The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-27
BIG BULGE IN WHEAT
GAIN OF sc DURING THE WEEK,
RISING 11-2C SATURDAY.
Large Percentage Of the Advance Due
to ArmOur's anfpulatiOn-COrn,
Oats and Pork All Higher.

CHICAGO, Jan 25.-Tradng in wheat to-
day was enormous May wheat wound up
1iac higher than IL was selling for at the
end of yesterdays session and about sc
higher than it was a week ago. That it
was all due to Armour's manipulation was
the general opinion of the local crowd. The
other markets were strong in sympathy
with wheat. Corn is up 1lsc per busnei,
and oats are 1c higher Pork gained 27l2c
per barrel, lard 10c per hundred pounds
and ribs 12ilbc.
1t was a day of high excitement through
out the wheat crowd. Quick, nervous
flashes of impatience marked the varied
transactions, and big traders stormed
through the turmoil of the pit in their
eagerness 10 seize the key of the enigma
1t was sentiment apparently more than
the news which gave the market the big
bulge. Gables were. only tribe better,
the political situation abroad was more
peaceful, there were no wheat clearances
from New York and only about 10000
bushels in wheat and flour from both coasts;
to have shipped 216,O00 bushels during the
week, and private cables were received an
nouncing that the port OF Odessa was
opened, and that wheat shipments would
soon be resumed. TIE Northwestern de-
liveries of 43o cars were larger than week
ago and the general primary deliveries also
liberal. But all this could not repress the
energy of the bulls, and there was much
wild buying. Every short soon got on the
run, and there was an exc..-ng struggle TO
cover, while there was hardly any for sale
except at what seemed to the buyers fancy
prices, but which they finally concluded TO
pay. Right at the start there were sellers
at from 63azc down to 6S12c, but at the
lower Of those prices the offerings were
confined to a few fives for which there
were twenty buyers for every one offered,
recoveries between 63s4c and 64c the price
took shoot up to CSC, reaching
these inside of the first forty minutes. The
fact that the exports from both coasts for
the week were 100000 bushels larger than
last week and another large decrease In the
visible is expected exercised a powerful in
fiuence in starting the boom. Brokers gen.
orally credited the changes to Armour infiu-
ence and many withdrew to view the smoke
of battle from quiet nook But the bull
sentiment seems to be in the air and needed
but a little encouragement to keep it going.
On the bulge some of the big buyers began
to hesitate, but the crowd had got in line
May opened sc lower, at 6Ss4c sold at 63lac,
up to 65c, off to 64ssc, then up to 6o1sc, and
closed at 65ssc
Corn was fairly active, but all it's strength
clearly came from sympathy with wheat.
May opened unchanged at 29%c, sold at
2s5s029a4c, and then toiled on with the rise
i'm wheat until it got up to Bic just as the
market was closing.
A very active market was reported for
oats. The feeling was strong and prices
followed the fluctuations of wheat and corn
closing a full cent higher. May opened
unchanged at 20$4c, sold up to &c and closed
at 2l&c bid. July ranged from 20$zc sellers
to 22G22Sc, resting with sellers at 212hc.
Provisions were strong and fairly active.
and while there was very light run of
hogs, which of itself was suggestive of
higher prices, it took the excitement and
bulge in wheat to give the shorts sufficient
force to drive them. May pork opened 71sc
up. at from S1072 to $l0.75, dropped TO
5000 and then gradually worked to slO95,
and closed at si0.921z. Lard for May rose
from $3.50 to 6.021hc, and was bringing the
top price at the close. May ribs ranged
from 5.32lsd5.35c to 5.37lsc closing at the
latter point.
Estimates for Monday-Wheat, 50 cars;
corn, $40 cars: oats, 210 cars; hogs, $500
head.
Leading futures ranged as follows.