The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1891-02-04
PRODUCE MARKETS.

CHICAGO, Feb. 1.-The visible supply of
grain as reported for the board of trade is fol-
low: Wheat, q, 500, 600. decrease. 10000;
corn, 2,610OOO decrease, $1,000; oats,
3.42SOO0, increase, $1,000; rye, 401,0OO
decrease 5000; barley, $4,000. de-
crease, 2S5, 600. IndifierentlY firm cables.
snow falling in the winter wheat region, rain
in California and a much smaller decrease in
the visible supply than had been expected
were poWerless to arrest the strong upward
tendency of prices for wheat in view of the
fact that some heavy shorts, both here and at
st. Louis, were covering their short lines.
Partridge was the biggest local target at
which the bulls hurled their missiles, but
st, Louis shorts were known TO be on
the an 6ious seat and before the close there
was q rumOr that 3 member OF the famous art
Club" of that city was In financial straits. The
price of wheat for May stood 2sc higher at the
close today than IT did on Saturday, or 40
lower than the highest point touched today.
Partridge was heavily short, exactly how much
nobody but himself knew. but careful observ-
ers said 100000 or 100000 bushels would be
q conservative estimate. Hutchinson was long
perhaps as much or more, and while the
former big BpeculatOr mad a loss IN every
busheI of his short line at prices ruling when
the market closed Saturday, the latter
operator had good profit IN all OF his and
therefore. In o fine position to play the
manipuative tactics at which he is facile
prince. The crowd while expecting decline.
sfterward appeared, prepared TO join in on the
opposite tack in an enthusiastic manner should
circumstances incline that way. The open
ing price for May indication of the
influence which might ordinarily be looked for
from such news az had then been received.
The opening price was anywhere from $3.50 to
9934c, or &c to &c below its closing price
Saturday. The slight reaction named was,
however, of only momentsry duration. Pard-
ridge was seized with desire to even up his
trades, and il is characteristic and well known
feature OF his policy to get out as quickly as
possible and upon the best terms procarable
when be is convinced that he is wrong. This
started the ball rolling, and before twenty
minutes of the session had gone by the price
had advanced TO $1.0134, Just enough selling at
the extreme price to make a quotation. Hut
Crimson spurred the market with some buying
orders. There was trading an immense
scale all over the pit the feeling was one of In
tense nervousness. aud the succeeding tluctua-
tons were frequent and heavy. A decline to 81
was succeeded by reaction 10 1Ol15. and
that again by a slump which left the price at
1003< ten minutes from the close Of the session
and the excitement and nervousness continued
10 the close. The strength in corn was due
principally, as was the case in wheat, to the
nervousness of the shorts. Partridge was
heavily short in this cereal also, and Hutchin-
son was p vigorous trader on the first bulge.
From $3.50 at the start May corn made quick
advance to SIC, chiefly under Hutchinson's
efforts to buy, and then subsidized around to
$500 when he had desisted. Partridge
succeeded Hutchinson so the most active
buyer and his brokers paid $40 before he in
turn had secured enough. At the iast named
price NJ. C. Mitchell bought 10000 bushels,
giving the firm OF ;. V. White d Co. as mis-
principals, and that firm was supposed to be
acting in the matter for Partridge. The oats
market was very active and a. times greatly
excited. The crowd was builish, although the
news was Of bearish nature. Hutchinson
was free seller OF May and June. while Bart
lett-Frazee led the buying. The provision
market was irresponsive 20 the excitement and
advance in the prices OF grain. Trade was
rather dull, and the feature OF il was the de-
sire of the longs TO sell out. with no buyers ap-
parently but the packers who were short.
Tbs leading futures ranged as follows