The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-18
WILD WHEAT MARKET
SHORTS ANXIOUS TO COVER SENT UP
PRICE OF MAY TO sI.061-2.
After Wide Fluctuations the Day
Closed with Only use Advance
Provisions Were Weaker.

CHICAGO Feb T.-For a few minutes
following the opening in wheat to-day the
market was in a state of excitement seldom
witnessed. May sold up in that time to
$1.06lz, or SIC higher than yesterdays close,
but it dropped at once and though showing
extreme nervousness at times, the market
closed quiet with the modest gain of &c.
War news apparently did not cut much
figure. 1t was a matter of shorts getting
out and longs taking profits Realizing in
other markets was heavier than the demand
could take care of and small declines re-
suited Corn closed sc lower, oats 1zc low
er and provisions unchanged to 215c lower.
The ruction in wheat that threw the pit
into fits the last hour of yesterdays ses-
sion and was continued on the curb after
wards, was renewed to-day before the regu-
lar session commenced. First curb prices
were nc higher at $1.041@, and during the
half hour that followed it sold as high as
SLOTS. The regular opening was as wild
one as has been witnessed in months. A
perfect howl went up from shorts, who in
their eagerness to cover their lines bid all
the way from $1.05 to $1.06 for May, and a
few seconds after some of the most anxious
ones bid $1.061z. That proved to be the high
point of the day. Thousands of bushels
were dumped on the market by longs, wheat
coming from operators who have hitherto
chosen to hold on to their lines, more dis
position to realize being shown than at any
time since the recent advance commenced.
The consequence was the price broke with
bewildcring rapidity, getting down in less
than five minutes to $1.0312. Then 1t re-
bounded again, but with less force behind
it, to $1.047s. The market f1uctuated rapidly
for a time but at every rally there re-
noWp1 realizing gradually
became more settled. Though the disquiet-
ing news from Havana may have cut some
figure in the jump, 1t was minor factor
and was little heard Of. 1t vas apparently
repetition of yesterdays scare among
shorts over the Letter deal ana everybody 1
was on the alert to see what he would do
to-day. But Letters brokers were not
much in evidence and the fact that there
was plenty of wheat for sale at around
$1C5 served to keep the market within
bounds. About IL O'Clock selling became
quite heavy and the low point, $1.O3, was
with realizing on lines showing heavy
profits, and commission houses had heavy
selling orders. This decline was followed
by reaction to $1.04s4, the price about noon.
For, the rest of the session prices rather
tended toward lower level. Foreign mar
kets were strong and showed good closing
advances. Northwest receipts were rather
small at 250 cars. compared with Ais cars
last week and 1S2 cars year ago. chi
tract grade. Atlantic port clearances or
wheat and flour equaled $4,000 bu. Primary
Western receipts were 33ZOG0 Du, against
222 900 bu year ago. The closing price for
May was $1.O4A. There was a heavy bust
ness in July, but that option did not show
the excitement May did. July opened 42W
112c higher at 90491l2c and dropped at once
to S9c. That was the range of prices, July
closing at SOC bid
In view of the wheat strength corn did
not act strong and the volume of trading
was smaller. The market opened higher in
sympathy with wheat, but declined i'm I'M
mediately and acted rather weak thereafter.
There was general profit taking, more corn
being offered than the demand could alb
Sorb There was also some new short sell
ing by professionals. May ranged from
317sc to 3O7sc and closed &c lower at 307s
oslo.
Oats acted rather top heavy. Trading
not so large of late and prices UNI
settled The opening was strong with
wheat, but the advance brought out profit
taking and also induced some short selling
and prices declined. For the rest of the
the inclination to realize was apparent on
every rally. May ranged from 27ssc to &c,
and closed 14c lower at 271kc.
There was q good trade In provisions.
There was profit taking early. This and
lower hog markets caused some decline.
On the break commission houses bought
freely, packers also taking some of the
offerings. Later prices settled back con-
steady. Packers "scalped'' the market,
selling on hard spots and supporting the
market on declines, At the close May pork
was 21ac lower at $l1.0712, May lard un-
changed at $5.17la and May ribs PIC lower
at $525
Estimated Receipts for Friday-Wheat.
% cars; corn, 325 cars; oats, $50 cars; hogs,
SIS 900 head.
Leading futures ranged as follows: