The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-15
MAY WHEAT At Sill ~
LETTERS BROKERS SET A NEW
HIGH MARK IN CHICAGO MARkET.
Enormous Lines Change Hands in
Began-PrOvisiOns Weaker.

CHICAGO, April 14.-May wheat to-day
closed at $1.l11a, the highest point for that
delivery reached during the long Letter
campaign. War news and enormous sales
of cash wheat caused a sharp advance in
July also, but this was lost under heavy
realizing. and July closed unchanged. The
market was a spasmodic one. Corn left off
at 1sGAc advance. Oats closed unchanged.
Provisions showed declines of 5Q1213c.
The wheat market was in many respects
a peculiar one. Although IL tremendous
business was done, most of the activity was
crowded in the half hours Immediately fol-
lowing the opening and preceding the close.
But in these brief periods enormous lines
of wheat changed hands. The opening was
very strong all around. May again being
especially prominent. The continued grav
ity of the news from Washington was at all
times a factor. But the advices were for
the most part induced by the sharp advance
which took place at Liverpool, futures in
that market showing A@2d advances early
and increasing them later in the day. This
was apparently due to apprehension OF hos
tilities between the United States and
Spain. Another result of this apprehension,
and one which had great effect on trad
ing here, was the acceptance by foreigners
Of everything offered them. The heavy
sales of wheat for export yesterday by
Letter were outdone to-day, that trader
stating that he had disposed of 100000
bushels over night at the advance ruling
yesterday The effect on opening prices
here was marked. May, which closed yes
terday at $1.0S14, started to-day at from
$110 to $1.1012, and the rush of buying or
ders forced the price almost Immediately
to Sill AT these figures Letter supplied
everybody who wanted wheat, and the re-
suit was a reaction to I.1O and later to
$109 but no Indication of weakness was
shown The bulk of the trading, however,
was done in July, and great nervousness
shown among traders in that delivery.
Opening prices ranged from sec to $3.50, al.
advance of 1A@1asc over yesterday, the in
fiuence governing May being the factor
in July also. For a half hour the trading
was extremely heavy, shorts, frightened at
the recent rapid advance and the character
of the news, taking everything in sight.
But long wheat, which has been accumu-
latng, came on the market in immense
quantities, holders being satisfied with their
profits and under this liquidation the price
was hammered down to SSAc. 1t worked
back again under a gradually decreasing
trade to 89A0893sc, but there was evidently
plenty of wheat on tap at around S9c, and
the price soon got under that figure. For
about two hours the price swung back and
FORTH now above sec, then below it, but
with the tendency in the main toward a
lower level as the short interest became
eliminated. Short selling in expectation of
a good reaction finally started, and half an
hour from the close the selling movement
had become general, many of the carly buy
ers offering their lines. The result was a
decidedly weak market for a short space
of time, not only the early advance being
lost, but a cent besides. 1t looked as if
the market would wind up with the advan-
fnn witt
the close Letter brokers started to bull the
May price. They were eminently success
full, and a new seasons high mark--$1. 11la--
was established. This strength in May was
quickly reflected in July. Liquidation
stopped and shorts covered extensively
again. July, from S71sc, to which figure it
had declined, rallied to and closed steady at
S77sC. May wound up at %11h.
Corn was early active and firm, the adj
vance in wheat and higher cables bringing
large buying orders into the market. Tx
tensive and general selling ensued and the
market became comparatively weak. re-
manning in that condition until late in the
day, when the large business and the final
rally in wheat steadied the price. May
ranged from 3012c to 301sQ3014c and closed
1s9Nc higher at 3014 M303sc.
Oats followed closely the fluctuations of
wheat and corn Early prices were sympa-
thetica1ly higher, with good covering by
shorts. Prices soon sagged under realiz-
ing and rallied again with the late strength
in other markets May ranged from $3.50
26s4c to 26c and closed unchanged at 26Ac.
Provisions were the only real market on
the floor Prices were lower from the start
and the market at no time showed any
strength. There was scarcely any demand,
and the opinion was expressed that packers
were unwilling to permit bull market now
with the summer run of hogs just ahead.
May pork closed lac lower, at 50. TN; May
lard sc lower. at $51214, and May ribs SC
Estimated receipts for friday Wheat. 70
cars; corn, 1870 cars; oats, 1875 cars; hogs, 49,
600 head.
Toodipoe f,t,,rae NO orro5 &c folIou-e.