The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-02-02
WHEAT JUMPED lac
ANOTHER EXCITED DAY IN THE
WHEAT MARKET AT CHICAGO.
Armour Openly Selling, hut Believed
10 BE Secretly Buying-COrn, Oats
ana Provisions All Stronger.

CHICAGO. Feb. Another agitated and
very strong wheat market was added to-
day TO the long list OF the last two weeks
The price started with jump of about
lac and at the end 2llc rise had been es-
tablished for the day. Corn and oats were
likewise stronger. but only moderately ac-
tive. Provisions also made another small
advance.
The opening of the wheat market was
a surprise TO the trade and set the pit
into a ferment Yesterday the closing price
OF May was 65I65xc and this morning
a VIII shout went up for it at from 66lse
10 6ol3c and as soon as those VINO had
sold calls for the day at from 655sc UP to
66lsc could get their voices keyed up TO
the proper pitch they were shouting bids
Of 66S4c or lac above where the market
left of yesterday. The latter price was
paid before thirty seconds of the session
had passed. In about forty minutes from
the opening of and after the prices had
settled az sin to 661sc. the market took
other whirl to &c. Armour was a heavy
open seller. both on the first and on the
second advance, although there vas scarce
ly man in the pit who did not think
Armour manipulation was at the bottom
OF both buiges. The corn trade news fig
ures. showing an Unexpectedly large de-
fcie0cy in wheat supplies for Europe was
perhaps the prime bulish factor, although
this followed up by a decrease of
1,6S0O0o bushels in Liverpool wheat stocks
during January The Liverpool cable
quoted ID advance and there were est!
mates of a large decrease in the amount
offered for Monday and in the English
visible supply. The total exports from both
coasts for the week was aStOnishingly light,
compared with the week before. showing
shrinkage OF 100000 bu in wheat and flour.
and the Northwestern deliveries continue
liberal. But these bearish factors were lost
sight OF in view of the bullish conditions re-
ported from abroad and there active
covering by shorts and energetic investment
cited and we'll maintained Armour made
pretense of selling early, but soon with
drew. The country was in the market again
and commission houses had heavy buying
orders. The short sellers were thoroughly
demOraliZed and dared do nothing but buy
back what they had previously sold; they
afraid to go Sunday short a
bushel and in that state of feeling they bid
the price up near the end 10 67i4c for May
and 67N61lsc for July, and the market rested
With sellers at those prices
Corn was strong and moderately active
IN sympathy with the extreme bull1shneSs or
wheat. May opened &c higher. al 301sc. rose
20 Sic and tiOSe1 &c higher at 301sc sellers.
The oats market was quiet early, but
when wheat commenced 20 go up there was
more activity shown and the price steadily
advanced May opened at from 21c to 211sc,
sold I'D to 21SSQ213.c, and closed at that
price, An advance CT &c.
Provisions were fairly active and stronger.
though the influence OF wheat was partially
Offset by liberal selling by packers. Com
pared With yesterdays prices May pork
higher each.
Estimates for Monday-Wheat, IS cars;
corn. 356 cars; oats, 1872 cars; hogs. 24.c00
head
Toas;r, f,,turas roroad &c foiIo-rs.