The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-29
WHEAT ROSE 8 CENTS
Panic i'm the Chicago Pit and
Longs Refused to Sell Out.
Sensational Move of the Leading Cereal
Communicated to the Other Pits
with Everything Higher.

CHICAGO, March 28-Wheat treated the
bears to a pyrotechnical display to-day,
shooting up cents within the first hour
of the session. The cold wave caused a
wild stampede of shorts to cover, and al
though the offerings became free at the
advance, May closed only &c from the top,
scoring a gain since yesterday of 2Ssc. The
trading was unusually heavy. Corn and
oats were both firm and a little higher.
Provisions were again very strong and
scored a further good-szed advance.
Wheat surprised even its warmest friends
when it took a jump of cents and ap-
peared to feel quite comfortable at the
height it had reached. 1t was wholly due
to the effect of the weather that the mar
ket woke TO an activity to which 1t has
been long a stranger. For half an hour.
although there was decided firmness, there
were yet no signs of the wild scrambling
and whoops and yells for wheat which,
little later, made the carpenters temporary
scaffolding with which the hall is filled
culver with sympathetic excitement The
price for May at the opening was $3.50,
which, compared with yesterdays resting
price, showed gain Of 1sc. 1t rose gradu-
ally under a good demand from f. G..
Logan & Co., Boyden & Co., Kennett-Hop-
ins, Lamson Brothers, and other commits
sion houses until it had got to $3.50, when,
in an instant, Coo was bid. Sellers prac-
tically withdrew, and the cries of the shorts
as they bid in quickly ascending jumps Of
&c at a time became piteous. Before re-
lenting holders gave heed TO those cries
611kc was bid and paid for May. July, in
the same time, rose from 6012c at the open
ing to 631sc The prediction of warmer
valling blizzard, and that warmer weather
TO be Immediately succeeded by a severely
cold wave was the occasion OF the alarm
market news was not or sensational
character. but in the main favored the
bulls; Foreign markets We're rather
was a general covering by the local shorts.
Barrett, Cudahy. Captain Phillips. Brandt.
among the bearishly inclined home talent
took in deep draughts of short wheat. A
good deal of long wheat was sold out
when the shorts were In their anxious
which had good profit attached to il, was
J. G. Schwartz, who figured so successful
corn. He sold out not less than 1000, 600
bushels, having about &c per bushel at
tached to II, making him about $4,000. One
lot in ten minutes time. The elevator men
got badly scorched. They sold July wheat
pr May thereby. The PRICE , after 70 the
early razzle, fiuctuated between 602sc and
611sc for May. The price of May was fluctu-
ating in the balance at from 607sc to Gle
in the last fifteen minutes. and the closing
quotation was 607sc 224c higher than at
the end of yesterdays session.
The corn deal was helped by wheat, but
1t did not enthuse very much. Liverpool
was quoted firmer and somewhat higher
and receipts here were only 90 cars. Those
bullish points were of some assistance in
starting the price Of May at sc advance,
compared with yesterdays resting price
the bullishness of wheat caused further
advance Of 3sc, bringing the price of May
up from 371zc at the opening. to 377sc. but
the superior attractiveness OF wheat emp
tied the corn pit. The closing price was
at the highest notch of the day.
Early in the session trading in oats was
active. but after the market had fallen
off slightly the demand slackened and only
from that time up TO the close The firm
ness was mainly due to sympathy with
corn. May opened steady at 31Ac, sold up
to S1%c, and declined to 31tad31asc 1t was
offered that price at the close.
The provision market promised to be the
biggest crowd was congregated there, but
wheat drew them off, although interest in
the hog products was we'll maintained by
the regular traders in those goods. The
market was again strong. and prices consid-
erably higher. Hogs were quoted, from SC
shorts were the buyers, and some rather
lively reactions were occaSioned by the
realizing of longs. May pork closed zoe
higher. May lard closed with a gain on
the day Of .10c and ribs Of .15c.
Estimated receipts for tomorrow were:
cars; hogs. $4,000. Leading futures ranged
as follows.