The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
WHEAT JUMPED TO S1.O1
QUICK BULGE IN LAST TEN MINUTES,
ASSISTED BY LETTER.
BulIish Foreign News Accounted for
Sudden Turn in Chicago Mar
ket-POrI< Lower.

CHICAGO, Jan. 26.-January wheat again
received the attention of the Letter brokers'
to-day. In the last ten minutes trading
the price of delivery was rushed up from
around seize to $1.01, and it closed at 81, an
advance of 2lac. The effect on May was
more marked than during yesterdays jan
uary bulge. May closed at &c advance, the
gain being directly the result of advance in
January. Corn and oats were helped by
the strength of wheat to the extent of Isc
each. Provisions declined 215q5c.
For the greater part of the session in
wheat the market was decidedly uninterest-
ing II anything. traders were inclined to
the bear side and prices for some time
were shade below yesterdays closing fig
ures. The opening was firm enough, May
starting at 941s994Ac. an advance of 140asc,
while July was 1s03sc higher at s5QS5Ac.
This was partly due to the frmness at
Liverpool where I'D advance was shown.
The destruction of the East st. Louis ele-
vator with 100000 bushels of wheat also had
some effect, as it was expected to cause
buying from there. The contrary proved to
be the case. New York reported good for
eign demand, with the May price up 15c.
Against this was the big snowfall and the
bearishness was especially marked in July.
There was no sign of a renewal of the
Letter bidding for January. which ran the
price of that delivery up to 81 yesterday.
but nevertheless the sudden advance in
prices which that maneuver caused yeSter-
day made the bears rather timid and each
attack on May was followed up by rally.
Toward midday, however, the market was
a aS TO S sag. May had touched $3.50 and
reacted to 94l4c several times, but about u
o'clock the price had gradually declined to
9S124935sc. The fluctuations were apparent
~ entirely the result of scalping, as no news
ror IN Nor fhxucC f ninfu
We're 2o7 cars, against 335 last week and 162
q year ago. Chicago receipts We're q cars.
None of this was contract. The days clear
ances from Atlantic ports were equal to AS
600 bushels. Liverpool closed sd higher for
futures. Paris from centimes to 10 CEN
times higher for wheat and flour and Ant
werp 1919 confines higher. About ten min
utes from the close January broke loose
and the pit suddenly took on an appear
ance of activity. Brokers for Letter used
the tactics that were so successful in jan
uary yesterday, the price jumping even
faster than during. that furry. January
had been practically nominal, about 961ac
all day. but before the Letter people got
through, with IT the price was UP to $1Ol.
1t closed at 81. May RESPONDED to this rally
much more readily than it did yesterday
The market had been rather oversold any
way and the jump in January coming just
after fresh war news in the shape of a re-
port that British gunboat had seized
steamer loaded with arms and ammunition
in the Gulf of Oman and consigned to Rus
sian houses, started shorts in a hurried
hunt for cover. The top price of the day
was reached on this bulge, May closing de-
cidedly strong at 94&c. July had sold
low as S41ac earlier in the day, but rallied
to and closed at S5ssc
Not much was done in corn. There was
a little trade early, but the market soon be-
came very inactive The business done was
chiefly of scalping nature. The market
in the main was firm under the influence of
strong cables and the recent large exports.
Later the rally of wheat had itself, the best
prices of the day ruling at the close. May
ranged from 29A6l29ssc to &c. and closed 1sc
higher at 29l4029ssc.
Oats were very dull, but free, the prin-
cipal influence being large seaboard clear
ances of $4,000 bushels. Shorts were the
best buyers, but prices were almost at
standstill till near the close, when the rally
in wheat increased trading a little and also
helped prices. Cash sales of 240 900 bushels
constituted factor. May ranged from 1878
M24c and 23S4@237sc and closed 1sc higher at
237sQ24c.
Provisions were active and steady, though
prices ruled a little under yesterdays fig
ures Light receipts of hogs and fairly
good commission house buying started
prices a shade higher, but increased offer
ings from packers caused a moderate reac-
ton. There was a subsequent partial rally
with wheat. At the close May pork was SC
lower at $9.9715, May lard DC lower at $4S71s.
and May ribs 252c lower at $495.
Estimated receipts for Thursday-Wheat,
Is cars; corn, To- oats so; hogs, 26, 900 head.
Leading futures ranged as follows: