The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-14
TOOK A LITTLE FLYER
Failure of a Heavy New York
Trader Sent Wheat Up Again.
Increase of 3-8c in the Leading Cereal
at the Close After Wide Fluctua-
uatiOns-ProvisiOns Firm.

CHICAGO, April 13.-Wheat was feverish
to-day. plunging up and down the scale Of
prices and ending with gain Of 1850 for
May. Conflicting reports, short covering,
long selling and New York export buying
sent prices up and down, and a large busi-
ness was transacted. Corn is without
change and provisions, after starting out
on bull rampage, let off tame with a &C
loss in pork, .21c advance in lard and with
out much change in ribs.
Rain in Kansas startled the bulls in the
wheat market at the opening, and they
made haste to get rid of their holdings.
That resulted in a drop of 1ac as soon as
trading commenced. For a matter OF three
or four minutes, ii looked like sure thing
to sell wheat. The scalpers were saying
so to each other and trying to find buyers
for fives tens and twenties Of May at from
595sQ5919c; when a scdden demand sprung
up In five minutes May wheat was worth
602c and no one waited to sell 1t for a min
ute or two on account of the unexplained
cause of the demand. Upon inquiry 1t
was discovered that E. r. Post, heavy
New York Spectator, had been caught
playing the wrong side OF straddle in
about two million bushels of wheat in
New York and Chicago and failed, sending
buying orders TO cover the short end of his
spread here. That being the cause of the
quick 1Ac advance, the market reacted as
soon as that line was covered, and when 1t
became iown that there were no other
grounds Or the bulge there was decline
TO about the opening figures in the next
forty minutes but the rapid changes so
easily brought about had made the traders
nervous, and there was another quick up
turn to 6OIsG6OAc before II o'clock. Cali
fornia reported no relief from the drought
there foreign markets were firm, the
strength of the closing cables and reports
Of the taking Of a great deal of wheat for
s5 t Mew c 1STK Me the reports Of
| anxiety in Europe account of dry
weather there. The market became very
| Nav went up beyond its highest previous
price. July kept going about &c per bushel
| in advance Of May The Anal strength came
| from the report of 200 boatioads having
| been taken for export at New York-about
| $50 600 bushels. On that they went up TO
| 61Ac about twenty minutes before the close.
There were denials of any such number
| of boatloads having been placed in New
York Among others, Mcintyre & Ward
were wiring near the close that all tney
| could trace was thirty-nine loads May
| sold as high as 61ssc and July at 6312c, and
Partridge was the most active buyer on
| the lump There was a reaction TO 6l$sc
at the close. making a net gain Ior the
| Corn. for the most part. was weak, but
| not radically So II was claimed that there
| was no demand from the East; but at the
| same time sellers were not inclined 10 fol-
| low a decline very far. The days range
i'm MAY went from 3S2sc up to 3Ss4c, then
down to 3S1kc, recovering again to 3S12etSS1sc
| and fuctuating for the remainder OF the
| day between 3S14c and 3S19c. 1t closed at
the latter price. The buying in or some
| short corn for account of ). r. Post, or New
| York caused the first advance to 3SAc, and
| after that the selling out of some long corn
| for the same individual caused the other ex-
| IRENE fiuctuation of 3S4c.
| There was more independent strength
| shown in the oats market There were a
good many buying orders and trade was
| moderately active. May started a shade
| under yesterdays last quotation at 3l1sc,
| sold UP TO 321zc, fell back again to 32lsc,
| but sold again at 3212c and closed with
sellers at that price.
Provisions started very strong. When
| wheat was making its IS. r. Post ad-
vance, a similar influence was being felt
| of the latter to cover for the New York
| speculator, and the price rose .1212c at the
| start Pork for July, from a2.s5 at the
| opening, went up TO $1SO6. but at the ad-
! vance there was quite free realizing by
| longs, and in the end the price got down
| below yesterdays closing price to $l270 and
| left off at $3.50 making a loss of sc for
the day. MAY lard dropped to 740c and
| closed at 7.4319c. Ribs after irregular
| fluctuations, closed steady and unchanged.
Estimated receipts for tomorrow are:
| Wheat, 63 cars: corn, 160 cars; oats, 129
| cars; hogs, 1900 head Leading futures