The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
QUICK BULGE IN WHEAT
CAUSED BY THE SAILING OF RATTLE
SHIP MAINE TO HAVANA.
Shorts Made Wild Scramble to Buy
in the Last Ten Minutes of the
Chicago Market.

CHICAGO. Jan. 24.-The last ten min
utes of to-days session in wheat were as
lively as during the days of the Letter ex-
element. Opening a a sharp advance. the
market dragged along until near the close,
when the receipt of news that American
war ships had been ordered to Havana
started every short in the pit for cover.
There was no wheat for sale and the price
shot up like the gush from newly-tapped
gas well. The official closing price for May
was given at g31ac, a cent and a half over
SATURDAYS close, but before the crowd left
the Dit 94c was bid. July closed at S5c, an
advance of &c Corn and oats were dull,
but closed with slight advance Pro-
visions were strong and showed closing ad-
vances ranging from to loo.
There was enough bull news to hand at
the opening in wheat to start that market
stronger than for some time past. Trading
in May commenced at from 925sc to 927sc
and July from S4s4c to soc, showing an adj
vance for both months of about &c a
bushel over Saturdays closing prices. Liv-
erpool showed an advance ranging from Ad
to lad at the opening there and reported
the market very strong, partly on account
of rapidly decreasing stocks. Another bull
encouragement was 4 reduction equal to
1234c in the Italian duty on wheat. The Of
ferings were quite liberal at the advance
mentioned and continued so for the greater
part of the forenoon, but there was suffi-
cient number of repentant shorts in the
market to prevent any great reaction in
May. That option kept all the forenoon
within the range established at the start
except for few moments after the re-
ceipt of the closing quotations from foreign
markets. 1t was then found that wheat at
Paris for the March-June term had risen
As centimes per 100 kilos, or the equivalent
of 2Ac a bushel. The result of that was to
raise the price of May to 92Bc. July was
more susceptible to the selling which fol-
lowed the opening advances and from Soc
it declined to S414@S43sc but recovered to
S494@S47sc on buying started by the news
from Paris Northwest receipts rather ia
vored the bears. Minneapolis and Duluth re-
ported total of 425 cars, against 535 last
week and 1856 year ago. Chicago receipts
were 81 cars only one car of which was
of contract grade. Afternoon prices tended
downward until shortly before the close,
many holders taking profits. May got down
to 9212c and July S41sc but about ten min
utes from the close news of the ordering of
the war ship Maine to Havana was circu-
lated on the floor, and the pit in an in
slant was in an uproar. Every short in the
pit started on a wild hunt for cover and
the price shot up so quickly it fairly took
their breath away. The price had hardened
to 925sc at 92%c bid. when Phelps of Mil
mine-Bodman, bid 9234c for 5000 bu and
got it, He Immediately followed that by a
bid of 927sc for $4,000 bushels more, which
no one seemed disposed TO part with, and
after that there seemed to be no more for
safe, and every one wanted it and kept
raising their bid till it brought $3.50. 1t
sagged for an instant and 9312c was given
as the closing price, but the excitement
continued after the bell rang and before
the crowd stopped trading 94c was paid for
May. Shorts in July were also scrambling
and that option touched S5c for the second
time. closing at S47s@85c.
Corn was dull and heavy until near the
close. There was some professional sell
ing, enough to make the market weak on
the very small demand. caused presumably
by the increasing visible supply. The late
jump in wheat caused shorts to cover free
with full recovery of prices. May ranged
from 29M291Ec to 2Ss402S7sc and closed a
shade higher at 29c..ss afaa
Market for oats was very slow and with
out independence, prices following the
trend of the corn market. There was some
buying of May for New York, the demand
being satisfied by elevator concerns. The
rest of the business was scattered Nav
ranged from 23s4c to 235sc and closed a
shade higher at 2334 C.
Provisions were firm all day and trade
was moderately active. A good advance was
scored early on the small hog receipts
Prices eased off on realizing. but ruled
strong again later and closed firm at about
outside prices. Armour was credited with
q good deal of the buying. At the close
May pork was 15c higher at $3.50: Nav
lard &c higher at $4S5 and May ribs, 1Oc
higher. at 1870.
Estimated receipts Tuesday: Wheat 40
cars; corn. $50 cars; oats, $50 cars; hogs
q. GOO head.
Leading fltureS RANGED nc follou,e.