heavy trading was
general all over the pit. The wheat sold
went for the most part into the hands of
those who were previously short Pard-
ridge and Leaning were diligently raking
in their short wheat during the first ex-
citing hour of bulish liquidation There
was nothing of particularly bearish char
acter that did not previously exist The
dry weather in western Kansas and Cali
fornia was still unreleved. and reports of
an extremely poor outlook for Kansas were
quite general The reports of the drought
began 10 have some effecl after the heavy
liquidation had run it's course, and when,
in addition TO that, ii became known that
some cash wheat had been worked, the
covery to $3.50 for May, effected about
forty minutes from the close, May rising
to 60lsc and closing at 597s@6Oc The premi-
UNI on July rose from 1S4c at the opening
TO 21sc, ard the spread was within 1-16c of
&c premium at the close.
The corn market gave no signs of ANNA
4,
for May was at 3sAc, or &c below the
price yesterday. 1t recovered to 3S3sc for
moment, and after that It was dragged
3SasG3S1Ac, which was the best price of the
day.
acted in oats, and the market ruled slow
with prices easier. AT the opening some
strength was felt, caused by quite a good
many buying orders at hand. but with al
ders were quickly filled, and the feeling
grew heavy. Nay sold from &c up TO 32sc,
and then gradually declined 10 slice May
sold again at 32c, and was offered at that
price at the close.
A weak hog market started provisions on
a down grade, but they We're arrested in
their decline before they had proceeded far.
The decline not only stopped and was re-
covered from. but an advance beyond yes
terday's closing price set in, and in the
course of a couple of hours the market
had assumed radically bullish appearance.
which it retained to the close Armour
hedVy buyer OF nogS, sald ulSpatcn
from the yards, and his brokers were sup
posed to be hunting for people to sell them
the products in the provision pit. Offer
ings were extremely light when Armour was
supposed TO want the stuff, and a heavy
rise in prices was the consequence May
pork stopped at S12.75. May lard and ribs
likewise felt the effect of the ''od mans
buying, lard closing with a gain of .121ac
and ribs with an advance of .2712c.
Estimated receipts for tomorrow are:
Wheat. AZ cars; corn, 40 cars; oats, 10S
cars; hogs, %, coo. Leading futures ranged
as follows:
Open High Low Clos