The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-09-24
CHEAPER THAN WHEAT
CASH CORN, FIRST TIME IN TWO
MONTHS. O THE LEADER.
Wheat Went on 1-2c Saturday, White
Corn Fell 2c-PrOyisions Lower,
Pork Being Down Doc.

CHICAGO, Sept. 22.-Northwestern re-
ceipts were heavy to-day and spectators
anticipated "a heavy increase in the visi-
BILE supply. AS a result wheat shows a
loss of 12c per bushel. while September
corn dropped &c and May 1c of their preyi-
Gus values. Provisions are lower by sc in
pork, .1712c in lard and zoe in ribs.
For the first time since Aug. 6 No. = cash
wheat is worth more money than No. 2
corn. Wheat opened quiet, but firm at q
small fractional advance. The firmness
was in consequence OF the inspected re-
ceipts here turning out much less than had
been estimated. The estimated receipts
were 16O cars and the number actually in
spected los. The general condition of the
speculative situation was unchanged. The
weakest feature of the days news was the
h%eaviness of the receipts.
which at Minneapolis and Duluth amounted
10 $40 carloads, compared with only $50
on the corresponding day of the year be-
fore. The speculative business was local in
character and rather light in volume
Fearing the probability Of a heavy increase
in the visible the crowd was bearish and
all the more inclined to sell on account OF
the weakness of corn. December opened at
5514c and sagged YEARLY to 5i5sc. which
was the price when the ten-minute warning
bell sounded its caution to prepare for the
close. The desire to sell increased and 54l4c
was reached near the end, with 54l.Q5issc
the closing price.
Corn opened firm, but did not long re-
main so. 1t gradually became weak, then
weaker, and was weakest at the end. Stop
orders were reached at every sc decllne
below SIC for May, and as the closing
value was sac there were, numerous OPP
portunities for the stop loss orders TO
come into play. The weakness was princi-
pally in consequence OF the pressure TO sell
September, which, for the first time this
with May, and for the first time in about
two months cash corn was cheaper than
rail and 20, 400 bu by canal. September was
worth 527sc near the opening and $3.50 at
the close. while May declined lc from the
Oats were active from beginning TO end.
Selling was still very urgent, mostly long
stuff. and prizes were again lowered. The
the decline. The first symptoms OF the de-
cline were noticeable at the start, when
the market with heavy offerings. The gen.
eral disposition was to close out, and the
price of May declined from 34$4c, the OPEN
ing price, TO 34c, the lowest point, and at
which price the market closed, a decline
of sc since yesterday. Boyden and Car
rington-Hannah were among the heaviest
sellers. October ranged from 292c 10 2SAc,
closing &c under at the latter price.
Hog receipts being light and the grain
markets rather nrm at the opening, the
first few transactions in the provision mar
ket showed some steadiness. That state
Of feeling was soon exchanged for one Of
extreme weakness. Stop orders on the de-
cline were reached in great plenty from the
appearance of the offerings and the pack
ers, led by brokers for John Cudahy, made
IL easy for stop loss orders to be reached.
There was very little recovery at the close
from the bottom prices. although a good
deal of covering of shorts was in progress
during the last fifteen minutes of the ses-
sion. Business was active during the great
err part of the day.
Freights slow at 1l2c for wheat and 1Ac
for corn TO Buffalo, and a load of corn to
Walkerville paid 1kc.
for Monday: Wheat, PA cars;
corn, 500 cars; oats, go cars; hogs, 70, 900
head; hogs for the week, 100, 600 head.
Leading futures ranged as follows: