The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-19
TOO MUCH SHORT WHEAT
CHANGE OF SENTIMENT RESULTS IN
ADVANCE AT CHICAGO.
Brief Feeling of Weakness Follows
Execution of Early Selling Orders
Pork Scored "A Gain.

CHICAGO, Jan. 1S.-A transformation of
sentiment in the wheat pit to-day found
some traders oversold, and in their eager
ness to get back previous holdings the early
loss was obliterated. May closing 12c higher,
Corn and oats advanced 1sG14c each. Pork
rose 71ac, lard 2i2c and ribs 212q5c.
Several commission people who had selling
orders of a pressing character executed them
on the curb before the opening. and that.
together with lower cables from Liverpool
and the continent, gave wheat a weak send
off May opened AQ2sc lower, at 70d701sc,
but there was a great deal of wheat wanted
at the decline and the market became firm,
with a slightly upward tendency during the
first hour. Receipts here and in the North
west were sufficiently moderate to favor
the bulls rather than the bears, and early
indications were for heavy total of sea-
board cearings of wheat and flour. Yester-
days revelation of the increase in Russian
shipments was still in the minds of the
traders. however, which prevented any en-
thusiastic buying, and the market ruled
rather dull, with May ranging around 702sc.
Receipts were 1874 cars, of which IA were
graded contract. Minneapolis and Duluth
reported All cars, compared with 459 for the
same day last week and 1856 for the CORE
9pOAulLiS udy Il year ago. PRIMARY west
ern market receipts amounted to $4,000 bu,
against 100000 bu last year, but this was
offset by the heavy Atlantic port clearances
of wheat and flour, which were reported at
$4,000 bu. New York claimed 4S boatloads
sold for export, but the general report from
the seaboard to the effect that no reply
from the other side could be obtained to
their offers. A dispatch from the Northwest
gave the opinion of well-known author
lty on the wheat situation a bullish inter-
probation here, as it made the amount of
wheat remaining in farmers hands in Min
neSota and the DakotaS a only 20 per cent,
OF the crop, or about $4,000 bu Bradstreet's
statement of the worlds visible made *
1922, 900 bu more than it was a week ago,
compared with a reduction of 1881 900 bu
the same week of last year. After a tenn
porary decline from around 7012c, to which
May had slowly climbed, the short-lived
weakness being induced by Bradstreet'S
statement, the market became comparative
~ strong, May reaching 70Ac about TWEEN
ty minutes from the close. At that price d
demand sprang up from traders. who had
calls sold. and May rose to 7O7sQ71c. and
closed at 707sc.
Corn was easy and shade lower to start
with, but the demand was good at the de-
cline, and the firmness that developed in
wheat helped corn to maintain itself against
absence of shipping demand. Receipts were
comparatively small, 337 cars, but the aggre-
gate of Western primary market receipts
was about double that of the corresponding
day year ago. May opened a trifie lower
at 365s0D36$4c, and sold about the same time
tie could be bought at that, and it rose
steadily to &c and closed at 367sc bid.
Heavy selling by a prominent elevator con-
Germ weakened oats early. After this lot
was disposed of the offerings became light
and the other markets became stronger
the demand improved. resulting in a sharp
advance. The country was bullish and
backed its opinion by buying quite freely
in small lots Receipts were It's cars. May
| opened shade lower. at 27A@272sc de-
clined to 271sc, advanced to 279sc and closed
at 2712M275sc
Higher prices for hogs and heavy ship
ments of meats started provisions strong
There was lot of selling early, however,
and as the demand was scattered prices
eased off. AS soon as the grain market
began to show signs of strength this was all
changed and the buying became ANNA ted
resulting in an advance all around. May
pork opened 21ac higher, at $1OO712 de-
cIned to $40, then recovered to $10.15 and
closed at $1O121a. The range in lard and
ribs was narrow.
Estimated receipts o-morrow-Wheat. 200
cars; corn, 430 cars; oats, $50 cars; hogs,
| 80 600 head.
T 90 1fpo f,tt1rac 10 mood fellows.