The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-12
LIKE SO MUCH LEAD
Chicago Wheat Had Nothing to
Sustain 1t Yesterday.
Once Started the Price Slumped Off I'm
til at the Close 1t Had Touched
so 3-8c-Eyerything Lower.

CHICAGO. April n--wheat was very
weak, and closed at decline of 24c. The
government report. which considered
bearish, induced free selling and realizing,
and May closed only &c from the bottom.
Corn, oats and provisions went down with
wheat, and closed limp and lower
After some conflict of opinion on the
curb, yesterday afternoon, regarding the
Interpretation of the government report,
the weak manner in which the market
opened this morning indicated that all but
a small remnant of the bull feeling engen-
dered by 1t had been wiped out. There were
sellers of May wheat Immediately the
opening at anywhere from 62Ac down to
6l2lc. Not much was parted with at that
time at the lower of those figures, but IL
was not long before 6124c was an unobtaina-
BILE price, and almost 1c lower was accepted
before more than an hour Of the session
had passed 607sc becoming the current price
for moment two, about 1880 o'clock
before enough buying orders came in to ar
rest a lower range of stop-loss orders from
coming on the market. The government re-
port of the average condition being 10 points
higher than on April l, last year, and 5l2
points above the April condition in 1892 in
which latter year the yield of winter wheat
was 1859 100000 bushels, some warrant was
found for the bearish Interpretation the
spectators had determined to put on the
report. The weather was doing its best TO
repair the injury it did in the end of March.
Receipts were fairly liberal in the North
west-heavy, in fact compared with those
of a year ago. 1t was on the corresponding
day of last year that the Cudahys aban-
doned their May deal and the price dropped
99c to SAC. Before the decline quite stopped
May sold at 607sc, but rallied again to 611sc.
The bears again jumped on the market,
and after another break to 60%c. and about
a dozen fluctuations between that and 6Otsc,
there followed fresh slump TO bOl2c, re-
coVery TO 6O%c and yet another decline TO
60sc. About half hour from the close
the price had once more recovered to 607sc.
The most active of the local bear contin-
gent, who had been scared into covering
on the first scare, were observed to be all
back again on the short side w. r. Linn,
Captain Phillips, Harry Champlin and Ed
Cottrill, of New York, had among them mil
lions for sale, and they did not wait for any
one to bid for it, but pressed ii until some
| less determined shorts took it from them.
Some venturesome bulls also bought at UNI
| der Gle. July was generally nc over May.
| of renewed weakness. New York reported
| % boatloads taken for export, but that
| failed to sustain the courage of the bulls or
| 10 restrain the aggressive action of the
bears, and a drop from 607sc to 60Ac oc
| CURED in the last ten minutes of the ses-
| sion, the closing quotation being 602sc sell
erS.
Although Armour has unloaded two car
gosS of corn which had been loaded TO go
| East, the market here for that article for
| long time resisted the bearish influence of
such a proceeding and likewise the effect of
| q slumpy wheat market. The combined in
| huenceS of what is here referred to a
| slack Eastern demand told with more ef-
| feet after half of the session had gone by.
May opened at 3Ss4c and sold off to 3S12c.
| 1t recovered a little. and refused to go be-
! low SSl2c until late In the day. when there
| was a further decline to 3S4c May closed
| at 3S3sq3S12c and July at 3912c, a loss Of
| about &c since yesterday.
oats were active, but weak and decidedly
lower in sympathy with wheat and the free
| selling by several brokers. Prices receded
sharply the futures declining AQ1c,
and the more deferred months 7sd12sc. On
| the break there was good buying by the
| largest holders, and prices reacted 5sGhc,
the market closing at net loss of 12G1c,
| September being the weakest
| Provisions were weakened by the receipts
| days estimates There a drop on that
| Of from DC TO 1Oc in pork at the opening
Lard for July opened at a decline of .021ac
and there clean slump of loo in May
| ribs as soon as trading started. The esti-
mate that to-morrows receipts of hogs
would number 80 600 added to the weakness
and the extreme heavinesS of the wheat
| market clinched 1t. There was a decline in
all for the day Of 3712c in pork and .15D
.1112c in lard. and of zoe in ribs. The trade
| was extremely bearish in expressing opin-
| ions about the market, and a heavier run
| predicted among them.
Estimated receipts for tomorrow are:
Wheat, 80 cars; corn, 120 cars; oats so cars t;
| hogs. $4,000 head. Leading futures ranged