The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-21
WHEN LETTER BOUGHT
CHICAGO TRADERS RAN To COVER
AND WHEAT ADVANCED.
Strength in the Leader Extended to
Corn, Oats and Pork, with 9th
err Provisions Lower.

CHICAGO, May 2O.-The bullish tone of
the news from France and Letters buying
of September wheat advanced July 17sc and
September NC to-day. Corn and oats fol-
lowed wheat, July corn closing &c higher
and July oats, up 1sc. Provisions closed 10c
higher for pork, 5@71ac lower for lard, and
712c decline in ribs
Wheat was helped chiefly by Paris gossip
of cold weather and of the estimated con-
tinental requirements which were reported
to be 50,000,000 bu for the next ten weeks.
There was alsossome gossip as to the likeli-
hood of prolongaton of the French tariff
suppression, Statements on this point have
been conflicting, some apparently believing
that an extension only to Aug. is possible.
Wet weather in the wheat-growing sections
of the United States gave rise to some ap-
prehension of rust which is much more de-
structive to the wheat plant than chinch
bugs or locusts Another feature was in
troduced by an attempt of one or two bears
to do some business in the June delivery
at so great discount under May prices as
to create weak feeling in the latter de-
liveries. The price bid for June was $1.11h
to begin with, but there was none for sale,
and then the brokers for the controlling in
terest took the matter up, and without min
cling matters bid $1.35 for June and from
that to s1.40 without discovering a seller.
That at once disposed of the little June by
play. May was for sale to a limited extent
at from SLAP to begin with down to $1.40
and back again to SLAB. The dullness of the
trade was the chief local encoura cement to
the bears and they did not neglect 1t. The
market was evidently in need of buying or
fresh bull news to keep September above
SEC and getting neither for some time in
hnn VIVA rryno II fnV
fifteen minutes of the last half hour Trade
increased in activity as the price started
down and 1t went from around soc to $3.50
SSHc before help came AT that point
Letter, who was on the floor, started mis-
brokers after the short sellers and 1t shot
up 1c or more in few minutes, then it
got to be In universal demand. There was
report current that French party was
trying to buy a large amount of cash wheat
from Letter and this also had stresn nI
against eleven cars the same day last year
Minneapolis and Duluth reported ALL cars
On the corresponding day last year there
were AIS cars. Atlantic port clearances of
wheat and -four were equal to $4,000 bu,
July wheat started 114c lower to 12c higher
reacted TO $1.051s and rallied to $1.OSh at the
: close, September opened 1sGAc better at
sS1kc, rose to. SS35c, fell back to SS1s@SsSAc,
and June closed at AS.
Heavy rains in most of the corn states,
with more predicted for to-day; was a
bullish influence on that cereal. The trade
was large, with short buyers and with the
bulls also increasing their lines. Arrivals
357sQ36c. sold up to 36036hc, declined to
355sc and advanced to 35a4Q357sc bid at the
close.
The oats market ruled firm with corn,
but trade was light and featureless. Re-
ceipts, 271 cars July 1sc higher at 26Ac,
strengthened to 26sac. back to 261sc. with
2614c bid at the close
The provision market was fairly active,
but difficult to follow to-day. 1t was weak
with any selling but firm with any buying.
Packers covered recent sales. Pork was
firm; lard and ribs easy; hogs, 10G15c lower.
Receipts $1,000 head. July pork opened sc
and eased off to 1920 at the close.
Estimated receipts to-morrow-Wheat, go
22,000 head.