The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-20
WHEAT GOES TO 80 CENTS
FLOUR DEMAND AT MINNEAPOLIS
STARTED BUYING MOVEMENT.
Covering by Short Holders Prominent
Feature of the Days Trading
Heavy Selling of Corn.

CHICAGO Jan. 1s.-An advance Of nc was
scored in wheat to-day. largely as the result Of
an active demand for -four IN the Northwest.
Corn advanced &c. and oats up shade.
Provisions unchanged to 7lsc higher.
The crowd in the wheat pit was bearish at
the start on an improved outlook regarding the
situation. The peaceful utterances OF the
Gar reflected in fair advance in the
price of British consols which tended to relieve
anxiety in the minds Of shorts. To give further
assurance prices in foreign grain markets were
lower.
AS a result opening quotations here were easy.
May being unchanged TO hc lower at SSfsc 10
ssTsc. During the early part OF the session there
was considerable selling by the professionals
and prices were inclined toward a lower level.
support by the leading long. however. pre-
vented any great loss May holding to Ssssc.
At the end Of an hour talk OF a big -four de-
mand at Minneapolis appeared TO affect the sen
stive local shorts. Those who had sold on the
early bearish suddenly wanted the wheat
not forthcoming The result that the
market assumed a bulish aspect and prices
DECREASE IN WORLDS VISIBLE.
The market was further strengthened by the
announcement of a decrease of 10000 bu
in the worlds visiby supply figures The
strength in outside markets also deepened the
feeling of conviction in the minds OF many trad
/ ers that the long side was the safe side OF
wheat In consequence an active demand pre-
On the advance, May sold up 10 90c, and, al
though there was heavy realizing at that figure.
strong at ESsS Se taken ana the close was
Clearances of wheat and flour were equal to
625. 900 bu. Primary receipts S2S500 blu.
against 71s.2OO bu a year ago. Minneapolis Du-
luth and Chicago reported receipts of 400 cars,
against ass cars last week and Az a year ago.
BIG INTERESTS SELL CORN.
Corn was weak early with these houses which
have been active on the bull side of late selling
on fairly large scale The local crowd also
sold. Higher consols and Indifferent cables were
the chief depressing influences.
rallied and a good many OF those who sold early
covered at loss Tie shipping demand con-
but the grading was poor. After opening a
shade to h@1sc lower al at !sA94slfc May sold
were $50 cars, none of contract grade.
OATS EASIER EARLY.
Oats were easier early along with other grains
There was considerable selling by commission
houses and prices showed some losses from yes
terdays level. Later the loss was all regained
on covering by shorts and on a fair scattered
the chief supporting influence. The close wa:
firm. with May shade higher at 41%GHRc
| after selling between 41$sc and Aye Local re
ceipts were 215 cars.
PROVISIONS MAKE GAINS
| Provisions had a firm undertone and bushes,
of liberal volume and mostly for outsid,
account. There was buying by commission
houses for investment account and at the sam.
time a good deal of selling by holders Will
profits on the hard spots. An advance of SC t.
sentiment. while the higher prices in ''v grain
pork PIC higher at 1920 May lard up IA
| at s7.17lz, with ribs unchanged at se-67Iz
| corn, 200 cars; oats ll5 cars hogs, 1900 head.
| Leading futures ranged follows