The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-02-07
ELATION AMONG THE BULLS
Wheat Scores an Advance of Two Cents,
and Closes at $1.0O 7-S for May.
The Market Forced Up by Persistent Circu-
lation of DiscOuraging Reports of All
Kinds-PrOvisiOn Quite Active.
specInl to the Indianapolis Journal.

Special to the indianapolis journal.
CHICAGO Feb. 6.-The wheat pit has, for the
nonce eclipsed the provision market in the
booming line. Enthusiastic bulls claim that
the dead weight of the immense visible supply
has been lifted from the minds of the outside
world and that grain of all descriptions has
taken an up turn. Wheat has been struggling
upward at the rate of a cent week, butto-day it
scored clean bulge of &c, from 99c to 81 OF for
May, and only 1-Sc of the advance was lost when
trading ceased on the curb The opening of
the market was quiet. A few sales were made
at 9S 3Sc A number of heavy ''shorts" came
in and covered and went long, and the price
leaped to so 3-Sc. 1t was at first thought that
the advance was in sympathy with the provision
market, but when the whilom bears" so sud
denly turned into bulls, were almost leaping
over one another in mad attempts to buy the
crowd followed, and prices went up to 81. OIL; but
toward the close, there was a reaction of about
lie, caused by some heavy realizing by the
'longsT On the call, the feeling was stronger
and 1,555, 600 bushels were traded, all of which,
except 50. 900 bushels, was the May option, which
brought 81 90 lie 20 $101 "a On the curb the
feeling was still stronger, and wheat and corn
closed firm at 500 rs and SO 34c bid. The adj
vance in corn was upon confrmatory reports of
the great damage done by the foods to corn in
the field. Corn sympathized with wheat
and the provision crowd as well as
the Shorts, were free buyers. The opening
was about So lie, and the highest price during
the morning session was SO 7-Sc for May On
the call and curb there were but few sellers in
view of the steady up-turn and increased conf
dence The feeling of citation among the bulls
arises from the fact that they believe the whole
market is on a move for higher prices, and they
point not only to the changed attitude of many
parties but call attention to the fact that Kent
and Armour are again taking an interest in
grain. Poole, Kent & Co., W. T. Baker & Co.,
Edwards and a host of good firms were on the
buyers side to-day. The weakness however, in
the advance in grain lies in the fact that a large
number of the most reckless and able scalpers
and spectators have been on the buying side for
several days, and must now hold large lines
upon which they have 1 Use to
2 lie profit. Such men as Hobbs,
Charles Singer, Jones, and N. B. Ream
now hold at least 100000 bushels of wheat
Adams got frightened, and covered large lines
to-day and if the aforementioned crowd at
tempt to realize all of sudden, wheat will go
below 81 again. If it does, there is no knowing
where it will stop, for all possible influences to
''bull' the market were introduced to-day, such
as foods destroying thousands of acres of winter
wheat, terrible blizzard coming from the West
upon the drenched and bare fields of winter
wheat, the victorious advance of Ell Mahdi, i'm
proved European markets, etc. If the clears
d. not succeed in hammering the market in the
early morning hours below the dollar mark, it is
the general belief that the quotation of $40
will be reached However when ST. 03 and a
fraction is reached the Journal correspondent
believes that the Ream- Singer-Jones combination
will take in their profits, lest an untimely spell
Of pleasant weather might help the bears" to
break the market.
Provisions were quite active, and May pork
was rushed up to ST. so. When the boom struck
grain the provision pit became almost deserted,
and the market sagged back to $1765. 1t ad-
vanced again on the call and curb and the closing
quotation was $17 80