The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-17
FIRMER WHEAT MARKET
SHORTS TAKEN ny SURPRISE WHEN
LIVERPOOL PRICES ROSE.
Other Grain Dull and Declining-PrO-
visions Inactive All Day and All
Lines Sharing LOSSES

CHICAGO, Jan. 15.-Wheat to-day closed
at an advance Of about 1sc for May. Trad
ing was almost altogether of a scalping
character and the firmness was the result of
an unexpected advance at Liverpool. Other
markets were dull and heavy. corn and oats
closing about sc lower each, and provisions
lost 21zd71zc.
Wheat was surprisingly strong when con-
trasted with the weak feeling that prevailed
at the close yesterday. First transactions
in May were at from 903sc to 9O1sc, against
9009O1Rc the previous day. In about half an
hour it was able to be sold for a second
or two at 90%c. Calls for the day had been
sold at 9015c but it was said most of those
privileges had been bought up by people
who were short as a safeguard against the
possible eccentricties of so erratic mar
ket. The Liverpool market closed from 9sd
to 9sd higher than it did yesterday. ms
was somewhat of a surprise to traders,
many of whom had sold short yesterday In
anticipation of a decline here to-day. This
caused considerable covering. The week
shipments of wheat and flour, as reported
by Bradstreet, was 5,135000 bushels, against
S,4S1. 900 bushels the week before and 3,94S,OOO
bushels the CORE spending eek of 1897. That
suggested total Of perhaps 100000 bushels
from all sources, but Beerbohm estimated
that the worlds shipments for the week
would be found Monday to be about 6,NO,OOV
bushels. The Minneapolis and Duluth re-
ceipts were 333 cars, against 3of the CORE
spending day of the previous week and z9f
q year ago Chicago receipts were 80 cars,
13 of which were of contract quality. The
snow that was falling and had already fall
en- was a reinsurance regarding the prom
ise for the next crop. Liverpool reported
spot. wheat weak and 20 lower for Cali
fornia- with sellers of Argentine wheat at
Sd per quarter lower than it was offered
Friday. The closing continental cables
showed some recovery from the previous
days heavy decline, and that tended to
strengthen the hands of the bulls. Paris
showed a rise of go confines in January
flour and 20 confines in March-June, be-
sides 80 centimes in January wheat and D
centimes in wheat for the March-June term.
The exports for the day were moderate at
100000. bushels. Business was at no time
very heavy. While trading still continues
to be done chiefly for May delivery, there
is growing disposition to work clear OF 1t
and transfer speculative dealings into July,
the proportion of trade in which is growing
daily. After the early advance in May to
904c the offerings somewhat exceeded the
demand, and the prices sagged to between
90ssc and 9O15c, but got good support at that
and closed at 9O15c bid.
Business in corn was extremely dull and
merely of a scalping character The gen
eral tendency of the market was downward,
more from du'lness than any bearish news.
The The, dnlness however prevented d prices ice
good. May ranged from 29Ac to 2SSc, and
closed Ac lower at CSC.
Oats were duller if possible than corn.
There was some buying of May, supposed
TO be against sales of cash oats. The mar
ket was inclined to easiness throughout.
Scalpers sold sparingly. May ranged from
23s4c to 235sc, and closed a shade lower at
23%c.
Provisions were dull and easier. The hog
market was firmer, which slightly affected
opening prices. but the market evidently
had not recovered from yesterdays heavy
liquidation There was moderate selling by
commission houses to-day. AT the close
May pork was made lower at 1885; May
lard. 2lac lower at $4.75, and may ribs 21ac
lower at &6715.
Estimated Receipts for Monday-Wheat,
q cars; corn, 275 cars; oats, 2O5 cars; hogs,
10000 head.