The Indianapolis journal., 1897-04-16
WHEAT STARTS UPWARD
BULLS IN CONTROL YESTERDAY AND
MAY FUTURES ROSE L 3-SC.
Other Grain Was Firm and Closed
Higher. while All Lines of Pro-
visions Advanced.

CHICAGO April 15.-Reports of ruined
wheat crop came in from every direction
to-day and were of such a doleful charac-
ter that May wheat rose 1850 per bushel.
Corn and oats had a checkered existence
but were firm in the end. closing about &c
higher each. Provisions were strong with
out much activity, closing with advances of
from 2Iac to I21ac. Tomorrow good Friday
will be observed as a holiday on the board.
There was but one speculative market AT
the opening on Change to-day. That was
wheat and bull spectators had il all their
own way for a time. Nothing could with
draw the attention of the spectators from
the marshaled phalanx of bullish market
conditions which presented themselves.
Higher foreign markets, moderate North
western receipts and confirmation of a
heavy days export business at the sea-
board were good grounds of themselves for
a brisk jump in price at the start, but
added TO the calamitous report from
Springfield. H.. regarding the winter wheat
crop of the State which made the rather
startling statement that not more than
enough wheat for seed would be harvested
in Illinois this season. the only surprise is
that the first transaction did not show an
advance OF &c or sc instead of from iac
to Ac. Opening sales of May were from
6s3sc to. 6S7kc. against yesterdays closing
price of 6Sl4c and the scramble to cover
which set in from every quarter had sent
the price by IL o'clock to 6sPsc. with but one
or " tritiing halts. Chicago received ten
cars of wheat and Minneapolis and Duluth
2al. week ago the two latter cities got
Tbe 2S5 cars T and year ago they received 2s5
done at New York yesterday was 464, 900
bushels. Liverpool quoted an advance of Id
per Genital at the opening. The clearances
OF wheat and -four from the principal At
b,1
The small present shipment to foreign
countries was about the only development
of the situation which could be considered
other than bulish. Later in the session the
market became very unsettled. Such an
advance as recorded was naturally very
tempting and there was enough realizing
and short selling TO force the price back
to 90, but only for a short time. Reports
Of crop damage continued TO come in. even
far off California joining in the general COM
plaint. n rally to 69SsG69S4c ensued and aft
er two or three nervous fluctuations the
market settled around 69l2. May was bring
Ing 69ssc at the close.
Corn was subjected to several bear raids.
encouraged by the improving weather and
by the reports of the knee-hlgh corn i'm
Texas. The strength of wheat, however
made shorts nervous and their covering
as,s was sufficient to hold prices steady on what
weak market. seaboard ciearances were
$4,000 bushels. May opened lsc higher at
257se; eased off TO 2312a2Sss and recovered
to 23ssc. where il closed.
In oats the covering of one large line
was about the only feature. That with a
SeneraIly good demand created strong
feeling and caused an advance early in the
day. Selling became freer as prices scared
upward and the early advance was event
tually lost. Seaboard clearanceS were So 600
bushels. May opened lsc higher at 165sc, ad-
vanced to l624c. declined to 16Ad1e2sc and
rested at 163a0l6ssc asked
Provisions were strong without leading
to much activity in the trading Offerings
We're light. The opening advance, which
was due principally to sympathy with the
grain markets. was followed by some reac-
ton. but closing prices were at the best
figures of the day. AT the close May pork
was 1212c higher at $50; May lard about
2i2c higher at $40 and May ribs about
1l2c higher at $40
Estimated receipts for Friday-Wheat. Z
cars; corn, 80; oats, 40; hogs. 600 head
Leading futures ranged as follows: