The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-09
ARMOUR'S PURCHASES
Were ALI that Saved a Panic i'm
Chicago Wheat Yesterday.
The Price Started Lower and Touched
81 3-4c, but Recovered and Closed
NEUTRALITY-SUSPICIOUS. Higher.

CHICAGO, Feb. S.-Heavy buying by Ar
mour & Co. at the opening to-day stopped
the decline in wheat, and May closed sc
higher, after having made a new low-price
record at 6l4c for May. Free offerings and
heavy ~liquidations were responsible for the
early break, and the feeling was panicky,
but the heavy buying led by Armour
stopped the decline and the market closed
firm May corn is unchanged, May oats
&c higher and provisions slightly higher
ali round. Wheat began the day with fair
prospects for a panic. weak feeling OF
yesterday was present with achievements
at the opening, ana May began at a loss
Of &c at 6i7sc. Traders threw up their
hands and offerings poured out with alarm
ing rapidity. Sales were made as low as
61S4c, but the bear seance was cut short
by the appearance of Armour as a buyer.
Lester, soon after the opening. took 100000
bushels and announced that it was for Ar
mour & Co. other traders began buying,
and from that time on the market was
steady to firm. Northwestern receipts were
again heavy. Minneapolis and Duluth re-
ported 800 cars. as compared with 202 on
the corresponding day last year. This an
nouncement caused a temporary reaction,
but the price soon started up again. A re-
port from london OF a bank failure there
also caused a slight drop. but the depres-
sion was short lived. The feature OF the
day was Armour & Co.'S buying through
II. V. Lester. He took all he could get at
&c or under for May. and seemed 10 nave
man. He bought in lots from 5000 to 1OO,-
900 bu. while Valentine, Armour's regular
broker, diligently absorbed what was left
Closing cables averaged frmer, anG al
though the buying was less free ana oHer-
ings more liberal during the latter por-
tire from the field, and May closed at the
top. May opened at 61zsc, declined &c, ana.
with slight fluctuations, advanced sc TO
The corn market ruled quiet most of the
day. prices keeping within 4a$sc limits,
the !hs opening pc n 1gon was as w .ae i1w6 6pt the S demand
| soon improved, and a AQ2sc advance was
scored. Free offerings at the Improvement
ket later on sagged back a fraction, ruled
| steady and closed with May but 1sc from
the days top figures.
although trading was not large, prices add
vanced &c and the market closed strong
at the top; A scarcity of offerings pre-
strength In wheat and corn were response
bic for the advance.
visions early on the light run of hogs at
the yards, they being about 4.W0 less than
anticipated. with higher prices for them.
Later some frmnesS was developed on the
Improvement in wheat on good buying.
Some little strength was subsequently de-
veloped on three prominent packing insti-
buttons supporting the market, a few buy
ing orders coming in, and a little covering
by the short interest, prices advancing
moderately. The market continued TO rule
steady, except that just before the tap of
the bell pork was offered down on @ single
order to sell, which caused an easy closing
for that product. Closing prices We're near
the days outside figures. Compared with
last night, May pork is 121ac higher, May
lard .0212c higher and May ribs .0I1a chigher.
Estimated receipts for tomorrow are:
Wheat, 60 cars; corn, 600 cars; oats, a3
cars: hogs 1900 head. Leading futures
ranged as follows: