The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-25
BEARS WERE ROUTED
LIGHT TRADING AND A NERVOUS
MARKET UNTIL NEAR THE CLOSE.
Wheat Jumped I lee from It's Low
Point-Oats and Corn Dull and
Provisions Made Gains.

CHICAGO, Jan. A.-The trading in wheat
to-day was rather small and fluctuations
narrow until about a hair nour from the
close. when big covering orders caused a
jump Of 1izc, May closing Ac higher. Pro-
visions closed with slight gains
Wheat during the morning was quite
nervous, though the fluctuations up to noon
had been only ABOUT 11c. There were
good many dsquieting rumors put afoat
concerning the gravity OF political compli-
cations growing out Of the reported treaty
between Russia and Turkey. and an effort
made to create something of a war scare,
but the fact that consols We're higher than
yesterday, and as Liverpool showed bu.
little advance, these rumors fell fiat. Then
a cold wave was said to be working its
way into the Southwest, and the winter
wheat was said to be in danger. Another
rumor was started that foreigners were
heavy buyers at the seaboard and that
Partridge was taking the long side of the
market, having fully covered his short line.
But the undercurrent was so weak that ali
this did not prevent gradual weakening.
There was little disposition to take the
long side, and the buying seemed largely
from shorts to secure profits. The moder-
ate business up to about, 1870 o'clock was
a0lowed by twenty iin MINUTES or consider tba
time of l12c. May opened slightly lower at
6212q62ssc, advanced to 62AQ627sc, and after
that and up to 1890 O'clock it had many
fluctuations from 62s4c to 62Ac Then 1t
rose rapidly from around 621sc TO 641sc. No
end of theories were advanced to account
for the latter jump. New York was said
to have heavy buying orders here, and
large, but indefinite number of boatloads
We're said to have been taken at the sea-
board for export. The truth seemed to be
that some of the recent heaviest trading
bears had been buying wheat quietly all
forenoon and the scalping crowd had got
short August Brosseau who stood pat all
forenoon on a short line of over 10000
blu, put brokers In the pit to buy it in just
as the market started on its bulge, and
that touched off the latent bull feeling.
which sent the price up with a whirl to
64Ac before the close. The latest price
was 64lsG64Ac. The transactions in the
last twenty minutes of the session were
simply enormous, and probably averaged
time.
Corn was quiet, and appeared to need all
the assistance 1t got from wheat; May
opened unchanged at 291ac, dropped to 29I4c,
and on the final bulge in wheat wound up
at 29s4c bid. The trade was light and the
pit practically deserted during the
greater part of the session.
Oats showed but little activity, and the
market was practically .featureless, with
the range of prices narrow; May opened
to 2Os4c and closed there.
The provision market was strong and
active for few minutes at the beginning
of the session. but listless and heavy there
after, although closing at shade over
yesterdays closing quotations. Pork rose
10c at the start and closed with a net gain
for the day of 214c. Lard rose .05c and
rested at the same price, as on the day
before Ribs advanced Zoe and retained
Csc of the gain up to the close.
Estimates for Saturday-Wheat 63 cars;
corn, As cars; oats, 205 cars; hogs, 5000
head.