The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-19
SHARP BULGE IN WHEAT
LIVERPOOL MARKET SHOWED GAINS
AND BEARS FELL BACK.
Bull Clique Brokers at Chicago show
Preference for July Option-Bet-
ter Provision Trade.

CHICAGO, Jan. 1s.-For the third day in
succession wheat was influenced almost en-
tirely by Liverpool. The sharp advance in
that market as a result of unfavorable Ar
gentine and India news, caused an opening
advance of 1ac in May. and that advance
was also shown at the close. A feature
was the buying of July by the bull clique
brokers and advance of 1@c in that OPP
ton Corn and oats were dull. and closed
a shade lower. Provisions made small adj
vances and had the best trade in a week.
Wheat got a good send off from the early
cable news. May was wanted at from 1880
to 911Ac at the opening, against 907s@91c at
the close of the previous day. Liverpool
quotations were advanced 3sd per Genital
ever night, and the reason given for it COM
prised several items of considerable impor-
tance. The poorer crop prospects in India
were mentioned as the chief item. Heavy
rains in Argentine were reported TO be UNI
favorable for wheat and the continent was
said to be taking the arrived cargoes and
off coast in the United Kingdom. London
quoted cargoes on passage and off coast at
Sd to Cd higher. The only discord in the
foreign market was that Paris reported
centimes reduction in the price of flour and
10 centmes in wheat Minneapolis and Du-
luth receipts were $50 cars, against 37S the
week before and 26S the similar day of 1897.
Chicago got sixty-three cars, two of which
were contract. Advices from the North
west were to the effect that, with splendid
roads, farmers were delivering very little
and country elevators were being gradually
emptied by the inducements being offered in
the way of premiums for cash wheat over
futures.
Considerable activity was impaired to the
dealings in July by the buying of that fu-
ture by Allen-Grier against sales for May.
The operation was supposed to represent
the taking in Of spreads for group Of ST.
Louis spectators. July opened at Sic and
was advanced to 8214c by the undong of the
ST. Louis spread, and May, which did not
get above 915s@91s4c, dropped back to 91ssc,
while. July was making. the rise. Brad
streets report of the worlds visible made
decrease of 1631,0y0 blu in stocks east of
the Rockies and 100000 by decrease in and
atioat for Europe. The reduction on the
corresponding week of last year was 1000 900
bu. The market weakened on that show
ing OF small reduction in Europe, .notwith-
standing the dim .nlShing worlds shipments
during the last few weeks The Liverpool
market closed with some of it's early adj
vance wiped out and that also helped to
break the bullish sentiment that had ruled
the proceedings up to II o'clock. Primary
market receipts were $40 blu. against
2O5 ,3S3 bu the year before. The Atlantic sea-
board clearances of wheat and flour were
equal to $4,000 blu. July sold at S21sc at
the close, and May, after dropping to 91Ac,
rallied and closed at 913sG911zc.
Corn was dull and prices late in the day
were inclined to drag. The market early
was firm at a slight advance, due princi-
pally to sympathy with wheat. The exceed
ingly light business and the big visible in
crease-2,2S7,0.0 bu--caused some decline and
the market closed weak. New York reported
a fair shipping demand. May ranged from
29lsc to 2Ss4G2S7sc, and closed &c lower at
2s34@ 2S7sc.
Oats kept within a narrow range. The
market was firm during the early part of
the session, but reacted later and closed
easy. sympathy with wheat and the Wis
ibe Increase of 1853 900 bu We're the factors
Elevator people We're fair buyers of May
May ranged from 23a4Q237sc to 235sc, and
closed a shade lower at 235sc.
good trade was done in provisions and
especially during the morning. small run
of hogs encouraged buyers and the higher
opening prices caused some covering by
heavy shorts. Packers were good buyers
There was some decline from the higher
points on realiz ng, but the close was
stsady. May. pork was 5q7l5c higher at
| $3.50 9.4712; May lard a shade higher at
81. 70. and May ribs 712c higher, at $4.75.
Estimated receipts for Wednesday
Wheat, % cars; corn, 215 cars: oats, 100 cars;
| hogs, $1,000 head.
Leading futures ranged as folIowS.