The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-09
SHARP ADVANCE IN CORN
FARMERS BELIEVE WAR WOULD
RESULT IN HIGHER PRICES.
Wheat Stronger and July scores a
Gain of 7-Sc-Other Markets
Dull and Unchanged.

CHICAGO. April S.-The Spanish crisis
and a sharp advance in corn made a strong
market for wheat to-day, July closing at an
advance of &c The closing of the corlti-
METAL markets and many of the principal do
nestle exchanges made trading here quite
small all day. Corn was very strong OH
sudden shutting off of country offerings, and
closed 5sc higher. Oats were dull but firm
and advanced CSC. Closing prices for pro-
visions show little change from yesterday.
The opening in wheat was quiet and
steady, July starting at S37s@S4c, about
where it left off yesterday The closing of
Liverpool and the continental markets and
nearly all the principal domestic exchanges
took away from the market half of the
usual speculative notice and the pit at the
opening and for that matter, during most
of the session was not more than half filed.
Enough buIlish news was to hand to cause a
moderate demand to cover short contracts,
and as offerings were even scarcer than
buying orders the market for time moved
upward, July advancing to S4aS41sc from
S3a4@S37sc, where it had sold Immediately
after the opening. Northwest receipts were
again light Minneapolis and Duluth report
ing arrivals of 1865 cars, compared with 21S
last week and 364 a year ago. Crop news
from California was fully as unfavorable as
YESTERDAY. but outside of this reports were
generally favorable. The figures on the Ar
gentine weekly wheat shipments depressed
the market for time. Shipments last week
were reported at 1872, eco bushels, big liz
crease over the previous week. and this fact
caused a little more selling pressure, put
ting the price back to $3.50. After that
however, the market ruled strong to the
end. The Cuban situation, so long de-
pressing factor in wheat, has now appar-
emily become a bulish influence. Many
traders, and especially among the shorts,
expressed the belief that hostilities would
result in an advance in prices, and acted &C
cording to their belief. Additional strength
was given the market late in the day by
the advance which was taking place in corn,
causing more or less sympathetic buying
and sustaining prices against the occasional
pressure by professional shorts and the in
evitable liquidation which comes on the
market during periods of dullness. The de-
mand improved during the afternoon, the
market becoming quite strong under mod
crate general buying July finally advanced
to S494nS47sc and closed nrm at S4s4c' -
and the market was strong all day. There
were almost no country offerings, due, 1t is
claimed, to war apprehension, ana TINS TACT
drove in good many of the big shorts. AS
the market advanced the buying became
general and was kept up to the end. May
ranged from 30c to 29lsc and closed 7sc high
er at 30c.
Oats were dull but firm. The market was
helped a good deal by the advance in corn
and also by the excellent cash demand.
Shippers were the best buyers. There was
also moderate short demand. May ranged
from 25s4c to 253sc and closed 3sc higher at
25%c.
Provisions were decidedly dull. Weak hog
prices were responsible for an opening de-
cline in provisions, packers being the SELL
- 1CNsfe-
of large government inquiries for products
caused a better demand later, and the de-
cline was recovered. The close was steady.
lard a shade higher at $5.17l2 and May ribs
212c higher at $5,1712.
Estimated receipts for Saturday-Wheat.
so cars; corn, 110 cars; oats, 165 cars; hogs
Is. 000
Loading futures ranged as follows: