The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-30
BOTTOM DROPS OUT
CASH WHEAT AT CHICAGO WENT
DOWN TO 49C YESTERDAY.
Threatened with "a Panic and
Heavy Declines Were Made.

CHICAGO Jan 2S-The Board of Trade
was wildly excited to-day and made a sem
sational decline affected by heavy sell
ing under the influence of the gold exports
scare and the strained financial conditions.
Cash wheat went below all former records
and was worth only Ace a bushel. There
seemed to be wheat to burn, both cash
and optional There might have been a
few failures had not the market recov-
cred at an opportune moment. Yesterday
May wheat closed at 531zc. To-day it opened
az SIC, sellers, and then dropped to 52stc.
The market was very shaky and a PAN
icky feeling prevailed all around. There
every indication that a big crash
in prospect, but this was prevented by a
lucky chance which shored the market and
doubtless saved several firms on the board.
When SIC for May had been reached Char
ley Smith, seeing a chance on the million
and half of puts which he bought yes
terday, began to buy against them heavily.
Others who were in the same boat did like
wise and this heavy buying had the eff
feet of staying the market and restoring
it to feeling of strength. Under this in
fuence the market rallied and the danger
seemed temporarily averted.
Apart from the demoralizing effect of the
national financial situation upon the for
matters pertaining to supply and demand
were encouraging to holders, and that, more
than anything else, encouraged the buy
ing, which prevented the market from
drifting into state of helpless panic. The
sum total of the primary market receipts
was only ITO, 600 bushels, against 10000 on
Tuesday of last week, and compared with
$4,000 bushels on the corresponding day
from mt the eI principal Atlantic ports amounted
to 100000 bushels of wheat and about Isl. 600
bushels in the shape Of fiovr. The pur.
thirty boatloads and from outports of from
ten to fifteen more, and the taking of
about 10000 bushels of spring and winter
wheat here, caused some covering of shorts
in the last half hour of the session, and
May reacted to 53c, and closed with buyers
The general decentralization which struck
everything on the speculative list this fore
247 cars, against 300 estimated, but the
break in wheat at the opening caused hold
ers of corn to rush their, stuff on the
market regardless of everything but keep
ing, it and standing, up. to fresh margin
within the last few days had withstood
all attempts at dislodgement, have been
gradually undermined and topping over.
may be seen in the fact that before noon
May corn, which closed. yesterday worth
noon to-day. A recovery of 1c per bushel
in the price of wheat near the end and
the reported sale at the SedD0ard OF twenty
boatloads of corn for export caused some
demand here and reaction to 1850. The
most of the late buying was, however, cred
tied to shorts.
The market for oats was active at most
from beginning to end. The heaviness ex-
listing the principal feature and was
very great. Corn was weaker and quite
influential in creating lower prices in oats.
Cash oats were very slow of sale and suf-
fered "a decline of about 1c per bushel,
which was extended into the speculative
crowd. The selling of May was quite gen
eral, and two or three firms were cred
tied with again raiding the market. Bart
were offering very literally. The buying
was limited and confined to scalpers and a
few stray shorts May started at from
29c to 291sc, and gradually dropped off to
27Ac, which is another low price of the
crop and 7sc below the established bottom
market rallied to 2Sasc, at which price it
closed.
The provisions market fell into line with
the declining grain markets and suffered
severe break, which it only partially
recovered from in the end do May May pork;
with sellers at 5000, and in the course
of the forenoon had declined to 1915. 1t
recovered to $10.15, and the latest trading
was at $10.O21s Lard and ribs pursued
a similar course, winding up with loss
for the day of .171ac in the former and .27lsc
the corn market was the principal incentive
to the selling of provisions, which IN turn
depressed prices to a point where stop
orders came into play and did the rest.
Hog receipts were 21,000, and 26,0O0 are es-
timated for tomorrow.
Estimated receipts for tomorrow: Wheat,
20 cars; corn, lis cars; oats, so cars.
Leading futures ranged as follows: