The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-26
SHORTS FOUND MAPPING
LETTER CROWD FORCES PRICE OF
JANUARY WHEAT UP TO 81.
Sensation On Chicago Exchange
Worked to Permit the Unloading
of May Wheat at a stiff Price.

CHICAGO. Jan. 25-January wheat sold
at 81 to-day. The price was bid up DC in as
many minutes by brokers acting for the
Letter crowd who it was believed took this
method of advancing the price of May. jan
uary closed at 971sc, an advances of 2l9c.
May closed at &c advance after many err
ratio fluctuations. Corn was dull but firm.
and advanced hMAc. Oats closed shade
higher. Provisions were active and adj
vanced 5Q15c.
The opening in wheat was weak, May,
which closed yesterday at 931sc, starting to-
day at 931sQ93Ac, and comparatively little
trading was done even at these prices. The
weakness was due to both foreign and do
nestle news. Liverpool cables were but Ad
higher at the opening there, and even this
slight advance was soon lost There was
no confirmation of the sensational reports
of yesterday afternoon regarding the Aus
trian demand for Argentine wheat or of the
Russian importation of German grain, and
news from Havana was very pacific. Heavy
SHOWS were general all over the winter
wheat country. Minneapolis and Duluth re-
ceived 1923 carloads, against $50 the corre-
spending day of last week and 1877 the sim
liar day of the previous year. Chicago got
ago. Primary market receipts in the West
were $4,000 bushels, against 17S,000 year
ago. The Atlantic port exports were very
liberal, being equal in wheat and flour to
5S6,O0O bushels. That includes consider
able quantity from Newport News. About
forty-fiVo minutes after the opening the pit
was set in a commotion, January being the
center OF interest. That delivery was NOM
inally worth y0c at yesterday close ana
was offered at 1850 at to-days opening.
About 1915 O'Clock, however, brokers for
Letter began bidding for January, ana the
price was advanced so fast that Tor q Few
minutes it appeared to be fairly running
away. From SOC it jumped half cent and
a cent at a time, brokers raising their blds
that much until 81 was bid Then the reac-
ton came. the price dropping almost as
quickly as it advanced. 1t brought up at
SIC and for the rest of the session was COM
paratively quiet. The gyrations or January
were generally believed to be due 70 q clev-
er move on the part of the Letter crowd,
who, it was thought, took this method 10
advance the price OF May. This belief was
strengthened by the unloading which took
place in the latter option at 94c, to which
price IL was carried while the pyrotechncs
were going on in January. Allen q Grter
We're said to have taken 10000 bushels of
January in getting the price to 81. For the
rest of the morning May was rather nerV-
Gus, though no great trading was done;
BradstreetS Visible-report showing Of 73l, 900
bushels was a disappointment and was fac
tor in the decline to 9312c which took place
after the bulge to 94c. Late in the session,
however, reports that Italy's bread riots were
increasing and that reserves had been called
out started some brisk buying and May was
advanced to 941sc. The closing price was
$3.50. Not much was done in July and
prices rather tended downward. 1t ranged
between SOC and S414c and closed at S47sc, a
shade under yesterdays price.
Corn, though inactive, was decidedly firm.
Moderate receipts and the stormy weather
West caused some investment buying and
also resulted in moderate covering by
shorts Offerings were very limited The
late strength of wheat was also a factor.
May ranged from 2914c to &c. and closed
1s6JAc higher, at 291sn294c.
Oats were firm all day, though trading
was even smaller than in corn. 1t was all
most entirely a scalping trade, with prices
influenced by the strength of wheat. May
ranged between 237sc and 23s4c and closed a
shade higher, at 23a4n23Bc.
After a rather easy opening provisions
turned strong and remained so throughout.
Scalpers We're against the price early, but
trade soon broadened out outsiders coming
into the market quite freely, and this, with
good buying by local operators, advanced
prices steadily. The close was strong, at
about top prices-May pork 121ac higher at
Sl0.021a May lard 71ac higher, at $4.921b. and
May ribs 712c higher at $4971a
Estimated receipts for Wednesday -
Wheat, 80 cars; corn, 100 cars; oats, 100 cars
hogs, 10000 head
Leading futures ranged as follows: