The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-24
ALL MARKETS BULLISH
CEREALS AND PROVISIONS INFLU-
ENCED BY THE BOOM IN STOCKS.
May Wheat Closed L Lie Higher mt
Pork IL 1-2, Lard 1-2 and Ribs 3.

CHICAGO. Jan. 23.-Wheat spectators,
affected by the excitement in Wall street
to-day, ignored all bearish news and, under
the vigorous buying that prevailed, May
wheat closed at an advance of 1Ac. Corn
was aided by the same indefinite, but power
fully effective speculative sentiment, and adj
vanced 1c. Oats benefited to the extent of
3sc and provisions gained 121ac in pork, 71zc
in lard and sc in ribs.
Higher cables from Liverpool and ner-
vousness on the part of shorts started
wheat firm May opened 14Q3sc higher at Ia
711sc and made further advance during
the next few minutes. Wall-street securities
were as active as ever, and showed the
same remarkable tendency to advance that
has been the wonder of onlookers for three
weeks back. The wheat spectators here
could not help being influenced bullishly by
such an exhibition of unexplanable strength,
and as the session advanced the market be-
came very strong. World ship
ments of wheat to Europe last
week amounted to 6,406,010 IS bushels,
and all but 12OS,O00 of that was from
American ports. The visible supply in
creased 33S, coo bushels, compared with 6S5 600
decrease the corresponding week last year.
As an increase of 100000 bushels had been
expected the bulls became more active than
ever and little more was added to the
price, May advancing to Use. The seaboard
cleaFanceS OF Wheat ana nour at the Al
lantic seaboard amounted to 73S,000 bushels.
chicago receipts were l39 cars, of which
one-quarter graded contract MINNEAPOLIS
and Duluth received 84S cars, compared with
766 week ago, and 425 for the same day last
year. Primary Western receipts were 1896 900
bushels, whereas on the corresponding day
a year ago but 434, 600 bushels came to hand.
During the afternoon the indications were
very apparent that Eastern operators with
stock market profits were buyers of wheat
here and local shorts made their peace with
the market and went long. On this renewed
demand May advanced to 717sc On the bulge
there was heavy selling by commission
houses, but when the offerings were finally
absorbed without setback to the price May
took jump to 72I721sc. The market was
stronger in the last half hour than at any
time in q, month and May closed at 72c,
buyers
An increase in speculation and a decidedly
hrm undertone were developments in corn
which were attributed directly to the rapid
pace of the New York stock market. The
rally was momentarily checked by the
large visible increase. 1859 900 bushels and
by the increase in stocks here of 1,23S 600
for last week. The great strength of wheat
near the close caused an access of energy
TO be displayed in the buying of corn and
the close was at the top for the day Re
ceipts were 517 cars. May opened 1sMAc
higher at 371sQ37Ac and improved to CSC, the
closing figure.
Oats shared in the general bullish feeling
that prevailed on the floor. Trade was of a
fair volume and pretty well scattered. al
though buying by shippers was conspicuous
enough to be feature. Receipts were III
cars. May opened 1k@Ac higher al 2734c and
advanced to Csc, the closing price
The strength in grains and the influential
buying developed a strong undertone in pro-
visions. There was a little realizing early.
but offerings were readily absorbed and the
session ended with an advance all around.
Estimates of stocks for the month show
an increase of 1900, 900 pounds in ribs, 3S COZ
in lor oy111 IL,
pork opened unchanged at $10.2215610.25 and
advanced to $10.35, the closing figure. May
lard began unchanged at $5.S212, sold at $3.50
@5S212 advanced to S. 921b and closed al
5000. May ribs started unchanged at So 1919
sold at $5.10@5. 1212, then improved to $5.1712,
the closing price.
Estimated receipts to-morrow-Wheat. 10
1,000 head.
.padincr ft1f1roc roura5 -.