The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-17
WHEAT CLOSED HIGHER
BULLS GAINED CONTROL OF THE
MARKET AFTER TWO BREAKS.
Heavy Shrinkage in Output of Russian
and Danubfan Ports-ProvisiOns
Scored Advances.

CHICAGO, Jan 16.-Both sides found en-
cOuragement in to-days wheat news, but
the bulls finally gained control of the mar
ket, and after many Vicissitudes May closed
at 3sQAc advance. Corn left off 1sd4c
higher and oats unchanged. Pork and ribs
gained 21ac EACH and lard &C. A heavy
shrinkage in the output from Russia and
Danubian ports for last week started wheat
strong. May opened AQ3sc higher at 1850
713c, and met with such heavy covering
by shorts, together with buying for the
long account, in few minutes the price
reached 715sc. The next matter to receive
attention was the prospect of an increase
in the visible indications of which began
to appear as the result of stock-taking at
the various centers was made known. 1t
looked at one time as if the increase would
amount to 100000 bushels, and on that
probability May gradually sold down to
70#c. AS the increase proved to be but ST.
600 bushels, a shade of confidence again
commenced to diffuse itself throughout the
pit and May was bid up to 711s0n12c. Chi
cago received 200 cars of which fourteen
graded contract Minneapolis and Duluth
receipts were 1872 cars, against 535 the cor
responding day of last year. The quantity
afoat for Europe was reduced !, DAG, 600 BUSH
were of an exportable surplus of 65,O00OO0
bushels of wheat of good quality, and as
the aggregate receipts of wheat at West
ern primary markets amounted to 917,-
600 bushels, against $4,000 a year ago.
the bears had an inning and May was
forced down to 7OAQO7sc; This was
under puts" and Immediately start
ed buying by holders of those privi-
leges, and with the help of few outside
buying orders May gradually worked up to
oh hot 10
and 711sc bid. The cash demand here was
slow and the Atlantic port clearances of
wheat and flour were placed at 47SOO0 BUSH
els. Liverpool and the continental markets
closed strong in the face of an increase in
the English visible supply of 1851 600 bush
els. Toward the end longs showed desire
to increase their holdings, and as shorts
were anxious to obliterate their record May
was bid up to 1A4113sc and remained at
that figure until the close.
The strength in wheat and receipts away
below estimates started corn firm. The adj
vance, however, met with heavy selling by
prominent Shlpplng concerns ana the mar
ket soon turned weak. Local stocks showed
an increase of 934 600 blu for the week, and
the visible supply increased 2. 427, 600 bu. Re
ceipts were 95S cars. Scattered buying grad
ualiy developed steady feeling, and in the
last fifteen minutes the market became very
strong and touched the highest price made
near the start. May opened 14c higher at
37Ac, declined to $3.50 and after being at
SIC sellers, most of the day, it suddenly
shot up to 37Ac and closed at 371s@37Ac.
Oats started firm with the other grains.
Prices eased off for while on heavy selling,
but when the offerings were finally absorbed
the market turned strong and closed near
the top of the day. Receipts were large, $50
cars. May opened 1sc higher at 277s02Sc. de-
clined to 275sc, then 1irmed up to 27s4Q277sc,
the closing price.
Provisions opened strong, but there was
considerable more for sale than appeared to
be wanted for while, and prices declined
to q trif1e below Saturdays level Near the
end of the session the publication of last
weeks shipments of meats were so heavy
as to induce enough buying to cause a rally
all around. May pork opened sc higher at
5000, rose to $10.221a, declined to $1O.O71a,
then improved to $l0.1714 at the close The
range in lard and ribs was small.
Estimated receipts for to-morrow-Wheat,
100 cars; corn, 700 cars; oats, 800 cars; hogs,
ZOO head.