The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-25
LIVELY WHEAT MARKET
DEMAND BEGINNING TO SET IN FROM
WAI.L-STREET BROKERS'.
Rapid Advance OF Nearly &c. May
Futures Closing 1 1-4c Up-COarse
Grain Weak-PorIz Higher.

CHICAGO. Jan. 24.-Ordinary market con-
siderations were tabooed in the wheat pit
to-day owing to the furry in Wall street.
There was considerable excitement at times
and the sentiment became so bullish that
May wheat at one time was bringing 124c
over last nights close Part of this advance
was lost on account of realization of profits,
but at the close May showed 1Ac improve
ment for the day. Corn declined Ac and oats
1sc. Pork left off 715c higher. Lard lost 21kc
and ribs unchanged.
Nervousness on the part of shorts ard
ehigher cables from Liverpool started wheat
strong. May opened 1AQ5sc higher at 721aD
729sc but the realization of profits at
the Improvement became so general that the
price touched 72Ac in a few minutes. That
was the low point of the day, as Wall-street
interests commenced buying on large scale
and the legal talent was only too willing
to follow this lead The ordinary statistical
information regarding the daily movement
Of wheat received scant attention,
and as there was little wheat
for sale buyers soon got excited
and bid prices up to secure it.
Shorts rushed to cover and there was con-
siderable buying for the long account, while
under the excitement May advanced stead
lily until it touched 7334c. At this figure there
was handsome profit for holders of call
privileges and the temptation to secure them
became so great that the selling became
general. About this time St. Louis and
Minneapolis sent several large selling orders
and as the shorts had partially recovered
from their fright, May was allowed to sag
to 73c. Receipts were 166 cars, compared
with 50 the corresponding day a year ago.
Minnpa D1I11f
against 523 last year. and the total at all
the chief Western markets amounted to
$4,000 bushels whereas $4,000 bushels COM
prlsed the total the same day a year ago.
Atlantic port clearances of wheat and flour
were moderate, equaling $1,000 bushels.
There was a good shipping demand here and
New York reported export sales of twenty
six boatloads. Bradstreet's report of a de-
crease in the worlds visible of Sc, 600 bushels
was surprise, as moderate increase had
been expected. 1t had very little effect how
ever, as this is the time of year for dimin-
lshlng stocks and last years decrease
amounted to 731, coo bushels Toward the
close the buying became general again and
May ADVANCED to 723sQ7212c and closed with
Under the influence of wheat. corn started
buoyant. The bull leaders in corn were more
inclined TO sell out at any little advance
than to buy, however, and any Improvement
was quickly checked. Receipts were heavy,
9O3 cars, and from the manner in which ele-
vator people and other receiving houses sold
1t appeared as If the movement was not
likely to become smaller in the immediate
future. May opened unchanged to Ac higher
at 3S03SAc and declined to 37ac buyers, the
closing price.
Oats participated in the advance in wheat
early, but met heavy selling from the coun-
try especially when the market was at any
figure over 28c for May. Cash business was
slow and receipts were large, 331 cars. May
began 1sQ14c higher at 2S1sQ2S14c and de-
clined to 277sc at the close.
A good shipping demand for meats and
higher prices for hogs at the yards strength
ened provisions. There was considerable liq-
while the buying was scattered and the
early Improvement was nearly all lost. May
pork opened 7!4@12hc higher at S104216@
10.471a. declined to S103715, rose to $1O5215
then reacted to $10421a at the close. The
range in lard and ribs was small.
Estimated receipts for Wednesday could
not be obtained.
Jfv,cr f,,+, Ho11