The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-12
RATHER BULLISH NEWS
STARTED BUYING AND CHICAGO
WHEAT SCORED a SMALL GAIN.
other Grain Was Stronger in Sympn-
thy with the Leader-Pro-
visions Advanced.

CHICAGO, Jan. 11.-Covering by shorts
was the principal feature in all the markets
on Change to-day. Wheat was of sufficient
volume to overcome the effect of rather
bullish news. May closing at an advance of
1ac. Corn gained &c, oats 14c and provisions
closed PFC TO sc higher.
Trading was light in all pits. There were
supporting orders in wheat at the opening
and also enough buying in of short wheat
at the same time to make firmness quickly
follow a weak opening. First trades in
May were at from 901sc to 90Ac, compared
with 9O1ac yesterday. Beyond sd decline
in Liverpool no reason was apparent for the
opening decline. Some weakness was devel-
oped on Yesterdays curb and anticipations
Of a moderate raid to-day probably had its
influence at the start. The price slowly i'm
proved during the next hour, but the height
of it's forenoon bulge was $685. The only
notable feature Of that 11c rise from the
lowest points at the opening was the dull
ness and small extent of the business that
accompanied it. One rather heavy local OPP
orator bought about 100000 bushels he had
previously sold at higher price, and the
most of the other buying in the first two
hours was by the local scalpers, who, 1T
appeared. must have very generally gone
home short yesterday. Minneapolis and
Duluth receipts were 37S cars, against $50
the year before and 405 a week ago. Chi
cago inspection showed receipts of 100 cars,
against Al the corresponding day Of last
year. OF to-day's receipts % cars were con-
tracted. Gables from Liverpool reported
the continent reselling cargoes of California
wheat and Argentine cargoes bringing equal
to $1.0O1a for JanuaryIFebruary shipment,
and being offered for later delivery at from
$50 down to 971sc, delivered. The news from
the continent was OF similarly bearlsh
character and the 25,0O0,000 bushels to Co.
100000 bushels that Argentina expected to
have for export was the text OK all their
dispatches. Bradstreet made the worlds
visible show increase of 63S, 600 bushels,
aaginst a decrease the similar week in 1897
Of 600 bushels. New York reported
100000 bushels. No. ! Manitoba wheat sold
for export at 1872 premium over May price.
Exports from Atlantic ports, including New
100000 bushels. Closing of foreign markets
was at from sd to 12d decline at Liverpool,
from Is centimes to 80 centimes decline In
-four and 80 centmeS in wheat at Paris, with
Antwerp unchanged. During the afternoon
the market developed marked strength. The
Letter party, though selling some, certain
~ bought q good deal more than 1t disposed
OF. A good many of the smaller shorts GOV
cred very freely towards the close and the
wheat market responded quickly to the
buying. May advanced to 9l1sc and was
bringing Gle at the close.
Corn was firm, although the market was
dull throughout the session. Shorts were
inclined to cover and offerings were small,
particularly from the country. The rainy
weather influenced the price somewhat, as
it was believed lighter receipts would result
therefrom. The firmness of wheat after it's
weak opening was also a help. May ranged
from 29ssQ291sc to 2S7sQ29c, and closed ssc
higher, at 2S$sc.
Oats, with the exception of the immediate
opening. were firm all day. The market
was very quiet and, outside of a general
inclination of shorts to cover, lacked fea-
ture. The firmness of wheat and corn was
mainly responsible for the strength in oats.
Offerings were light. May ranged from 23s4c
to 1885 231ac, and closed &c higher, at 23ssc.
There was a small market in provisions.
Prices were firm and ruled at a slight ad-
vance, although opening lower on large hog
receipts. Shorts were inclined to cover and
there were no offerings from packers. At
the close May pork was &c higher, at 1917;
May lard a shade higher, at $780, and May
ribs PIC higher, at $40.
Estimated receipts for Wednesday
Wheat, 40 cars; corn, $50 cars; oats, S45
cars; hogs, 900 head.
nc folI