The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-28
MARKET SUMMARY.

CHICAGO Jan. 27.-The bulls In wheat to-
day gave another example of how complete
" they are in control of the immaculate
course of that market The Letter party
used January TO urge on the excitement Oh
shorts, hosting the price of that delivery 10
HO5. an advance of cents since yesterday.
General covering by shorts resulted IN a
22sc advance in May, while July closed LAC
higher with the largest trade in both futures
for some time. Reports that Russia wouiu
soon become an importer, big -four bust
ness and strong outside markets all con-
tributed to the strength and made the ad-
vance easy Other markets were carried up
ward with wheat corn and oats advancing
about ssc each, while provisions closed 212Q
nc higher. r.
Liverpool once again set the pace for
wheat at the opening That market was up
Maid on futures, and cables from there
and from London also were decldeoly Dull
ish in tone May which closed yesterday at
s2%c. opened today at 9414 941Ac, wh1!e July
started A63sc higher at from e51s 10 SOC
The opening advance encountered very Tree
realizing. some of which was credited to Lett
er. but the selling resulted in the May price
only reacting to 956951sc, and for two hours
a fight was waged around 95Ac for control
of the market News that came in during
that time almost altogether favored an ad-
vance. Minneapolis reported heavy dema q
for flour, especially for foreign shit ment ana
Tacoma advised continued shipments OF
-four and wheat to South Africa. Export
clearances of wheat and flour from Atlantic
ports amounted to the heavy total OF 5ooVOo
bu Minneapolis and Duluth receipts were
2S4 cars against 307 the similar day of last
week, and 1S2 the corresponding day Of the
year before Chicago received q cars only
2 of which were contract.
About midday, and after the receipt of
strong closing cables the fun commenced,
and for the third day in succession. January
furnished the sensation. Up to that time
that delivery had been heard Of but seldom.
Letter brokers again appeared in the pit,
and their bids of STOP for January, &c
above yesterdays closing price, started the
shorts in the futures in furry, and the
price of May especially advanced almost as
fast as the cash figures did. For few m n
utes the excitement was intense, and the
hunt for cover which took place jumped
May to CSC. January in the meantime being
quoted at S1O21h The market quoted down
somewhat for time, but about half an hour
from the close, the buying fever again broke
put, as the jumping of January was renewed.
In very short space of time, January was
bid up to S1.05, May to 97Ac, and July to
S71sc There the prices hung with heavy
trading At the close, January was 1t quoted
71sc. New York message received shortly
after the close said Letter had sold 2,0OOOOO
blu of wheat for shipment abroad.
Corn was more active than for Dr. some m time
past. The feeling was quite firm through
out, principally in sympathy with wheat,
though no material advance in price took
place until the final bulge in that market.
reports of heavy export sales also strength
ened the market. Commission houses were
good buyers, the selling being largely. by
room traders: May ranged from 2934c to 29A@
29asc, and closed &c higher at 29%q29%c.
There was a large trade in oats, shipping
houses and shorts being good buyers. Re
alizing was freely INDUCED in, but offerings
were readily taken, and in sympathy with
wheat prices advanced steadily. May
ranged from 2414c to 2SB@24c, and closed
A6$sc higher at 24Ac.
The lightest trade in the pit was in pro-
visions. Moderate realizing and a weaker
hog market caused a sagging tendency to
prices during the morning. Strength was
developed later as wheat advanced, and on on
Arm, May pork, 71ac higher at $10.o5; May
lard sc higher at $4.921a, and May ribs, 21gc
higher at $4.9712. Estimates Wheat, q
cars; corn, 10 cars; oats, 80 cars; hogs,
The leading futures ranged as follows: