The Indianapolis journal., 1892-02-16
SOME WIDE FLUCTUATIONS
Chicago Wheat, Owing TO Partridge,
Ranges Between 80 3-4c and 90 3-4c.
Unexpectedly Large Decrease In the Visible
Supply. Taken with Increased Buying
by Foreigners, Assisted Largely.
TRADING AT CHICAGO.
New York Made the Decrease 1000, ,0OC
Bushels More Than Expected.

New York Made the Decrease 100000
Bushels More Than Expected.
CHICAGO, Feb. 15.-The wheat market
ally strong on the bullish character of the
news received and closed with 1l4c gain
compared with Saturdays last prices.
Trading opened at an advance Of Ac on
colder weather in the West and strong
cables with more bad crop reports from
France. Outside markets were also gener-
ally strong. After opening %c higher. at
91asc, May sold early as high as Ola 091ssc
split. with Schwartz-Dupee, Coster-Mar-
tin, Mitchell and Clifford good buyers. pre-
sumably on New York orders. But on the
advance Partridge gave his brokers selling
orders The crowd was soon demorallzed
by the freedom with which the wheat was
offered, and began to draw out, while 9TH
ers lost confidence and began to unload.
This assisted to weaken the market and
there was no reaction until the price
touched 9O24c. Partridge then called q
halt and there was some recovery. An
other batch of firm cables, with still an
other installment of French crop damage
reports and a rumor that Antwerp was ex-
cited and foreigners good buyers at the
sea-bOard. soon carried the price back to
u,
steady. The visible supply figures then
began to exert additional strong influence
Some decrease had been expected, but New
York caused some alarm by showing over
0,000 bushels decrease. while other points
also reported more decline than looked for.
and it was quickly rumored that the decrease
would probably reach 1,O00,0O0 bushels.
Primary markets ~were reporting only
small arrivals. and the cold-wave scare got
another start and this, with the report
about the same time thatlthe visible supply
showed decrease of nearly 1,OO0. 600 bush
els more than expected. caused quite
furry. Shorts made a rush to cover. spec
ulation grew sharp. and there was quick
rally to 92c, but the market soon quieted
down. and the price fell to g1l9c. The mar
ket had another strong spurt after the noon
hour. on the higher closing cables and the
liberal export engagements at New York.
eassd e Vd of to to % %siac. then S re reacted ted
to 92bc Just before the close, apparently
as the result of the combined effect of the
days bullish news, sharp buying move-
ment set IN and the price was quickly ad-
vanced to 92aac and the market closed
strong at 029sc. McDougall had some good
buying orders after the market got below
e1c on the first break, but sold freely on
the subsequent up-tnrn to the vicinity of
e2c. Private dispatches reported forty
boat-loads taken at New York for export
and one hundred boat-loads within the
past few days.
Minneapolis dispatch said 100000
bushels of cash wheat had been taken there
during the Last few days for export. In
dian wheat shipments showed a falling of.
ALI tho late cables were strong and higher
and represented an increasing demand for
wheat.
Corn was weak and lower early. Liver
pool was lac lower. The local receipts
were considerably in excess of the esti-
mates and showed a decided improvement
in quality. The weather was favorable to
O betterment of the grading. and for a time
after the opening corn was weak and the
exports were light. May opened $50 lower.
at 4134c, weakened to Al lec. reacted to 417sc
on the advance in wheat, weakened to
41l9c and in sympathy with the final bulge
in wheat advanced to 42lsc, closing steady
at 42c
Oats were quiet with narrow fluctuations,
being affected very little by other grains
and closed lsc lower.
Hog products were comparatively steady.
May pork closed at the bottom; May lard
Is .02l9c lower and May ribs unchanged.
Estimated receipts for tomorrow are:
Wheat, POP cars, corn, $50 cars; oats, 302
cars; hogs. 5000 head. The leading futures
ranged as follows: