The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-10
STRONG WHEAT MARKET
HEAVY COVERING BY SHORTS AND
BIG SEABOARD CLEARANCES.
Opened HaIf Cent Higher and
Provisions Lost Sharp Advance.

CHICAGO, Jan. 9.-Decided covering by
shorts to-day and heavy clearances at the
seaboard strengthened wheat. May left off
with an advance of sale. Corn gained sc
and oats BQAc Provisions after sharp
advance early, closed at substantially I'M
changed prices.
Wheat opened astonishingly strong. as
compared with the weakness of its close at
the regular session Saturday. A sharp up
ward turn on the curp Saturday afternoon,
however, demonstrated how susceptible the
price was to a little buying and how small
was the confidence of short sellers in the
wisdom of their position. May started
half cent higher at 703sG7012c and in the
efforts of the shorts to reinstate themselves
in the market May was advanced still fur
Their, reaching 1Q711sc. Up to this time the
news had nothing in it to suggest such bull
ishness and it was not until the returns
of the clearances Of wheat and flour for the
day from Atlantic ports were published that
the bulls got anything from the days statis-
tics to justify them in their attitude toward
the market Chicago receipts were PIG cars,
of which eight graded contract Minneap-
oils and Duluth received 731 carloads, as
compared with 535 for the corresponding
day a year ago. Primary Western market
receipts aggregated 200 bushels, whereas
522 900 bushels comprised the total for the
same day last year. The visible supply that
was thought likely to show a decrease of
10000 bushels, was found to have increased
10000 bushels, against 1900 increase the
previous year. That was a curb to the bull
ish enthusiasm that was prevailing and May
reacted to 7034c To-day's Atlantic port
clearances of wheat and flour equaled 1885,,
OrQ NH
sage increased 1,040,000 bushels Last week
shipments were enormous, being placed be-
tween 900 and 100000 bushels, OF which
over 50 per cent. came from this country.
The demand for export at the seaboard was
reported fairly good. Outside orders became
numerous about this time and good deal
of buying here for the long account sent
the price of May up again to 71Ac. The ma
jority of traders held call privileges around
these figures and in an endeaVor to secure
those profits May sagged Off to lO1sc at the
close.
Light offerings and the strength in wheat
helped corn early. For time the bidding
was so spirited by the Old-time bulls that
May, which opened 1sQAc higher at $3.50
37Ac, was forced up to 371203(3sc. Receipts
were very large, however, ] OPS cars and the
visible showed an increase of 100000
bushels Those influences contributed to keep
the price down and when the buying had
subsidized somewhat May gradually declined
to &c and closed at 371sc
Oats followed corn, showing strength
early, but weakening later. There was
good demand from outsiders during the fore
part of the session, but this dropped off
when the market declined Receipts We're
moderate, 239 cars. May opened 1sc up at
273sq2712c, rose to 275sQ2734c and closed at
2I12c.
The favorable character of the new pro-
posed German meat inspection bill strength
ened provisions early. Commission houses
appeared to be well supplied with goods, but
packers sold freely. After the commission
houses had procured all they wanted there
were still long lines for sales and the adj
higher at $1O01OO5, advanced to $101212, then
declined to $995q9.971a, the closing price.
May lard began at &C up at $40 sold at
started 215c better at $5021a, rose to 5071a,
then weakened to $49712 at the close.
Estimated receipts for to-morrow-Wheat,
125 cars; corn, 800 cars; oats, 250 cars; hogs,
10000 head.