The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-09
SHORTS" RAN LIKE SHEEP
No Sooner Did Chicago Wheat Show
Strength Than All Wanted to Cover.
Early Decline Of Cent in the Leading Cereal
Was Afterward Recovered, with Firm.
Close at 9314 for the May Futures
TRADING AT CHICAGO.
Reaction In Wheat and Boom In Provisions
Sent Corn Skyward.

Reaction In Wheat and Boom In Provisions
Sent Corn Skyward.
CHICAGO. Jan. S.-Wheat made o weak
start to-day and for time it looked as if
it had no friends left. The sharp break of
yesterday had exhausted the margins on
many deals and brought the property upon
the market The "longs" were discouraged
and sacrificed their holdings while there
was still good deal of bold and vigorous
short" selling. Lower cables helped 20
develop early weakness and for q time
the outlook was demoralizing and the price
went off over 10 from yesterdays
close. But on this break the selling sud-
denly came to halt. Then the
cold wave began to cause uneasiness for
the winter wheat New York reported
clearances in wheat and -four of about 500.-
600 bu, and pork starting on boom. These
all combined to bring about q sharp re-
action. Some of the early sellers took
fright and began to buy back. Scalpers
bought for an up-turn, and shorts" who
had been holding off to cover at the bot
tom. began to think it might be prudent to
cover at once. and did so. Under this de-
mand prices gradually improved. and the
loss was rsgalned. George Smith. Lester.
Schwartz.Dupee and Milmine and Bodman
was also liberal buyer almost from the
start. and was supposed to be covering
the "sh0rp line he has been putting out for
Q week. Private dispatches from San
Francisco said the export surplus of the
Pacific coast would be exhausted by Feb.
/. The market continued strong to the
close, in spite of the fact that the cables
were all weak. Berlin being 2lsc lower and
Paris showing sbout the same decline.
May opened ragged. with sales In different
parts of the pit at the same time at all the
way between $3.50 and 927sc. against 93Ec
at the close yesterday. The market short
ly touched 93lsc, then broke badly. going
to 92lsc, rallied, and, with minor reactions.
advanced to 934sc. closing firm at s34c.
Corn was fairly active and stronger
Early in the session it sold off trtie ON
the sharp break in wheat. but soon turned
around and sold mp lac or more, helped by
the reaction in wheat and the boom in
provisions. The receipts were only 1T
care, with buG six of the contract grade
The market held it's own throughout the
day and closed near the top. May opened
lsc off. at 41c. slowly advanced to 4ll2c, and
closed at 41s6c.
Oats were quiet and firm, and show an
advance of "a "a 12c.
Hog products scored decided advance
to-day. The continued free shipments
East of live hogs. with the stiffness in prices
at the yards. has begun to make packers
uneasy. Armour was large buyer to-day
and packers generally were on the buying
side. while Shorts covered freely. May
pork started at Sl1.30. the price at which it
closed yesterday, advanced to SlI.72Ia,
broke to S11. 90. rallied to 1sols and closed
at 11.S0. gain of SOC per barrel. Lard is
up .17ltc and ribs .l7la "a zoe.
Estimated receipts for tomorrow are.
123 cars of wheat. 176 cars of corn, LAT cars
OF oats and $1,000 hogs. The leading futures
ranged as follows: