The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-16
MAY WHEAT ADVANCES
CHICAGO MARKET STRONGER. LEI
TER CONTINUING HIS DEAL.
shorts. Anxious TO Save Themselves.
Pork Closes zoe Higher.

CHICAGO Feb 15.-May wheat to-day adj
vanced to within small fraction of the
dollar mark, and closed strong, with gain
of 1Nc over yesterdays figures The ad-
vance was due more to the anxiety of shorts
to get out than to the news. The impress
sion increased that wheat is pretty well tied
up by the Letter interests. Everything else
on the floor was active and strong. Corn
closed 15c higher and. oats Sale higher.
Provisions advanced sharply, but reacted on
realizing pork closing zoe higher Lard and
ribs unchanged.
For few minutes following the opening
in wheat it looked as if the dollar mark for
May was at last to be reached There was
hardly any wheat offered for sale on the
curb, and this condition also prevailed when
the regular market opened. Reports that
Letter had contracted with the Lehigh road
for the moving of 100000 bushels of his
wheat to the seaboard came from New
York. They were not substantiated, but the
report rapidly spread that May wheat is
almost completely tied up by Letter in
fiuences and when the market opened there
was a rush of anxious shorts to get under
cover. May, which closed yesterday at 9S1s
M9SAc, opened at 9S3sc to 9S5sc. Even at
this substantial advance the market was al
most bare of offerings, and the price was
bid up steadily to 99a4c. A peculiar feature
of the advance was the number of stop
loss orders in short wheat. Wheat began to
come out after cali price, 991sc had been
passed, but offerings were eagerly accepted,
and the market did not hesitate much until
99S4c had been reached. This price brought
out a lot of wheat from commission houses
and May dropped back to 99Ac. There it
hung for a time. The news of the day did
not especially favor either side though
more bullish than bearish. Northwestern
receipts were 800 cars, against 452 cars last
week and 246 cars year ago. Chicago re-
ceipts were IS cars, of which 6 cars were
contract grade Liverpool was ND 5sd7sd
for futures, but cash prices showed nearly
all of yesterdays advance lost. Argentine
cables repeated yesterdays reports of poor
threshing returns and lower exportable esti-
mates. Liverpool receipts for three days
were only $1,000 bushels. Bradstreet's re-
port showed $4,000 bushels decrease in the
visible supply. Export clearances from At
lantic ports were rather small, being 10000
bushels A little before midday the price
shot up again under a renewed demand
from shorts, and this time May got to 99zsc
before the reaction came. Letter had sold
no wheat during the day. On the contrary,
lie Was creQlted with buying little. This
added TO the belief that he is in control of
the May market, and started buying again.
AT midday the price had reacted to 995sc.
and for the rest of the session the market
fluctuated between that figure and 993sc. AT
the close it was bringing 993sGD9912c.
For the first two hours business in corn
was exceedingly lively, and a sharp advance
was recorded. Heavy buying by of the
elevator concerns started the market strong
and general buying following the advance
in wheat and provisions, prices moved up
rapidly. The advance brought~out free Of
ferings, which We're fairly Wl absorbed
and for the rest of the session the market
ruled steady. May ranged from SIC to 303sc
and closed re higher at 3Os4Q307sc.
oats were strong and fairly active
Strength in other markets, good export de
mand and absence OF offerings rather
alarmed shorts, and urgent bidding adj
vanced prices steadily for a time. Many
longs also Increased their offerings Later
there was some reaction on realizing but
the market closed steady. May ranged from
2ll2c to 26s4c, and closed 5st1c higher at
| 271sn27Ac.
There was a broad general trade in pro-
visions. The opening was rather unsettled
but higher. Heavy commission house buy
ing and sympathy with the wheat strength
especially for pork. This was followed by
free realizing, a good deal of selling being
credited to packers, the market closing
rather easy. May pork zoe higher at $11.15
May lard unchanged at $5.0215, and May
ribs unchanged at $5.3212
Estimated Receipts for Wednesday
Wheat 10 cars; corn, $50 cars; oats, $50 cars;
hogs, $4,000 head.
Leading futures ranged as follows: