The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-25
QUICK BULGE in WHEAT
RUSSIA WITHDRAWS ALL OFFERS
AND HER PRICE ADVANCES 15C.
Sensational News Came shortly be-
Panic-PrOvisions Weaker.

CHICAGO. April pa bulge of &c in
wheat was caused near the close to-day by
the following cablegram from London:
Russia has Withdrawn ali offers of wheat.
Russian prices advanced 15c per bushePthis
week" Local bears were utterly routed.
July. which had touched S714c, was rushed
up to S91ac, closing with net gain of $lq7sc
at Se1sc Corn and oats rallied with wheat.
closing hc higher. Provisions were weak,
but made some recovery. Pork lost 12c.
lard and ribs 21ac each.
Declines in wheat futures at Liverpool
and favorable crop news coupled with lack
of outside orders caused weak opening
in this market to-day. July. which closed
yesterday at SSss@SS1Ac. was for sale at
the opening this morning at from SS1sc down
to S7$4c, and was kept on the down grade
until it got down to STAG, from which point
it commenced to gradually recover. Sep
TENDER was equally depressed, opening down
from Zee to &c at S0%@S03Sc. May held
during the same time between SLIP and
$114 Letter reported acceptances to fair
ly liberal extent. London reported a cargo
of Manitoba hard spring taken at equal to
$1.35A a bushel. Minneapolis and Duluth
markets were strong enough to suggest fear
of famine in the not distant future, prices
for July being about 1sc above July prices
here. Beerbohm's estimates of world 3
shipments for the week was 81 900 bushels.
Receipts at Chicago were 1OS cars, 6S Of
them contract quality. Minneapolis and
Duluth, the former of which is now draw
ing supplies largely from Kansas, received
21S cars, against 159 last week and 3S7 year
ago. The sensation of the day near the
close OF the session, the withdrawal of all
offers Of wheat from Russia to the United
Kingdom, accompanied by the statement
that the price of Russian wheat had risen
the equivalent of 15c a bushel this week,
stirred up the market here and sent July up
with whirl to S91Ac in the last five min
utes, and left it at 891sc, &c net gain
for the day. September shared moderately
in the Improvement, and rose to S1s4c, with
S112c the closing price, showing 14c gain for
the day after recovery Of the &c loss it
started with. May sold between SLIP and
$1.14, closing at the top.
Corn was heavy during the greater part
of the session The oVersold condition be-
came apparent when wheat started up near
the close. Shorts were active buyers and
closed the market near the top. Chicago re-
ed $4,000 bu. Demand for export was fair.
July opened steady at 32AQ33c, rallied and
closed at 39Ac, net gain, of Bc.
oats were easy early, but Stiffened up
near the close. News from Europe was
bullish, cables from London and the con-
tinent saying oats were excited and higher.
Clearances were $4,000 blu. Eastern shippers
We're liberal buyers for export. July open
ed lower at 4c, sold at 23Ac, closing at 241s
Q24Ac, a net gain of 11sc.
Provisions were hard to sell on opening
and realizing gave prices quite a setback.
Bacon had another rise of Cd at Liverpool.
On the early dip commission houses bought
freely and on the general Improvement near
the close provisions made a good rally.
The trade was without any particular fea-
ture July pork opened 1212Q321ac lower at
S1O.80Q11 advanced to $1105, closing at $11,
a net loss of 121ac. July lard sold between
$5.5OQ55712 closing at the top, loss of 21ac.
July ribs ranged from $5.4212 to $780, closing
21Ac net lower at $3.50.
Estimated receipts for Monday-Wheat
$50 cars; corn, 40; oats, $50; hogs, 10000
head
Leading futures ranged as follows: