The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-03-29
A JUMP IN WHEAT.
Tho Price Advances Two Cents Over
Saturday.

ChlOAOO, Marcn Zf.-May wheat
jumped to SOC bushel today, a &c advance
over Saturdays high mark and closed at
79lc, The advance OF lc Saturday scared the
shorts and they started in at the opening
TO cover part OF their line. The market
was wild and the opening quotations
ranged from 7slc to 7ssc. The heavy buy
ing sent the market to 1910 with rush.
Then the clique came in by selling some
of it's holdings and the price dropped to the
opening figure. The shorts then began to
buy again and the market went up TO SOC,
the clique aiding in the advance by taking
back part OF their original offerings. The
traders became nervous and from this
point until the close the market see-sawed
between 70sc and 70Jc. closing nearer the
top. July wheat was firm, but closed
without material change in Its value Corn
opened firm. but closed very weak at &c
under Saturdays latest quotations.
Oats were weak from start TO finish, and
closed after an active days business at ic
below the prices ruling on Saturday after
noon. Provisions were dull but firm.
The visible supply of wheat unexpectedly
decreased $4,000 compared with an in
crease of l54, 900 bushels the corresponding
week last year, but the figure had no APP
probable effect upon the market. The
interest in the May deal dominated the
market to the exclusion of everything
else. The clique brokers were being
closely watched, and although they must
have disposed OF a considerable quantity OF
May wheat on the hard spots. the traders
could see that there must be heavy buy
ing orders 10 the market from shorts
which enabled realizing TO be done with
out breaking the prices. kaufman of st.
Louis was one OF the heavy shorts who
faced the music" today The whole
trade was restless. Outside shorts were
very anxious. Straddlers at st. Louis,
Duluth, Milwaukee and Chicago
all had trades outstanding that
were getting very improbable. This
forced considerable buying for May aside
from the question of what the big north
western shorts may have covered. 1t is
claimed in some quarters that the bull
clique houses in wheat have of late been
bending their energies 10 hold the market
within bounds. A break would be quite
disastrous to them. An advance at this
other centers to Chicago. This might
prove disastrous When May wheat got
twist of (c) over Saturday TO 70 (c) the
move was first charged TO the clique.
Later according TO these theorists il was
their opinion that shorts were largely re-
sponsible, and that the clique did as
much as possible to hold the market to-
gether. This morning they had the same
task on hand in an aggravated form.
Partridge says OF wheat: The CLIQUE
poses as a target for the entire grain trade
of the country. While not having the
broad sides OF a barn. this target is of suf-
ficient size TO be much riddled before June
/. Probably the capital OF the clique is
opposed by equally large amounts and the
tactics arrayed against il are as shsewd as
their own. Tha contract stocks of wheat
have lately increased about four hundred
thousand weekly. There yet remains nine
weeks 10 fill Gales OF May wheat. We
think the least the clique can expect to
receive in that time will be 500,-
600 bushels a week, which would
raise the total contract stocks by
June to over l5,500.000 bushels.
Car lots of No 2 wheat are selling 30 under
the May price and only thirty-six days TO
MAY |. by looking at the daily out-in-
spection of wheat none of the car lots of
No. red or No wheat are found, but
the shipments all consist OF grades selling
S(d)l5c less. After a price for No. red
In this market today would be 67c and
No spring 65c. Either New York must
advance from 75c to SOC. and Toledo and
Detroit from 69c to $50 or Chicago must
sooner or later fall into line and We shall
not incline TO the bull side until values
al around are adjusted in their usual po-
sitiona."
The wheat pit took the attention Of
operators today to such an extent
that other pits were neglected. The
feature in corn and oats was the seeming
desire of country longs to get out of their
holdings. Tonight, compared with Satur'
day night pork is up 10 and lard 71c
Ribs ire about unchanged.
The leading futures ranged as follows:
Articles. opening II CHEST. Lowest Closing.