The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-09
CHICAGO WHEAT S1.671-2
PEOPLE WHO THOUGHT LETTER A
GREENHORN ARE NOW SORRY.
Saturday Market One of the Most Ex-
citing in Years-COrn Scored an
Advance of a Cent.

CHICAGO, May MAY wheat advanced
to S170 a bushel on the Board of Trade to-
day 1t closed yesterday worth $1.49A. July
added sac to its value. The week closed
with the most exciting session in years. May
cash wheat after opening at $780, climbed
steadily to $170 &c at jump, and closed at
$1.6715, a net advance for the week of ex-
actly soc a bushel.
Joseph Letter has apparently proven him.
self complete master of the situation, with
entire control of the available wheat sup
ply and shorts at his mercy. Even those
who had sold July option, expecting to fill
contracts with wheat from the new crop,
were driven to cover to-day by the con-
tinued strength abroad Coarse grains were
dull but strong. Corn gained 1c. Oats 4c.
Provisions ruled dull, pork losing SC, while
lard and ribs gained 2lac each.
Another surprising advance at Liverpool
to-day started the wheat market here
strong AID drove from the minds of local
scalpers for the time being all thought of
the big reaction they were calculating on
with great confidence the day before. July,
which closed yesterday at $1.O5, opened with
buyers at from $1.02A to $103, and in the
course of forty minutes it sold up to $1.O424
without material setback. September, in the
where it hung during the first twenty min
utes, to S5s4c. It's closing price yesterday
had been S3%c. May started only &c high
err, or at $3.50. The next short to come in,
however, did so at $1.55. The advance in
May wheat at Liverpool was equal to
3lac a bushel, and in July equal to sc. The
quotations per Genital are equivalent to
s1.5424, for May; July. $1.4S9s September.
$1.1412 and December. $l.O3A. Primary mar
ket receipts were 4150OO bushels, compared
with $4,000 bushels year ago. Local re-
ceipts for the day were "a cars. Mime
apolis and Duluth reported 372 cars, com
pared with 495 the Saturday before and 265
the corresponding day of 1897. Frantic
efforts to buy the golden cereal began
again after a brief rest at $1.05 for July
and $1.55 for May. The market got at last
where bearish reports no longer influenced
it. 1t became mere matter of disappear
ing margins with shorts and aggressive con-
fidence with longs. July rushed up from
around $1.05 to $1.06, dropped in two min
utes back to S1O512, and five minutes after
it was bringing $1.061a. In the last fifteen
minutes of the session it surged up and
down in great swelling pillows of excited
trading between $l.06 and $106s4, the clos
ing bell tap cutting it short when $1.O63s was
current cdred pics 6 NAY after IF r 17 ing
the day. The net gain in July was 53sc.
September rose to S712c and closed at S74c,
or 33sc net advance. Letter reported cash
sales of 10000 bushels No. 1 Northern to
Ohio millers.
The trade in corn was not much more &C.
tive than usual, but it sympathized in
measure with wheat The days advances
We're 1c bushel in May corn and &c in
July. A heavy business was reported done
by shippers, and the country acceptances
were only moderate, but the principal
source of the strength came from the ac-
ton of the wheat market May opened at
from 1890 to 34c and gradually rose to
3fec, which was being bid at the close;
July. from SAC to 34%c at the beginning
went up to 35c near the end and closed
with sellers at 347sQ35c. Liverpool quoted
spot corn Id lower. Local receipts We're 632
cars.
Oats ruled firm on light trade. May longs
sold Oh hard spots. Seaboard clearances
were 100000 bushels; local receipts. 33S cars.
Despite the liquidation, May showed the
higher, at 267sc, and advanced to &c at the
close. a net gain of nc.
Provisions had the Liverpool market to
contend with, in addition to heavy receipts
of hogs and under the double load prices
were maintained with difficulty. In the end
July pork was &c lower for the day; lard
and ribs each 212c higher Liverpool quoted
a decline in cut meats of Cd for 112 pounds
for one kind and Is Cd for another. Hams
were likewise Is Cd lower. The receipts of
hogs at Western packing points were As 900
mated receipts for Monday-Wheat 200
cars; corn, go cars; oats, 325 cars; hogs, 49,
600 head
Leading futures ranged as follows: