The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-05
WHEAT CLOSED HIGHER
PURCHASES BY LETTERS BROKERS'
HELPED SEND UP PRICES.
Other Grain Strong and Advances
Easily ScOred-ProvisiOns Touch
High Point This Season.

CHICAGO. Feb 4,-Wheat closed as it
opened to-day, strong and at sc advance
over Yesterdays final figures. There was
long period OF weakness caused by liberal
Northwest receipts and prospects of small
possible decrease, but Letter buying and
strength which developed in provisions and
the coarser grains, caused firm market
during the afternoon. Corn advanced 1sc.
Oats closed Ad3sc higher and provisions
touched the high mark of the season, clos
ing 21a0715c higher.
Opening trades in May wheat were at
from Ac to &c over yesterdays closing
figures, May ranging all the way from 947sc
to 951sc in different parts of the pit, with
quite a good trade at those figures. The
market was helped by the unexpected adj
vance of 5sd at Liverpool, where a decline
was looked for. 1t was supposed this
strength was due to the falling off in Ar
gentine shipments, exports from that coun-
try last week being but $4,000 bushels, or
nearly 100000 bushels under those of the
week before. Traders here looked for
figures close to the million mark and the
shortage was pleasing surprise to hold
ers. Notwithstanding this Liverpool
strength, the market for q time after the
opening appeared to be in control OF the
bears. Northwest receipts continued heaVy'
Minneapolis and Duluth reporting 432 cars
to-day, against S94 cars last week and 2s9
cars a wear ago. Chicago receipts were
twenty-five cars. The Kansas crop report
was very favorable and there was an early
nc drop at st. Louis. The effect of this was
that inside of thirty minutes the Liverpool
advance was disregarded and prices declined,
Nav dropping to size, recovering to 94$4c
in md n
stopping until 9414c had been quoted, which
occurred about IL o'clock. During this de-
cline there was quite free selling for st.
Louis interests and local shorts also ma
terially increased their outstanding lines. A
feature which had a tendency to increase
the weakness was early figures on the visi-
BILE supply indicating a rather small de-
crease next week. But before noon the
market began to recover Practically no IN
huential support had been given during the
decline and the market became rather OYER
sold At bottom prices brokers for the Lei
ter interests commenced bidding ana alueu
by lot of late bullish news ana marked
strength in provisions and the coarSer
grains started an upward movement, Whlch
carried the May prices to 95c. closing cdpIes
were firm and showed substantial advances.
Export clearances from Atlantic ports were
liberal amounting in wheat and 1our 10
$4,000 bushels. Realizing started atresh on
the advance to csc and reactlon 10 y41sc
reports of a great demand at Minneapolis
for low grades of wheat owing 70 scarcity
of better quality and reports of twenty
seven loads taken for, export, caused re-
newed buying demand and advanced May
to 95Ac, the highest point of the day
range 1t closed firm at that figure.
Corn was moderately active ana HrL.
Country offerings were freer, but cables
were higher and receipts light ana tnere
was good investment buying on the belleI
that higher prices should prevail. Ihe mar
ket was also helped by the strength OF
oats. Shorts covered freely later in the day;
May ranged from 29lsQ29l4c to &c and
closed &c higher at 291sc
Market for oats was very strong ana May
again sold at the top price of the crop,
241ac Buying was free and general all day,
elevator interests and shippers being prom
inent There was also considerable invest
ment buying. The selling was principally
i'm the way of profit taking. The urgent
cash demand was a bullsh factor. May
ranged from 2412c to 241ic and closed A49sc
higher at 24l2c.
Provisions sold at the highest prices of the
season. The market early was weak on the
decline in hog prices and on commission
house realizing. Outside of this offerings
were small and a little buying easily ad-
Vanced prices. Shorts were free buyers, as
the market improved and the demand pc
came quite general toward the close. May
pork closed 7iac higher at $lO.2l12. May lard
21ac higher and May ribs &c higher AT $51O
Estimated Receipts for Saturday-Wheat,
40 ears; corn, $50 cars; oats, 1870 cars; hogs,
0l0 head