The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-04-04

CHICAGO March 2s.-Wheat jumped
3 cents today on the prospects of a cold
wave. The scare started a. wild rush
to cover among shorts and with the
trading board and the pit a scene Of wild
activity. Prices went up like a sky
lrocket. The commission houses pressed
all their people into service in the pit
and there was every indication that
wheat had at last bounced out of the rut
On which it has so long been travelling.
!The start was mildly bullish. May be-
igan &c higher. at 5Sssc. but within a
few moments the cold wave talk de-
1veloped into a scare and the price went
:Cp in long jumps until May landed at
F61 &c. So much wheat came out at the
advance that the frightened shorts be-
Fgan to regain their lost courage and the
Excitement subsidized somewhat The
price sagged back to 6Oskc but the bulls
HcontinUed TO howl crop damage and the
bears seemed unable to muster sufficient
nerve TO carry the price lower. May be-
came more quiet, but held steady near
605sc. or ? cents aboue the price. Corn
was firm in sympathy with the sense
tional advance in wheat, hut did not
show the activity OF that market May
opened &c higher, at size. advanced So
ard reacted to 37I4c. Oats. firm: May
81 Sc. Provisions We're steady. aided by
The strength in wheat and steady prices
for live hogs. May pork opened 2l2c
higher. at $ll.35. sold up 10 cents. and
reacted TO s11.3O. May lard. S6.S71a.
The big advance today disclosed the
fact that the local market was heavily
oversOld. The professionals on change
were short up 10 their Chins and when
a general movement to cover set in the
result was an instantaneous bulge. For
several days the bears on the floor. who
outnumber the bulls ten TO one. have
been belittling the cold weather and
trying to deceive themselves into think
ing that zero weather was just what the
wheat plant needed TO insure "A full crop.
All the time they were going about try
ing To buy wheat without disturbing the
market so as to fill their outstanding
contracts
on every soft spot" they bought Law
sshly. When tOday's advance began a
scene OF wild excitement ensued in the
pit and the traders fairly fell over each
other i'm their anxiety 10 buy. The pit
soon filled up with clerk and traders
and the news of the excitement which
soon reached the street. rapidly flied the
visitors gallery with spectators.
Fortunately a point was reached at
which some of the bulls who had been
carrying wheat through a painful sweat
were willing 10 let the desperate bidders
have little.
The last hour witnessed some cessation
IN the excitement. but an enormous bus
3ness passing right along and the mar
ket closed with a large part Of the ad-
Vance held.
The boom today means a great deal
No the holders of wheat They have
been forced TO endure tremendous shrink
age in values and pay for carrying the
property beside. The decline in price
was nearly 20 cents a bushel and the
varying charges were Is to 20 cents a
bushel making a total of 30 to 40 cents
a bushel which was borne by the bull
Spectators. On local stocks alone this
loss amounts to between s70O0OO and
IS, 900. 900. The advance today carries
the cash price up over &c a bushel.
Stocks OF wheat in Chicago warehouses
and loaded in vessels in the river aD-
proximate 00e bushels. A five-cent
rally. therefore. means a difference Of
$1.250, 900 on the cash grain alone to the
bulls. This days work alone adds $3.50
600 TO the value Of Chicago stocks The
amount Of wheat that was covered to-
DAY was heavy. possibly footing up TO
100000. but those who are familiar
with the trade laugh At the claim heard
IN certain quarters that the shorts were
all run IN on today's bulge. It would
take a week OF steady buying 10 liqui-
date such q terrific short interest as
this market has developed as a result
OF six months trading in the May op-
ton.
Capt Phillips was one Of tho first TO
take alarm today. Seeing early in the
week that the local crowd was OversO.d
and being a trifie lame. he concluded to
start at once in his race for cover. He
bought in the last of his wheat this
morning among the first. Kaufman. the
big ST. Louis bear plunger. has. It is
eaId. also been a heavy buyer for two
days. The Cudahy brokers bought all
dav long