The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-28
GRAIN MARKET NERVOUS
RAPID FLUCTUATIONS IN WHEAT,
WITH THE CLOSE 1-4C HIGHER.
Bull News Came Late from the Con-
tinent but Traders Disposed to Let
the Market Settle Down.

CHICAGO Jan. 27.-Nervousness, as indi-
Gated by rapid and frequent fluctuations,
characterized to-day's trading in wheat.
During the last half hour of the session May
showed a gain for the day of 11sc, but the
greater portion of the advance was lost on
account of heavy realizing and May closed
4c higher. Corn left off at an advance of sc
and oats are unchanged. Pork and ribs rose
715c each and lard 5d713c.
Wheat started under much less excite
ment than it closed yesterday, but with no
indication that the bull feeling had abated
to any considerable extent. May opened a
shade higher at from 7Sc down to 17$4c and
while some outside buying orders were be-
ing executed improved to 7S12@7S5sc. After
this demand had been satisfied several local
spectators evinced an inclination to sell,
not only parting with long wheat that
showed a profit but trying the short SIDE
in an experimental and conservative fashion.
AS there seemed to be a disposition on the
part of traders with Wall-street connections
to let matters settle somewhat before taking
on fresh holdings, the market became heavy
and May, after a number of fluctuations be-
tween TIC and 7Sc declined to Use. About
this time a cablegram from Liverpool was
received to the effect that Argentine was
offering very slowly on account of decreas-
ing premium on gold and that Russia, for
political and financial reasons, was not sell
ing much wheat Some confidence in the
legitimacy of the bull speculative feeling
was impaired by the latter information and
the decline was arrested in consequence In
addition to this buying orders from the out
side of an urgent nature became numerous
and May began to climb again. Receipts
here were 10 cars, of which IA graded con-
tract Minnesota and Duluth got 4S6 cars
as compared with 394 cars a year ago, and
the aggregate at Western primary markets
amounted to 1900 bushels, whereas only
$4,000 bushels was received for the same
day last year. Atlantic port exports OF
wheat and flour were enormous, amounting
to 952 900 bushels. When these export figures
were posted the crowd made a wild scramble
to buy and May, hesitating around 7S1sc,
shot up to sc That was a rise of 11sc for
the day and the temptation to secure profits
became so strong that many holders sold
out and May slumped off to 77$4c. During
the last fifteen minutes buying again be-
came spirited and May rose to 7S1sc, the
closing price.
Cold weather and increased country offer
ings started corn easy. Local traders dis
posed of long lines but the offerings were
readily absorbed by good commission house
buying. During the last hour OF the session
rumors of heavy Wall-street buying started
the crowd to cover and May rallied cent
from the low point of the day. An excellent
export demand was also factor. 'FRONT.'
taking during the last few minutes caused
a moderate setback. Receipts We're So cars;
May opened 1s0Ac lower at 3S12M3Sasc. sold
sparingly at 3812c, advanced quickly to 3912c,
then reacted to $91sc buyers, at the close
Oats kept in close touch with corn, al
though they did not show much gain as
did the leader The speculative trade was slow
and the demand for cash was limited to car
lots. Receipts were 1S5 cars May began
shade lower at 2S5s@2S$4c, declined to 2812c.
improved to 29c then weakened to 2S34c, the
closing price
Provisions ruled strong and higher all
around The volume of trade was large and
for the first time in several months inn
portant packing interests were arrayed on
the bull side May pork opened 5Ml0c high
err at $1O6214M106713c declined to $l95560
1O5715, rose to 5000 and closed at $10.65, buy
ers. The range in lard and ribs was small.
Estimated receipts for o-mOrrow-Wheat,
100 cars; corn, 240; oats, PCS; hogs, 10000
head.