The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-11
CHICAGO GRAIN HIGHER
REPORTS THAT LETTER WILL EX-
PORT A PILE OF HIS WHEAT.
This and other News Results i'm an
Advance of Nearly Cent-Pork
Touches "A High Notch.

CHICAGO. Feb. determination of the
news that the Letter clique had contracted
to move q large amount of its wheat hold
ings abroad was the overshadowing infiu-
ence in wheat to-day. 1t made a. strong
and active market and. helped by firm
cables, resulted in an advance of nearly
cent in the May option. Wheat was not
alone in the buoyancy. Corn moved up an
other cent and oats gained ssG1sc. Pro-
visions made new high levels, but heavy
realizing broke the market, and closing
prices were irregular, from 219c higher to
215c lower.
The first hour so in wheat marked
undertone of strength was shown, and
prices moved upward. Opening sales of
May wheat which closed yesterday at 95B
@96c, were made at 9614 @96ssc. Strength APP
parently came from Liverpool. Private adj
vices from the English market told of rap
idly decreasing supplies. Soon after the
opening May dropped to 961s@96l4c on re-
alizing, then a slow advance started which
carried the market up to 9612M965sc, when
another reaction occurred, May declining
this time to 96asc. Sellers were not with
out encouragement. Northwestern receipts
were Ais cars, against 403 cars last week,
and 256 a year ago. Chicago receipts showed
some falling off-fifty-nine cars to-day,
eight of which were of contract quality.
Crop reports were very favorable, there
being Kansas message stating that the
prospects there We're the best ever known,
and the outlook in Michigan was also good.
News from Argentine caused some hesi-
fancy for time. Broomhall estimated the
Argentine shipments to Europe this month
at about eight million bushels. A report
that between 100000 and 100000 barrels of
flour had accumulated at New York was
also influential in the second decline. About
II o'clock the market again became strong
and decidedly active. An authoritative New
York dispatch put the -four stocks there at
not to exceed 10000 barrels outside of
those already contracted for shipment
Everything else however, was entirely
OverShadowed by the cash news. Reports
that Joseph Letter had contracted to ship
500 600 bushels of wheat by the Lehigh Val
ley road to the Eastern seaboard which
were circulated yesterday were confirmed
to-day, and it was further ascertained the
wheat was going forward on through rate
other large lots to be moved out, half of it
by rail, and though not entirely confirmed,
were received with credence by traders.
The Atlantic port clearances of wheat and
flour were put at 1884, 900 bushels. By noon
there was a big trade in the pit and prices
under general buying demand had adj
vanced to 97QI971sc. Many of the early
sellers were forced to buy back their lines.
The price was well maintained at the top
for some time, but offerings became freer
late in the session and a reaction to 967sc
took place, the market closing steady at
that price.
Considerable interest was shown in corn
and the market in the main was veEy
strong. Small country offerings, soft
weather, good export demand and the
strength of wheat were all factors. Pro-
fessiOnals and leading commission houses
were active buyers. Heavy realizing by
holders caused some reaction, but the mar
ket strong at the close. May ranged
from 29Ssq29S4c to 293sc and closed Ac high
er at 2912G295sc
Oats were active and firm The feature
export. The large cash business had a
good effect ON business, many of the
longs who unloaded yesterday buying
again. There was good realizing at the adj
vance but all offerings were taken. May
ranged from 2514c to 247sc and closed 3s@12c
higher at 25Ac.
Trading in provisions was active with the
feeling unsettled. A small opening decline,
due to large hog receipts, was quickly re-
covered on good general buying. and new
high prices were reached. There was heavy
selling in the swell of lard and pork by
packing interests, and unloading finally be-
came quite general All the early advance
was lost, the market closing steady May
pork 215c higher at $10621a May lard 212c
lower at $5.0ll2, and May ribs 21ac lower at
$51712.
Estimated receipts for Friday: Wheat
30 cars; corn, SIS; oats, 260; hogs, $4,000
head