The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-27
MARKET SUMMARY.

CHICAGO, Jan. 26-January wheat again
received the attention of the Letter brokers
today. In the last ten minutes of trading
the price of that delivery was rushed up
from around 9612c to $1.01, and it closed at
81 an advance of 21ac. The effect on May
was more marked than during yesterday s
January bulge. May closed at &c advance,
the gain being directly the result Of the
advance in January. Corn and oats were
helped by the strength Of wheat to the ex-
tent of sc each. Provisions declined 21h6D5c.
For the greater part of the session in wheat,
the market was decidedly uninteresting If
anything, traders were inclined to the bear
side and prices for some time were a shade
below yesterdays closing figures. The open
Ing was firm enough May started at 94h
Q94Ac, an advance of A0%c while July
was BQ2sc higher at S54S5Nc. This was
partly due to the frmness at Liverpool.
where Esd advance was shown The destruc-
ton of the East st. Louis elevator with ESQ.,
GOO Blu Of wheat also had some effect as 1t
was expected to cause buying from there
The contrary proved to be case. New York
reported good foreign demand with the
May price up 115c. With this was the big
SNOW and the bearishness this caused was
especially noticeable in July. There was no
sign of a renewal of the Letter bidding for
January, which the price of that deliv-
cry up to 81 yesterday, but nevertheless, the
sudden advance in prices which that man
euver caused yesterday, made the bears
rather timid and each attack on May was
followed by rally. Toward midday, how
ever, the market allowed to sag May
had touched $3.50 and reacted to 94Mc, but
about u o'clock the price had gradually de-
clined to 931a6937sc
The fluctuations were apparently entirely
n
portance came in. Northwestern receipts
were 257 cars, against 1856 last week and 1872
a year ago. Chicago receipts were q cars
None of this was contract. The days clear
ances from Atlantic ports were equal to
$4,000 bu Liverpool closed ed higher for
futures; Paris from centimes to 10 centimes
higher for wheat and flour.
About ten minutes from the close Janu-
airy broke loose, and the pit suddenly took
on appearance of activity. Brokers for
Letter used the tactics that were so success
ful In January yesterday, the price Jumped
even faster than during that furry. Janu-
airy had been practically nominal at about
s612c all day, but before the Letter people
got through with it the price was up to
81 Oh 1t closed at 81. May responded to
this rally much more readily than 1t did YES
terday. The market had been rather over
sold anyway and the jump in January COM
Ing just after fresh war news in the shape
of a report that a British gunboat had seized
steamer loaded with arms and ammunition
In the Gulf of Oman, and consigned to Rus
sian houses, started shorts in hurried hunt
for cover. The top price of the day was
reached on this bulge May closed decidedly
strong at 94Ac. July had sold as low as S41bc
earlier in the day. but rallied to and closed
at $3.50.
Not much was done in corn. There was a
little trade early, but the market soon be-
came very inactive. The business done was
chiefly of a scalping nature. The market in
the main was firmer under the influence of
strong cables and the recent large exports !;
later the rally of wheat had its effect and
the best price of the day ruled at the close
May ranged from 29A D293sc to 29Jkc, and
closed sc higher at 29A@29$sc. Oats were
very dull but firm, the principal influence
being large seaboard clearances $4,000 bu
Shorts were the best buyers but prices were
almost at a standstill till near the close
when the rally in wheat increased trading a
little, and also helped prices Cash sales Of
100000 blu was a factor. May ranged from
2S7s@24c to 23A @2S7sc, and closed 1sc higher
at 23%@24c
Provisions were active and steady, though
prices ruled little under yesterdays figures.
Light receipts of hogs and fairly good COM
mission house buying started prices a shade
higher, but increased offerings from packers
caused moderate reaction. There was a
subsequent partial rally with wheat. At the
close May pork &c lower at $9.9712, May
lard sc lower at $4.9714, and May ribs 21bc
lower at 1895. Estimates for Thursday
Wheat, Is cars; corn, rs cars; oats, so cars;
hogs, $4,000 head.
The leading futures ranged as follows.