The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-03
A BULGE AND A BREAK
WHEAT JUMPED TO THE HIGHEST
PRICE OF THE SEASON,
But Closed Lower than on Monday
Corn Declined ard Oats Gained
Little Change in Provisions.

CHICAGO Ian a-wheat scored the highest
price of the season to-day on heavy general buy
ing but broke sharply later on profit taking ana
closed weak. May 1sc lower. Corn closed isQhc
lower. oats &c higher and provisions practically
unchanged.
was imposing in volume. A rough estimate
based on the reports OF two leading commission
houses placed the quantity OF wheat to change
during the session at 100000 bu. Long stuff
was for sale at the tap OF the gong. May opened
unchanged to &C lower, at 77S4c TO nc. The de-
pressing factor was to be found in the delivery
of l. 500 900 bu on Jonuary contracts. There We're
no Liverpool quotations for futures, but the spot
article on that market was strong. The initial
selling met with a demand more than adequate
to take care of it, and within thirty minutes the
weakness turned to strength. One comission
house was said to have bought $500, 900 blu during
tho first hour and the head OF another one as
serted that he had bought twice that quantity.
Early sellers reinstated their lines. and there
was investment buying on large scale from
quarters hitherto out Of the market. The rally
was helped along by a decrease in the world
visible of i7l5O01 6u by an advance OF I'd In
OF heavy flour sales May scared during the
forenoon to 7sc and at this point the demand
those who offered to secure profts found DIM
Guilty in finding takers. Under pressure OF great
WEAK. Hc under Monday az ne Exporters re-
ported six loads taken. Seaboard clearances, In
wheat and -four, were equal TO l.O0,UO blu. PHI
mary receipts aggregated e11.ooo bu- Minneapo-
lis and Duluth reported AIS cars against gas last
week and PSI year ago. Local receipts Were zlS
cars. thirty-two of contract grade.
Corn comparatively quiet, depressed by
favorable weather and receipts, 7l9 cars and re-
spending with unwilngness to wheat when that
market at it's best. The purchase of 10000
bu of May by Phillips. who worked the Novexn-
Der corn squeeze. the only incident. May
sold between s7Ac and s6ssc and closed steady.
1sqLc down, at 36Isc.
Oats were active and the trade broader than IN
months. The demand, both local and outside,
showed considerable improvement. May sold be-
tween 24I46247sc and closed lac up, at NSsc. The
fluctuations OF wheat were influential In deter
mining prices, but while the market responded
readily enough to the bulge in the big marker,
the answer to the latter's weakness less
ready. Receipts were 42l cars.
Provisions opened higher on the fact that there
deliveries January contracts There
littla outside support however, and selling
by packers caused reaction. The close was
only fairly steady. May pork sold between
sl2. 72lz and s12s7lz and closed shade lower, at
$l272izQl2.75; January lard between $685. and
s6.S7k, closing shade down, at s6.92ia and jan
uary ribs between se.s7fs and $780, and closing
unchanged at So. 62Ia.
Estimated receipts to-morrow-wheat, $50 cars;
corn 4S5 cars; oats, 2l5 cars; hogs, $4,000 head.
Leading ranged follows: