The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-08
A BULLISH SITUATION
SQUALLY OUTLOOK IN EUROPE Az
FECTs CHICAGO WHEAT.
Gain of I 5-Sc i'm May Futures. with
Corn and Oats Advancing-PrO-
visions Heavy and Lower.

CHICAGO JAN THE pre-eminent in
f1uence on the board to-day was the squally
political outlook in Europe. There were
ether bullish influences, but this predom-
mated. The big bear faction was the
financial situation. The report that from
S3,0c0000 to 100000 Of gold has been en-
gagged for export aided in weakening wheat
for a time. but il soon became strong again.
closing 1ssc higher than yesterday. Corn
and oats each gained 1zc, while provisions
were heavy and declined.
Wheat was easier for a second or two at
the opening but soon became strong. Eng
land was liberal and anxious buyer at the
seaside taking forty boatloads at New
York for prompt shipment. Country millers
showed up in force here and paid 2lAc in
store over May price for $4,000 bushels of
No. red The Argentine crop was said to
be damaged to the extent of 20 per cent. by
rain. and the stocks of wheat in Europe and
afioat therefor were 21lS.OOO bushels less
than they were week ago. There was one
cloud on the horizon, however. that was
well watched-the financial situation which
is assuming a serious phase. But the news
and the situation generally favored better
prices. The Liverpool cable quoted wheat
to the critical situation in political affairs
and the advices concerning the Argentine
crop were quite unsatisfactory. The re-
ceipts in the Northwest were fully two hun
dred cars less than yesterday and only
twelve cars more that a week ago. The
worlds shipments last week we're officially
reported at 6.52l 900 bushels. or about 100000
bushels under the estimated weekly require
ments. All this tended 10 alarm shorts
and there was active covering, with only
limited offerings, and the competition sent
prices up early. On the first advance, how
ever. there were free realizing Sales which
started the price off NC. But the late cables
brought the news of further advance
abroad, and the buying fever again caused
another advance, which was Well held at
least up to the noon hour May sold early
at 5Ss4c. then up gradually to 60sc, off to
$3.50, and back to 601sc. The market was
nervous during the last hour, and after SELL
ing off to $3.50 for May, made a squirt to
6e%c, and closed at 60ssc
The corn market was strong and moder-
ate amount of speculative business was
DONE May, which closed yesterday at 2SA
@2S3sc, started at 2Sl4c, but soon frmed up,
mand from the East for winter loading mere
was fairly good, and in the cash crowd local
billed corn was bringing Ac more than yes
terday. Country offerings were light
Oats were fairly active and strong, in
fuenced by corn. Shorts were the principal
buyers. May sold early at 1slAc. but ad-
vanced till the closing at lsH4gl9tsc.
Live stock receipts were considerably
larger than were expected, and in conse-
quence hog products suffered considerably
in price Compared with yesterdays latest
quotations, to-day's closing rates show the
following declines: January pork, 10c; Feb
ruary. Pic; lard, January, 71sc; May, &C.
and January and May ribs are each DC
lower. teeAe.
60 cars; corn, 265 cars; oats, 20 cars; hogs,
AZ, 900.