The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-08
LETTERS BROKERS BID
CAUSING CHICAGO WHEAT TO RE-
COVER MOST OF EARLY Loss.
Under Ordinary circumstances the
News Was of n Nature to Break
Prices-Pork Stronger.

CHICAGO. Feb THE influence which
the Letter interests have on wheat trading
was well Illustrated to-day. Notwithstand-
ing news that under ordinary circumstances
would be sufficient to break prices very
sharply. wheat declined only sc and when
Letters brokers started to bid a general
covering movement ensued which carried
prices back to within 1sc of Saturdays final
figures Corn closed unchanged, oats adj
ded &c to the former price, and provisions
advanced 5@121ac, chiefly on account CT an
early display of strength at Liverpool.
Opening bids for May wheat were at fig
ures a shade above Saturdays closing
prices, May starting at 951sc. Liverpool
showed 1sQ%d advance at 1870 p. IN. Be-
sides this, worlds shipments showed a con-
siderable falling off, the total for last week
being 5513,0OO bushels, compared with T.
$4,000 bushels for the week previous.
Another feature which helped in the open
ing firmness was the strong cargo market
at London, a sale of Oregon wheat being
reported at the equivalent of $1.1515 bush
ell Liverpool warehouse stocks also
showed a reduction OF 5000 bushels for
the week. News bearing on the future
crops here and in foreign countries was so
ment started almost Immediately after the
opening, and the pressure finally became so
hard that the market for some time lost
all appearance of strength. May dropped
to 94ssc in a few minutes. and though sea-
board reports of good foreign inquiry
caused a few of the more timid shorts to
cover, which sent the May price back to
9411Q945sc the price dropped Immediately af-
fer | cd irna
ing to 941sc. California reported an abund-
ance of much needed rain. Indian crop
prospects, reported as unfavorable Satur-
day, were said to be splendid to-day and
Australia, it was said, would have more
wheat for export than expected. Rosario
cables stated that both receipts and ship
ments OF Argentina wheat were increasing,
besides all this, Northwest receipts were
heavy. Minneapolis and Duluth reported
$50 cars against 487 last week. and 511 a
year ago. Chicago receipts were 50 cars.
eight of which were of contract quality.
The visible supply decreased $500 bushels,
about as expected. For two hours the May
price hung around the bottom, the dullness
being varied occasionally by some buying
against puts" Then the Letter brokers
appeared and commenced buying at around
Sac They, had made show. of support
ing the market at the opening. but the feel
ing at that time was so unanimously bear
ish that they soon quit. This time their
bidding. coupled with the fact that prices
We're at put figures, soon turned the mar
ket toward higher prices. Late in the ses-
sion shorts became apprehensive of the
gradually increasing strength, and many
traders who had sold early in the session
bought back their lines May had pre-
viously advanced to 9415c. but this fresh
support carried prices up to 947sc, where
it closed, with buyers at that figure
Increased country offerings and Western
selling We're the features in the corn mar
ket. The tendency during the early part of
the session was downward, but toward the
close the rally in wheat and the strength
OF provisions caused prices to recover.
Shorts were the best buyers. May ranged
from 291sc to 2S7sc, and closed unchanged
at 291kc
Oats were fairly active. The market was
weak and lower early, due to quite general
selling and the break in wheat. When the
covered, and the oats market became quite
firm toward the close May ranged from
24%c.
Provisions We're fairly active and strong,
and prices reached new levels. Higher
yard prices were responsible for firm
and higher opening in provisions. This in
duced considerable realizing and part of
the advance was lost, but later a strong
buying movement set in, which carried
prices quickly upward. The close was
strong at nearly outside figures; Nav pork
l21ac higher at 5000; May lard lOc higher at
S5.0212 and May ribs sc higher at S. 121a
Estimated receipts for Tuesday: Wheat
S cars; corn, $40 cars; oats, 325 cars; hogs,
10000 head. o.
Leading futures ranged as follows,