The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-27
WILD DAY IN WHEAT PIT
AS MUCH BUSINESS AS ANY DAY DUR
ING THE LETTER DEAL.
May Futures Carried Up to 10 1-2c at
One Time. and Strong Buying at
the Close at II rs Cents.

CHICAGO, Jan. 25.-Such an enormous
business as was done in the wheat pit to-
day has not had it's counterpart the present
season, and it is questionable if as general
and heavy a trade was done in day during
the historic Letter deal Aggressive buy
ing under the leadership of Wall-street OPP
orators at one time during the day forced
May wheat up 4l2c over yesterdays close.
Heavy realizing near the end of the ses-
4 sion caused a reaction, and May closed
with Il net gain of 27sc. Corn advanced ssc
and oats AQ3sc. Pork left off 15c higher,
and lard and ribs 212c each.
The, bullsh sentiment in wheat which got
so well under way yesterday continued with
increased energy at the opening. Wheat
leaped into the air with a skip at the very
start and offerings were scarce at 10112c
over yesterdays closing price. Even the
few traders who for a minute or two
thought it worth while to risk to sell
little short at such an advance soon
changed their minds and found it difficult
to reinstate themselves at &c above the top
price of Wednesday. Buying orders from
outside sour ces were numerous urgent and
apparently without limit as to price. The
selling was evidently confined for the most
part to local scalpers, who had previously
peared to have adopted the alleged Wall
street policy to buy wheat when it is weak.
buy it when it is strong. and buy it all the
time" May started at from 76c to 761ac
sold in heavy amounts for about fifteen
minutes between the opening figures and
757sc, chiefly around 76Ac, and then rose
excitedly to nc. In a few minutes it re-
acted to 76Bc on realizing of profits by
longs, then rose again to nc, and some little
brought 771sc on the second advance. Liv-
erpool was apparently forced into recogni-
ton of the strength prevailing here, spot
wheat opening Id up and futures from 114d
to 124d. The figures of the grain movement,
in comparison with those of year ago were
quite out of line with the course of prices,
except that Atlantic port clearanceS or
wheat and flour were more liberal amount
ing to $1,000 blu. Receipts were 143 cars,
against 120 last year, and Minneapolis and
Duluth got 4S9 cars compared with 2S4 for
the corresponding day the previous year
Aggregate receipts at Western primary
markets were reported at $4,000 blu, where
as 100000 bu was the total a year ago. For
eigners were largely short May wheat
here and in New York One commission house
that does large foreign speculative bust
ness reported to have called margins
from European customers up to SOC a bu.
Many European shorts were said to have
sent orders to buy in the wheat. The an
rouncement of this caused the greatest ex-
citement, and as orders kept coming from
all quarters to buy wheat, May shot up to
1912c That was gain of 412c for the day,
and, the majority of traders had hand
some profits coming, they took advantage
of the excitement to secure them. The
liquidation became so general that inside
of fifteen minutes May tumhled back to
73Xc but quickly started on the up-turn
again. The advance was cut short by the
bell sounding the end of the session, and
May closed at 777sc.
There was a broad general trade in corn
with prices strong under the influence of
wheat. Wall-street furnished the bulk of
buying orders, but any material advance
was checked by heavy selling from the
country. Receipts were large, SIS cars. but
any effect this might have had was offset by
the heavy export demand. May opened 4
q12c higher at 3S5sQ3S7scN declined to 3S19c.
rose TO $3.50, then settled back to 3Sasc,
sellers at the close.
attention to wheat There was a large
business transacted with comparatively few
outside orders During the last hour there
was a good deal of excitement, and May
started to climb rapidly but in the last fif-
teen minutes profit taking caused a decline
from the top. Receipts were 225 cars. May
opened shade higher at 2S12c, sold at 2S3sc,
advanced quickly to 29c, then reacted to
2S3c at the close.
Heavy buying of pork by group of COM
mission people strengthened provisions.
receipts of hogs and easier prices at the
yards May pork opened 71ac higher at
5000, declined to $10421a advanced to
$O,6212, then reacted to $10572. The range
in lard and ribs was very narrow.
Estimated receipts for o-mOrrow-Wheat,
1876 cars; corn, 575 cars; oats, 210 cars; hogs,
$1,000 head.