The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-02-17
AT CHICAGO.
Market Strong on BuIIish Character of
the News Received.
INDIANAPOLIS. IND,

INDIANAPOLIS, md,
MONDAY EVENING. Feb. Is.
j. W, Louis & Co.'s Chicago adyices today
were as follows:
The week begins with an active and strong
advancing market tor wheat Foreign wheat
markets we're all reported higher. Offerings
that were made Saturday were said to be ac
cepted today with bids for more Paris seems
to De excited, speculation running high. Our
clesrances were quite large, buying for export
said TO be about 500, 900 bushels from all points
Although it would seem that no further en-.
couragement is needed for the bulls they are
favored by the government prediction that
cold wave coming from the northwest will ex-
tend through the winter wheat region tonight
The local market did not at first respond to all
OF the bull news. Later, however. when the
large decrease in the visible became apparent
the shorts were free buyers, causing an adj
vance OF about one cent, market closing at the
highest point of the day. Should the foreign
markets continue strong and exporters be as
liberal buyers as reported the LAST day or two
holders here will become very much encour-
aged and continue to advance prices, but we
consider 1t somewhat Of soalpinR deal and
should the opening tomorrow morning be at or
above today's close we think a reaction would
be quite probable. The large receipts of corn
were little too much for the market and
prices were lower the greater portion of the
day. The closing was about at Saturdays
figures. owing to the impetus given by the ad-
vance In wheat. The newspapers published
an interview with Mr.. Armour which was con-
strued into a bullish article. He expressed
himself as being a strong believer in present
prices OF hog product and looks for an active
demand with an advancing tendency 1t is
generally conceded that he holds immense
lines of cash property, the result of his large
packing interest. If such is the case it is con-
sistent that he should favor the long side. he
says further that the government estimate lof
the large number OF hogs in the country will
not effect the market until next fall. We have
noticed, however, that when the stock OF live
hogs is very large and the corn crop is good
that pig puts slick coat and becomes
very numerous in public places on a very short
notice.
Wheat was firm today, while corn was
stronger, with an improved demand. Oats
were dull.
Receipts for the past twenty-four hours %
cars, against total of Is cars for Saturday.
Wheat-No. red, Gle bid; No. red 40
bid; rejected, 7S(9S3c; unmerchantable, 65Gs75c.
COrn-Fair demand; No. l white, 401So;
No, white. 40c; white mixed. 3S14c;
No. white, 39lz@40e. latter for one color;
No. yellow, 39c bid; No. yellow, $3.50 bid !;
No. mixed, 39c; No. 3 mixed, 3S11c; sound
ear 3S13c.
Oats-No. 2 white, 321kc; No. 3 white, Sic;
No. mixed. Sic bid; rejected. 2S029c.
Bran-Stesdy; local dealers are bidding S14
Hey-Choice timothy, SD; No. l. S11.50;
No. ,, 5000; No. prairie. S7.75; No. . prairie
5000 bid; clover mixed, $50.
Rye-75lIS0c for wagon.
On market-Hay, timothy. $12@13; mixed,
$10(G12; clover, S9GI11; millet, So; sheled
oats, S39S5c; sheat OATS Sl0@l2; corn, 400
45c; potatoes, S5G4Oc.
CHICAGO, Feb. 15.-The wheat market was
somewhat nervous today, but generally strong
on the bullish character of the news received
and closed with 118o gain compared with Sat-
urday's last prices. Trading opened at an ad-
vance OF 20 on colder weather in the West,
and strong cables with more bad crop reports
from France. Outside markets were also gen.
orally strong. After opening ~ higher at
91$sc May sold earl as high as 9l13@915sc
split, with Schwartz-Dupee, Coster-Martin,
Mitchell and Clifford good buyers, presumably
on New ork order. But on the advance Pard-
ridge gave his brokers selling orders; the crowd
was soon demoralized by the freedom with
which the wheat was offered and began TO draw
out while others lost confidence and began to
unload. This assisted to weaken the market
and there was no reaction until the price
touched 903ze. Partridge then called
a halt and there was some recovery. Another
batch OF firm cables with still another INSTALL
ment OF French crop damage reports and
rumor that Antwerp was excited and foreigners
good buyers at the sea-board, soon carried the
price back to 9ILM913Sc where il held for a
time quite steady. The visibly supply figures
soon began to exert q strong influence, some
decrease had been expected but New York
caused some alarm by showing over 500 600 bu
decrease, while other points also reported more
decline than looked for, and it was quickly
rumored that the decrease would probably
reach a million bushels. Primary markets were
reporting only small arrivals ana the cold wave
scare got another start and this with the re-
port about the same time that the visible
showed a decrease of nearly 100000 bushels
more than expected caused quite a furry.
Shorts made rush to cover, speculation grew
sharp and there was quick rally to 92c, but
the market soon quoted down and the price
fell to 9l1Zc. The market had another strong
squirt after the noon hour on the higher clos
ing cables aud the liberal export engagements
At New York. May sold up sharply TO 92Hc
but eased of to 9lAc, then reacted to 921Sc.
just before the close, apparently as the result
OF the combined effect of the days bullish
news sharp buying movement set in and the
price was quickly advanced to $3.50, and
the market closed strong at $3.50
McDougan had some good buying
orders after the market got below 9lc on the
first break, but sold freely on the subsequent
up turn to the vicinity of 92c. Private dis
patches reported forty boat loads taken at New
York for export and 100 boat loads within the
past few days. A Minneapolis dispatch said
taken there during the last few days for ex-
port Indian wheat shipments showed q fall
ing Off All the late cables were strong and
higher. and represented an increasing demand
for wheat. Corn weak and lower early
Liverpool was &c lower. The local receipts
were considerably in excess of the estimates
and showed decided i'm prOVement in quality.
The weather was favorable TO a bettermeut of
the grading; for time after the opening corn
was weak and the exports were light. May
opened 80 lower at 414c, weakened to 4l12c,
reacted to 415sc on the advance in wheat
weakened to 4l15c and, in sympathy with final
bulge in wheaI, advanced to 421sc, closing
steady at 42o.
Oats were quiet with narrow fluctuations,
being affected very little by other grams. and
closed 80 lower.
Hog products were comp aratively steady.
May pork closed at the bottom, May lard is
21<c lower aud May ribs unchanged. Esti-
mated receipts for tomorrow: Wheat 202 cars;
corn. 500 cars; oats. 302 cars; hogs, $4,000
head.
The leading features ranged as follows:
Articles. Opening Highest. Lowest Closing.
WHEAT -
Feb IS so s725 se1lz