The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-02-05
WAS A REACTION IN WHEAT
Chicago "Bears' Apparently Not Caring
to Force the Cereal Any Further.
The Low Opening Price Began to Creep Up
ward Soon as it Was Discovered that All
the Offerings We're Being Absorbed.
TRADING AT CHICAGO.

Corn Opened Higher and Steadily Advanced,
Gaining 5-Sc.
CHICAGO. Feb. 4.-Wbeat opened quiet
this morning and O shade under the closing
figures of yesterday. For a time it showed
q slight tendency to weakness. Liverpool
was 40 Id lower. while London appeared
to be demoralized. cargoes being quoted at
q reduction of Is to lad. This caused
rather free offerings. during which May,
after opening lsc lower. at $3.50, touched
SS4c. The discovery was soon made. how
ever. that the offerings were being read
lily absorbed, and the market began to
harden. Partridge, Linn, Giliet. Schwartz
Dupee and other operators were good buy
ers. while shorts generally appeared
disposed to cover on the break which has
been taking place during the last day or
two. The Cincinnati Price Currents crop
summary reported the condition of the
growing wheat In Kansas as unfav0rable,
and this put q little strength to the mar
ket. Then came q dispatch from Mime
apolis saying that 100000 bushels of wheat
had been taken there this morning for ex-
port, and also brought the sensational as
sertion that the reported engagements tor
three days were estimated at 1000, 900 BUSH
els. While this was not credited, the Gro " "a
seemed to him there must be some basis
for 1t, and the buying was for o time quite
sharp. many of the early sellers trying to
ing was rather feverish, and there was a
gradual advance to S9Bc. But the absence
of any other bull news and FREQ SELL
ing on the advance checked the
upward movement n turned the market
the other way. May going to $3.50: Re-
newed buying. however, sent the price MP
to $3.50 and closed firm at e9Ac. The spec
ulative element seemed to feel that 1t was
break. Some reaction. they argued. may
now be looked for. and hence tho crowd
was inclined to be bullish. Partridge
continued his scalping operations to-day.
having bought heavily early. but sold quite
as freely on all the s~ubsequent advances:
Wheat and flour exports from the sea- board
were equal to about $4,000 bushels of
wheat
Late cables showed continued weakness
in the United Kingdom, with Paris and
Antwerp k0A lower, but Berlin was Q
shade higher. New York bought q good
deal of wheat early through Sherman and
Milmine- Bodmnn and sold quite as freely
on the subsequent advance.
Corn was active and strong. cables were
better and the shipping and export de.
mand was good. Stocks low and the local
receipts yet failed to show any of the con-
tract grade. The prices slowly advanced
all day with only one or two reactions.
closing within q point of the top. and at an
advance of % "a lec.
Oats were quiet and firm, and show AN
advance of lac.
Hog products opened firm on account of
the lighter receipts of, and higher prices
for. hogs. and advanced further il SYM
patty with the strength In grains, closing
generally slightly below the best figures,
but at something of an advance over yes
terday's last quotations.
Estimated receipts for tom orrow are:
Wheat. 131 cars; corn. 10 cars: oats. 100
cars; hogs, $4,000 head. The leading futures
ranged as follows: