The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-05
THE VERGE OF A PANIC
WHEAT DROPPED &c IN TWO MIN
UTEs, AND LATER RECOVERED.
Longs Liquidate n Large Line and the
scalpers Took Fright-PrOvisiOns
Closed Unchanged.

CHICAGO Oct. Part of the large long
line of wheat held by the bull clique went
over to-day. The selling of it caused
weak market, but the strong foreign sit
uation asserted itself sufficiently to cause
the market to close at substantially I'M
changed prices. Other grain and provision
markets were remarkable chiefly for their
dullness corn closing 1sc higher while oats
and provisions were unchanged at the close.
The opening in wheat was quiet enough
and some strength was shown, December,
which closed Saturday at S914Q893sc, start
ing to-day at from s91hc to S9s4c. But ten
minutes after the opening the market was
treated to a break which for a few mo-
ments put traders on the verge of a panic.
The price slumped nearly cents in about
as many minutes. 1t came so suddenly that
the trade was convinced that Saturdays
curb stories Of put purchases of 100000
bushels had some foundation in fact and
that the leading bull interest was getting
ready to liquidate. These rumors had the
effect of precipitating general selling De-
cember dropping like a plummet to S77sc.
From this point it rallied to SS34c and soon
after gave indications of settling down
around $3.50 or a cent below the opening
price. While the opening Liverpool cables
noted decline of sd from Saturdays
closing there had been a sharp little rally
there later There had also been q reduc-
ton of 900 bushels last week in Liver
pool warehouse stocks of wheat and there
was a very sharp advance in New York. 1t
was these advances that made the compar-
ative strength at the outset though re-
ceipts at Minneapolis and Duluth were
large at 1918 cars, against 1,427 cars last
week and 1880 last year The weather map
also showed that the drought was partially
broken in the Northwest by showers which
covered the three big spring wheat States
The worlds shipments of wheat last week
are again large at 9,244OU0 bushels, against
96Ol,UUO oushels week previous ana 9'V4o,-
600 bushels for the corresponding week last
year. Thoman'S October report, reiterating
his former estimate OF q total wheat crsp
of $50 100000 bushels, undoubtedly assisted
in increasing the pressure on the wheat
market during the early break. The visible
supply increased 1861 900 bushels for the
week. AS the day advanced it became more
and more evident that large holdings and
long wheat were being thrown on the mar
ket and that the early surnlise of the trade
was substantially correct. The market was
met on every little rally by SO much prop
erty that it quickly dropped again During
the last hour, however the market gave
evidence of having pretty thoroughly di-
geSted the offerings. The break had evil
IDENTIFY stimulated lively foreign demand,
for before l o'clock St. Louis had reported
2,5O0,0OO bushels of cash wheat sold abroad,
while New York was reporting sales of AZ
boatloads there. The closing cables showed
an advance of 1ad and Paris was also
strong. Late in the day when New York
reports swelled the exports to 65 Doatloads
there was a stampede among shorts who
had oversold on the break, which carried
the price almost up to the opening figures.
The closing was steady at $3.50 bid.
Corn was disposed to follow wheat. The
market was strong at the outset on ac-
count of the firm Liverpool cables and the
continued dry weather. Prices declined
when wheat took its plunge, but soon re-
covered and after that the market drtfted
along in the wake of wheat. Trading was
narrow and fluctuations as a consequence
We're narrow. Receipts We're 7S9 cars and
the visible increased 600 bushels. De-
cember ranged from 1850 to 29Q291sc, clos
ing at 29d295sc.
Oats followed wheat and corn. Elevator
interests sold quite freely on the early de-
cline about the only business of
Importance of the season. To-
ward the close the market gradually rail-
lied and closed where it left off Saturday
Receipts were $50 cars. The visible de-
creased 131. 600 bushels. December ranged
between 1890 and 1880, closing at 1880.
Outside the selling of January product by
a few of the leading packers, there was
very little business done in provisions. The
market was weak early on the yellow fever
news, but firmed up later on recovery in
grain and on slightly improved demand.
The closing was unchanged from Saturday,
December pork, $50; December lard, $4.55Q
4.571a and ribs SAFE.
Estimated receipts for Tuesday-Wheat,
800 cars; corn, $40; oats, 400; hogs, 5000
head.