The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-01-26
AI 4 DOLLAR
Letter Crowd Runs it up More
Than a Nickel.
WHILE THEY SELL MAY
After Which it Falls Halfway
Back Again.

Chicago, Jan. 25.-January wheat sold
at one dollar today. The price was bid UP
cents in as many minutes by brokers
acting for the Letter crowd, who, it was
believed, took this method Of advancing
the price of May. January closed at size
an advance of 21z cents. May closed at
&c advance after man FLUCTUATIONS. Corn
was dull but firm and advanced 1ka14c.
Oats closed a shade higher. Provisions
were active and weak and advanced 5q15
cents.
The opening in wheat was weak. May,
which closed yesterday at SO 1-2c, started
today at SO 1-S493 lac and comparatively
little trading was done even at those
prices. The weakness was due to both
foreign and domestic news. Liverpool
cables were but lid higher at the open
ing there, and this Slight advance was
soon lost. There was no confirmation of
the sensational reports of yesterday af-
tarnoon regarding the Austrian demand
for Argentine wheat or of the Russian
importation of German grain, and news
from Havana was very pacific. Heavy
wheat country. Minneapolis and Duluth
received 1923 cars, against $50 the cores
ponding day of last week, and 127 the SIM
liar day of the previous year. Chicago
got So cars, against 10 a year ago. About
forty-fve minutes after the opening the
pit was set in a commotion, January be-
ing the center of interest. That delivery
was nomipaIly worth 95c at yesterdays
close and was offered a 81 7-Sc at today's
opening. About 10:15 o'clock, however,
brokers for Letter began bidding for Jan
uary and the price was advanced so fast
that for a few minutes it appeared to be
mairly running away. From csc it jump
ed a half and a cent at time, brokers
raising their bids that much until 81 was
bid. Then the reaction came, the price
dropping almost as quickly as it advanced
1t brought up at sc and for the rest of
the session was comparatively quiet. The
gyrationS Of January We're generally be-
lieved to be due TO clever move on the
part Of the Letter crowd, who, 1t is
thought, took this method to advance the
price of May. This belief was strength
ened by the unloading which took place
in the latter option at 94c, to which price
it was carried while the pyrotechnics
were going on in January. Allen 6, Grier
were said to have taken $780, 900 bushels OF
January in getting the price to a dollar.
For the rest of the morning May was
rather nervous though no great trading
was done. Bradstreet's visible supply re-
port, showing a decrease of but 730, 900
bushels, was a disappointment and was
a factor in the decline to 90 lie, which
took place after the bulge to 94c Late in
the session, however, reports that Italys
bread riots were increasing and that re-
serves had been called out, started some
brisk buying, and May was advanced to
81 1-Sc. The closing price was 90 5-Sc. Not
much was done in July, ard prices rather
tended downward. 1t ranged between S5c
and 81 Lac, and closed at 81 7-Sc, a shade
under yesterdays prices.
Corn, though active, was decidedly firm.
May ranged from % Lie to 29c and closed
1-SG1-4c higher, at % 1929 lac.
Oats We're firm all day. May ranged be-
tween % 7-Sc and % SIC. and closed
shade higher, at % 3-4a23 7-Sc.
After rather easy opening. provisions
turned strong and remained so through
out. The close was strong at top prices
May pork was u 1-2c higher at s1O.12 1-2:
May lard 71-2 cents higher at $492 -,
and May ribs 1-2 cents higher, at s49715
Estimated receipts Wednesday: Wheat,
go cars; corn. 1G0 cars! oats $50 cars; hogs,
q, coo head.