The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-12
HEAVY BUYING ORDERS
RENEWED DEMAND FOR WHEAT AND
MAY CLOSED 1-2C HIGHER.
Enormous CIearances at the SeabOard
Gave Bulls Fresh Courage
Pork Scored Gains.

CHICAGO Jan. 11.-Heavy buying orders to-
day, brought about by the enormous clearances
at the seaboard, caused a sharp rally in wheat,
May closing 5c higher. Corn sc, and oats
14G%c Provisions were consistently firm all
day. and closed 2214c up for pork Toe each for
lard and ribs.
Reports of liberal offerings Of wheat from Ar
gentina and Russia, together with easier cables
from Liverpool, gave the market here weak
tone at the outset. Domestic receipts were light
compared with their volume a month ago, but
when set against receipts at the corresponding
time last year. they were, from the point of view
of the bulls, still very discouragingy heavy.
Under these influences May opened hQ3sc lower
at from 7014c down 701sc. and in less than half
hour it could be bought at $3.50 That was
under put price, and there arose a good demand
from holders of those privileges who were dis
posed to take profits. Corn about this time be-
gan to show recuperative strength after earlier
weakness, and the buying of wheat became suf-
fciently urgent to cause a quick recovery of May
to 701sc. Receipts here amounted to 166 cars, Of
which IL graded contract Minneapolis and Du-
luth reported receipts of 459 cars, against 1864
year ago. The receipts at the principal Western
primary markets aggregated 100000 bushels. COM
pared with only 421 600 bushels the day last
year. This feature of the crop movement acted
a weighty argument in favor of the bears
on any extensive scale. Another bearish influence
during the early trading the complaint of
shippers of the lack of bids, and the few re-
ceived they claimed to be hopeessly unwork
able. When the clearances from Atlantic
ports for the day were placed at 900 bushels
it completely turned the tables on the early short
sellers and caused a rapid advance from around
7OBc for May to 7O7sc, the latter point being
reached about twenty minutes before the end of
for wheat from the continent, and claimed fifty
boatoads had been disposed of. The rise inaugu-
rated by the heavy export clearances continued
to the end, May selling high as 71@7Bc, and
closed at Tic buyers.
Large receipts, lower cables and the decline in
wheat weakened corn early. May opened 1s0Ac
lower and eased off to S614c during the first half
hour. At the end of that time buyers commenced
to show themselves in considerable numbers, and
May was bid up to size. Predictions of unset
tied weather and clearances of nearly a million
bushels were responsible for the sharp upturn.
A scarcity of for shipping purposes has
hampered the trade for time, but this draw
back had entirely disappeared to-day, and the
shipments a large scale The market
continued strong after the first early dip, and
closed at the top price of the day. Receipts were
COZ cars.
A good demand from the country and small
offerings strengthened oats. Ihere was a good
cash demand. and oats ruled the frmest grain
the list The sharp advance in corn near the
end was reflected in OATS and the market closed
very strong. Receipts were 121 cars. May opened
a shade lower at 272sc, sold sparingly at 27Ac,
then rallied to 27%c, the closing price.
Small hog receipts and excellent export de-
mand strengthened provisions. Orders from the
outside were numerous on the buying SIDE and
commission houses were also taking on long lines.
This aggressive buying resulted in a Sharp adj
vance in prices all around, and the market left
off strong at the top prices for the day. May
pork opened 5Q712c higher at $1OO5Q10 TO- declined
So then advanced to $40 221a the closing price
May lard began 2ac better at $5.7212, sold at
S5.70q5 7212, then rallied to $3.50 at the close. May
ribs started 214G5c up at $5.O71a weakened to
$5.O2, then improved to S5121a the closing figure.
Estimated Receipts for To-morrow-Wheat, 10
cars; corn, 620 cars; oats, 154 cars; hogs 3d. 600
head.