The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-22
PANIC IN THE WHEAT PIT
BARRETT & FARNUM FAILURE SENT
DECEMBER UP TO - 1-SC.
After the Storm Passed the Market
Steadied Down Again-Othcr Mar
kets Firm and Higher.

CHICAGO, Sept. 21.-The failure of a COM
mission house. which for a week had been
prominent on the selling side, made a wildly
excited wheat market for a time to-
day and sent prices skyward. The market
later settled back into its old rut. closing
at about ssdAc advance. Coarse grains
and provisions were affected somewhat by
the wheat, furry. December corn closed a
shade higher, but September &c lower. Oats
advanced &c and provisions closed without
material changes.
Partly on account of a misunderstanding
in regard to the Northwest receipts and
partly on the advance at Liverpool wheat
opened strong and at a substantial advance,
December sc higher, at 1%q71sc. and Sep
TENDER sc higher, at &c. Duluth receipts
were placed at but l45 cars, and the total
at both Northwest points at 556 cars, which
induced considerable covering by shorts, the
falling of being totally unexpected. Min
neapolis figures were In error, however, and
the total was corrected to sS4 cars, against
$40 last week and 93l a year age. This
amount was heavy enough to induce some
selling by the early buyers, and prices
sagged for a tine, December declining 10
71Ac. About an hour after the opening
the market, which in the meantime had
been gradually rising on heavy buying by
heavily short, was startled by the an
nouncement Of their failure, and in an in
slant the pit was in an uproar; 1t was re-
ported the suspended firm was short at least
100000 bu, although the heavy buying for
their account was done early in the ses-
sion: and this fact caused the December
point 1t had previously advanced, to. 73c
and then to 1870 In an exceedingly short
time. For some time The market ran wild.
The nFi0Q RhonRQ6 with Qro2f rani6irV nm
der an enormous amount of trading, De-
cember dropping to 72Ac, back to 72Nc. then
mated that about 100000 bu were bought
for the account of the distressed firm In
about ten minutes. The skyward trend OF
prices brought all classes of shorts into
finally subsidized and December settled back
TO T1Bc. During the latter part OF the
still and prices kept within an extremely
narrow range. During the bulge In Decem-
Der September had advanced to 73hc on a
sell about q. o bu September later brought
no bids, and the price was forced down to
.oac; but it later recovered to and J, closed
thirty of contract grade. Total primary
receipts were 1.246.0O bu,. compared with
ances of wheat and hour amounted to 734, 600
bu. The seaboard reported thirty-ive loads
taken for export December held firm at
Corn was slightly affected by the excite
ment incidental to the failure, and fair adj
vances resulted during the morning. The
interest of the suspended firm was small in
corn, however, and later prices settled back.
Fluctuations were rather small and the
| trade limited. Receipts were liberal, 9l5
| cars. Fluctuations in September were wider
than In deferred futures and suggested the
presence of a still considerable short in
terest. The export business was good, New
York reporting forty-eight loads engaged.
December ranged from 2ShQ2SAc to 2ylec,
and closed a shade higher. at 292sc bid.
September ranged from 3311c to 341ac, and
closed Ac lower, at 34c.
Oats were also somewhat affected by the
wheat furry and prices ruled higher all day.
Some evening-up trades were made for the
| suspended firm. and shorts were fair buyers.
Best prices did not hold, but the market
was steady at the close. Receipts were
| 274 cars. There was a fair demand for cash.
| December ranged from 21Hc to 22Ac. and
closed &c higher, at 22kc.
Provisions were about steady all day,
| with little trading either way. The market
| started firm. 1t weakened q little later on
| a few sales attributed to Barrett d Far
num-, but later rallied and closed steady.
The cash demand for meats continued good.
| At the close January pork was a shade
| at $5.15, and January ribs, PIC higher, at
| $5.O21aG5.05. 80
Estimated receipts for Friday-Wheat, 2o
| cars; corn, $50 cars; oats, 800 cars; hogs,
| 1000 head.