The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-16
THE MARKETS AFFECTED
STATE OF EUROPEAN AFFAIRS
FORCES PRICES UPWARD.
Wheat. Corn and Oats Gain Fractions,
While Pork BECOMES Notably
Strong and Rises Csc.

CHICAGO. Feb. 15.-Al the grain and
provision markets were strongly affected
to-day by the state of affairs in Europe.
Wheat advanced 14c, corn 1zc. oats &c and
provisions 1G925c
Trading in wheat and provisions was
more active than it has been for some time
The final price of May wheat on Saturday
was 7S&G737sc. The opening price to-day
ranged from 75c to 7514c, over a cent adj
vance. On the curb the bulge had been
much sharper, 761ac having been quoted.
The market had the best kind of encour-
agement from Liverpool and London, for.
although Saturday marked the biggest
break of the month in prices here, Liver
pool had advanced &4d before the opening
of the regular board. due, of course to the
disturbed foreign political situation. The
drop in British consols of l per cent.
showed how seriously the state of affairs
was regarded, for fluctuations, as a rule.
are in fractions of LIE. Some strength at
the opening was also based on the small
worlds shipments of last week. The price
Immediately advanced to 1889 but the feel
ing was not all one way. Shorts were
scared into covering. but at the same time
holders welcomed the temporary strength
to market their lines. The price got down
to 14$sc. after an hour and half of Sc
we're pounding but the Founders had TO
very large quantity of short wheat to
produce tn; latter result The effect of that
was quickly felt when the short sellers had
put out as much as they cared and then
they tried to buy it back. A gradual rise
TO I44c took place and very rapid adj
vance for more than another cent so that
lers were the most anxious buy
ers at around 75Ac and before
they got enough to satisfy them for the
time being the price got TO 755sc for an in
close Saturday. The worlds shipments
amounted to $685., 900 bushels, a decrease of
amounted to but 100000 bushels. this had a
very sensible influence on prices. North
west receipts were light, 225 cars. COM
pared with 81 last week and 466 on the
corresponding day of the year before. and
Minneapolis reported mills bidding for
wheat at &c over the May price. A good
cash business was also reported. After the
advance to 757sc active realizing and short
selling caused a reaction to 754c. which
was quickly succeeded by. another advance
TO 1880. The closing was firm, at 7514q752sc.
Corn was comparatively quiet, but firm.
Local receipts were heavy, St1 cars, but this
was offset by the strength OF wheat and the
supply increased 1062,O00 bushels. Shorts
covered freely during the last hour. May
opened shade higher, at 2312c, advanced
to 24c, and closed strong, at 237sG24c.
The market for oats was firm and active
all day. Buying orders We're plentiful at
the start and prices advanced. They broke
when wheat made its 1c decline, but rail-
lied again quickly. Shorts were the best
buyers, the influence, as in the case of
wheat being the war scare. The visible
supply increased 10000 bushels. May
opened &c higher. at 111sc, sold a shade
higher, declined to 16sQl7c, then rallied to
IKE where it closed.
Provisions were much firmer, pork lead
ing in the advance. The principal feature
of the days trade was the buying of about
$4,000 barrels of pork by Baldwin Farnum.
Prices were helped by the strength of
wheat and q firm hog market A good
many wheat traders took shy at provi-
siOns and the result was a very active mar
ket, with prices from the start advancing.
At the close May pork was 25c higher, at
SS.05: May lard. Toe higher, at 81, and
May ribs Zoe higher, at A1215.
20 cars; corn, so; oats, So Hogs, $500
head.