The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-26
LETTER HAS A SURPRISE
BELIEVED HE WILL GIVE MAY
WHEAT A BIG BOOST SOON.
In Spite of Bearish News Yesterday
Grain Was Higher-POrk Declined,
with Lard Advancing.

CHICAGO, May 25.-Profit taking by
shorts, better Liverpool cables and the as
sumption that fireworks were probable in
the May deal caused a rally in wheat to-
day. July gained 2s4c and September 11sc
Corn is &c higher and oats show an inn
provement of H@ssc. In provisions pork
shows loss of sc and ribs 21zc. Lard is up
21kQ5c.
There was some recovery in wheat to-
day from the depression and weakness
which ruled yesterday. The Liverpool ca
bles came higher. which was quite uneX-
pected, in view of our recent weakness, and
suggested the idea of manipulation, espe-
cially as the continental markets were all
lower. Trade was dull, but the late bear
ish news and the bearish statistics seem to
have been partly forgotten, and there was
a good deal of profit taking. Another rea-
son for strength was the nervous feeling
over May and the general expectation that
Letter was sure to put the price of that
month materially higher. The inference
was that all the futures would be bullishly
affected by the excitement and high prices
in May, and this, with the higher prices
abroad, started shorts to cover and added
somewhat to the advancement. There was
an effort to put more vigor and strength
into July, and the effort was in a measure
successful, being helped by the general ex-
pectation of bull manipulation by the party
in control of May and June. The weather
was much cooler, but quite favorable for
growing wheat. Liverpool cables are I'D
higher. Chicago got 236 cars, against seven
last year. and of to-day's number 164 were
contract. Minneapolis and Duluth receipts
were moderate, 1923 carloads. The Atlantic
port clearances of wheat and -four were
equal to $4,000 bushels and primary re.
ceipts were $4,000 bushels, against $4,000
bushels the similar day of last year July
opened HQ3c higher, at $l.10Q1. 121a, sold off
to $l0SA, up to $lllA; back TO gil, then
began 5sc higher, at S7$sQS8c, rose to S812c,
fell back to S714c, and advanced to $3.50
SS15c, the final quotation. May ranged be-
tween $1.57 and $1.7O, the latter the closing
figure.
At the opening corn was firm. but lost for
a time the small advance 1t started with,
and again near the close recovered 1t. Both
periods of firmness were caused by the
strength in wheat. Receipts were AGA cars;
July opened A@Ac better. at S41AgS4asc sold
down to SS9sqSSNc, and advanced again TO
3414c asked at the close.
Covering by shorts helped oats to-day.
Receipts We're 2SS cars. July opened 1sg52c
higher, at 24%c, advanced to N7sQ25c, de-
clined to A1ac and rallied at the close to
24HG25c.
The firmest of the speculative articles in
good deal of commssion-houee selling of
pork, and some of it was ont stop-loss or
opened 7lz@1Oc lower, at $l1571AQI.SO. sold
up to $11.S5. fell off to $11.5712, then adj
vanced to $11S21s at the close. July lard
$s.225k. declined to $50, and firmed up to
Sc. 2006.2212, the closing price July ribs
opened 21Sc lower at $595 sso sold up to $3.50
at the close to 1886.
Estimated receipts for tomorrow: Wheat,
257 cars; corn, $40; oats, $40; hogs, $4,000
Leading futures ruled as follows: