The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-19
WHEAT HELD FIRMER
Covering by Shorts Led to an Adj
vance of lac at the Close.
Strength in the Leading Cereal Boosted
Corn and Oats with a Small Gain
in Provisions.

CHICAGO, Feb. 17.-Wheat was general
ly firm to-day and closed with a &c gain
for May at sc. Covering by shorts. less
pressure TO sell, smaller receipts and bet
ter cables were responsible for the better
feeling. May corn closed 1sc higher. May
oats Ac higher and provisions slightly
higher all around.
The wheat market opened without ami
nation and apparently with few orders in
the market. During the first half hour
May sold off from 5SAc to $3.50 and up to
59c. The volume of trade was much lighter
than for a week past, suggesting that
anxious holders had been quieted and ag-
gresslve short sellers satisfied for the time.
The early market news was not all Of one
character. Both bulls and bears could pick
from it some palatable morsel. The re-
ceipts for the day and the cables were fair
ly satisfactory to the bulls. The weeks
shipments and the dullnesS Of business
gave comfort to the bears. New York re-
ports that foreigners were fair buyers of
wheat there early in the day. The weeks
clearances from both coasts amounted in
wheat and flour together to zoos, IA bushels,
the lightest since in January. 1892. The
price reacted to 59Bc for May before it
met with a reverse. At the price named,
~ q AAO " S0AO NAAdAl w 40
wanted, and it sagged to $3.50 before it
again met with a surplus of buying orders.
Exports were more liberal than for several
days. and to that was ascribed a rally
which succeeded the reaction, and which
again carried the price up to 59sc. Near
the close 59Ac was touched for a moment,
and that was followed by a reaction Of
Ac, sc being the trading price as the mar
ket closed, with May Ac from the top.
In corn a moderate business was trans
acted, the most of which was between room
traders, fluctuations for the day covering
14Q9sc range. The feeling displayed was
Seeaay ana no essential changes occurred
IN VaIues. The opening was a trifie above
tne opening Of yesterday. and after selling
off 1sc rallied Aa5sc. influenced by the up
turn In wheat at the time. Later the price
receded a little on the car lots for Monday
coming fairly liberal at $50 cars ana wheat
easing on caused corn TO sympathize.
Ihere was a light trade and a stronger
feeling in oats due to fair buying by heavy
traders and to the light offerings. Prices
advanced BqAc and closed at the top. The
recekts We're only 81 cars, which aided in
hrmfng the market.
The receipts of live hogs at the yards were
again below the estimates and prices were
slightly higher for them. AS a result pro-
visions opened steady about a point above
yesterdays closing figures, but eased off to
were light, being in excess of the buying.
the local crowd realizing. On the strength
OF wheat the market firmed again and then
declined on further realizing. Later on the
offerings became quite scarce, and, as a
consequence, the market advanced to the
outside prices of the day. a very firm feel
ing prevailing in response to the continued
strength in wheat. There was very little
doing during the last half of the session
with prices at the days top figures. Com,
pared with last night May pork is 21bc
higher, May lard .o21zc higher and May
Estimated receipts for tomorrow are:
Wheat, 60 cars; corn, $50 cars; oats. I25
cars; hogs. $4,000 head. Leading futures
ranged as follows: