The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-09
LIVELY WHEAT BIDDING
THE CASH ARTICLE IN DEMAND AND
PRICE OF MAY Up 3-Sc.
UucOntirmed Report that Letter Lost
ON Il London Wheat DeaI-Other
Markets Stronger.

CHICAGO. Feb. S.--Wheat to-day was
helped by the best cash trade in two weeks
Heavy export engagements at the seaboard
and pressing demand for milling purposes
at outside points converted the market from
dullness to activity and strength, May clos
ing at an advance of 1ssc. The coarse
grain and provision markets were firm the
strength coming largely from wheat. Corn
and oats advanced &c each and hog prod
ucts closed unchanged to 212c higher.
Wheat was lower at the start. May open
ing at 1850, as compared with yesterdays
closing price of 947sc. Beyond the heaviness
of the Northwest receipts there was moth
ing particularly striking in the early news,
but the continued heavy arrivals at the big
receiving points was sufficient to cause
weakness at the start though no selling OF
consequence was done. Minneapolis and
Duluth reported arrivals of 452 cars, against
$40 last week and 352 year ago. Chicago
receipts were 81 cars, of which were of
contract grade. Soon after the opening a
good demand developed and from a condi-
ton of dullness the market took quite
a degree of activity. Shorts covered quite
freely and the May price advanced to 951sc.
There was some attempt to break the
market at that point and with some degree
947sc, but it quickly rebounded again to
95l4c There it hung for awhile. Moderate
purchases for foreign account We're report
ed by New York and private cables stated
that nilers were good buyers, especially
of nearby deliveries, and that stocks were
increasing rapidly. AS Liverpool stocks are
already exceptionally small this had con-
siderable effect. 1t was reported that Letter
sold in Liverpool yesterday 100000 bushels
No. spring wheat he had there and took
in exchange May wheat in New York at 15c
less than the cost price. Mr.. Letter would
neither affirm nor deny the report. After
the noon hour the market again became
urgent demand at the Seaboard and Of pres
sure for wheat for milling purpose at St.
Louis Milwaukee and Minneapolis came in
thickly during the latter part of the ses-
sion and gradually brought about almost a
stampede of shorts. New York finally re-
ported forty-three boatlOads there and at
outpOrtS for export, and when these figures
We're posted there was a general rush to
buy. The market had been gradually creep
ing up, getting to 951ac before the final rush
came, but the demand became so urgent in
the last few minutes trading that 96AM963sc
was finally reached. The market closed
strong at 96Mc
Corn was moderately active and firm.
There was quite good buying by profess
SIGNALS and commission houses The
strength of wheat was influential, as was
the wet weather which was expected to
materially increase IQ,eipts. Country offer
lnSS were smaller anG the foreign situation
firm. May ranged from 29A@29ssc to 29c,
and closed &c higher at 29Ac.
Oats We're slow and easy at the start, but
soon became firm and remained so for the
rest of the session. Fair selling by some
of the recent large buyers caused a slight
early decline. Later the strength of wheat
and the soft weather caused quite general
buying. May ranged from 247sc to 245sc and
closed 1sc higher at 247sc.
There was some weakness in provisions at
the start Weak yard prices caused moder
ate early selling and the market receded
somewhat, but at the decline there was a
very good demand. This and the strength
of the other markets caused a gradual adj
vance, the market closing firm at about out
side figures, May pork closed 2lAc higher
at $10.4 21z May lard 21@c higher at $500 and
May ribs unchanged at $51212.
Estimated receipts for Wednesday
Wheat. 81 cars; corn, 49, oats, 200; hogs
$4,000 head.
Futures .l&