The Indianapolis journal., 1899-01-26
WHEAT SAILS UPWARD
WALL STREET JOINS THE BULLS AND
MAY FUTURES TOUCH 75C.
Market Closed Wild at Chicago with
Many Buying Orders UnfIIed-
Provisions Unchanged.

CHICAGO, Jan. 25.-The Wan-street deal
in wheat merrily continued its upward
course to-day and some of the gayness of
spirit touched the traders in corn and oats.
May wheat, after "A slight dip early, closed
1s4c higher. Corn left off at an advance of
ssc. Oats were benefited 1aQ5sc. Provisions
are about unchanged.
The early Liverpool cables showed that
market was making but little response to
the advance here yesterday and this put
something of a damper on bull enthusiasm
at the start in wheat. May opened Ad9sc
lower at 727sQ73c, and, with more sellers
than buyers it sunk slowly TO 729sc. At
that point, however, Wall-street bulls sent
buying orders and the price soon bridged
the gap between 723sc and yesterdays clos
ing quotation, 73l4c. Chicago receipts were
1873 cars against q a year ago, and Minneap-
oils and Duluth got 1856 cars, compared with
257 for the corresponding day the previous
year. Aggregate receipts at Western pri-
mary markets were &C., 600 bu. against 100000
bu a year ago. The comparatively heavy
receipts were as little regarded as the un-
sympathetic character of the Liverpool
market. The bulls in wheat, paraphrasng
a well-known rhyme, altered to apply to
present conditions of heavy receipts, were
individually saying, What care 1 how
much they be while Wall-street buyers stick
to me-" With that refrain in mind and
with the desired evidence that New York
buying orders could still be relied on they
hoisted May wheat to 7334c before the ses-
sion was two hours old Clearances of
wheat and flour from Atlantic and gulf
ports were equal to 41S.OOO bu considerably
under their recent volume, but that and ev-
erything else suggestive of caution in buying
was disregarded A report was current
about half hour from the close that 12O
boatloads of wheat had been taken at the
sea board for export, and on that informa-
tion, which would if correct have justified
all the prevailing bullishneSS and encour
aged more, the price of May was run up
rapidly from around 73s4c to 743sc. 1t had
previously sold as high as 74c, but had re-
acted Ac on some profit taking. The news
of the heavy export business proved too
good TO De true, ana the price slid quickly
back again to 73$4c on a contradiction. 1t was
discovered that instead of 100 boatloads of
wheat being disposed of for export the mes
sage should have read 10000 bu corn. That
the market, however, was running on lines
thoroughly independent of export business
or other such ancient traditions was quickly
demonstrated. The price was on the boom
again, with the crowd going frantic in
endeaVor to take on fresh obligations, and
as the bell sounded at the end of the SeS-
sion May wheat was selling a 75c, with sew
eral large buying orders left untitled.
Corn received a good speculative support
period of weakness at the start The mar
ket could not help being influenced by the
bullishness of wheat, and made the best
prices near the close Old-time bull leaders
came into the market again and bought
heavily. A dispatch from New York said
the demand from the continent was better
than at any time for a month and at a
higher premium for spot than previously.
Receipts We're 40S cars. May opened h0Ac
lower at 3712d375sc, and sold sparingly at
3lasc. From that it rose to 3S12c and closed
at 3S3sc sellers.
The oats market was strong and showed
rather more independence than usual. Prices
were strong from the start, although liberal
offerings from commission houses We're en-
Countered. Receipts were 1870 cars. May
opened a shade lower at 27340277sc. sold at
27a4c, then improved to 2SssG2812c and closed
at 282s02S1ac.
Good foreign demand for provisions, in
cluding lard offset by heavy receipts
of hogs. A disposition on the part of hold
ers to sell was manifested and the strength
of grains did no more for the market than
to cause the early loss to be about all re-
gained. May pork opened 71961212c lower
at $40. 90G10.35 and rose to $10421a, the clos
ing price. The range in lard and ribs was
narrow.
Estimated receipts for to-morrow-W Wheat,
1S5 ears; corn, 615 cars; oats 227 cars; hogs,
$500 head
7 go