The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-02-06
DECIDED FLOP In WHEAT
Bullish Sentiment Being Gradually De.
yeloped on the Chicago Board.
The May Future Opened at SO lac and Scored
q Strong Advance of 2 $3.50. Partridge
Being Almost Alone in His Selling.


The Advance In Maize Materially Assisted
by the strength In Wheat.
CHICAGO, Feb. 5.-The feeling on the
board in regard to wheat was more de-
cidedly bulIish than 1t had been for q long
time past. and q marked dvance in prices
was recorded. A sentiment seemed to be
growing among operators in the trading
pit that after q shrinkage of about SOC
per bushel in value since the high prices
wero made as the result of the European
crop shortage. there 10 small ground to ex-
pect o further marked decline, and hi
the time has about come for an upward
movement. This sentiment was fostered
by the bullish character of the days news.
Cables indicated advances at nearly all
foreign points. Liverpool was " penny
higher. London has been very bearish of
late on cargoes to ar~rive-showing declines
of Is to Is Sd yesterday. but better to-day at
unchanged prices. Reports from India In
regard to the crop to be harvested next
month said 1t would fall short of the last
years crop about Is per cent, or. an esti-
mated aggregate of S,C00.O 900 bushels. Pri-
vate advices told of hard frosts in France.
with British prospects threatening q sharp
advance in Paris as o consequence. The
decreased acreage of winter wheat in Great
Britain. owing to bad weather, though I'M
noticed during the late depression was
quoted as q cause for an advance in prices.
There were also q number of discouraging
reports In regard to the winter-wheat crop
in Kansas and else W here. Foreigners were
reported to be good buyers at the sea-
board. Interior receipts continued oder-
ate. Minneapolis wired that $780, 600 BUSH
els more had been taken there for export,
while the clearances from the sea-bOard
yesterday were 625. 600 bushels in wheat
and flour. In fact everything tended to
higher prices. The result was that there
was not only good investment buying. but
free covering by shorts who felt their posi-
tions endangered and fastened to even up
their trades at the best terms ob~tainable.
STILL SELLING.
Partridge, however. was an exception to
the rule. He was q generous seller through
out nearly tie entire session and showed
no disposition to cover, though his short
line is thought to be very heavy. He is
quoted as fixing Sjc as the point at which
he will be ready to turn bull. Aside from
his offerings there was little pressure to
sell and the market absorbed it all very
readily without perceDtible weakness.
Schwartz-Dupee led the buying. but
Logan, Miimine. Bodman, Mitchell, Dunn.
freely ,"n anu Later ' MoDougaiI. sn Bross ss,s
and some others took profits. May opened
from unchanged to Ac higher at S9A 0S9l4c.
advanced to $3.50 reacted to $3.50 and sold
steadily up to 90l9o before noon. During
thu. last hour the bull sentiment continued
to grow and was helped along by the
stronger closing cables. Some shorts who
had courageously held ont against the
early firmness, finally began to feel nerv-
Gus. Harry Lester had big buying orders
and it was coon rnmored that they were for
K%aufmann, the big st. Louis bear. and that
he was covering his short line. This added
to the shorts scare and there was an ex-
cited scramble to buy IN. Under the de-
mand May advanced with one or two small
reactions to 9134c and closed firm at 913sc.
Corn continued to show much strength.
Gables were higher. the shipping demand
good and the exports generous. Shorts
showed an increasing nervousness and more
disposition to cover while the offerings
were light. This continued throughout the
session, and the close was at the highest
figures of the day. and at n net advance of
1@llsc over the closing price of yesterday.
Local receipts were about as expected. 2l3
cars. including IL of the contract grade.
The strength in wheat was also sympathet-
ically felt in the corn-pit. The advance
was continuous. without material reaction
during the session.
Oats were quiet but firm, and advanced
A03c.
Hog products were firm and closed with
small advances. though slightly under the
best figures of the session. Receipts of live
hogs were 1900 head below the estimate,
and prices at the yards were q trifle higher.
Estimated receipts for tomorrow are:
Wheat, 125 cars: corn, 225 cars: oats. lis
cars; hogs, $4,000 head. The leading futures
ranged as follows: