The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-04
WAR NEWS AND WHEAT
RUMORs CAUSE ADVANCES BOTH IN
CHICAGO AND LIVERPOOL
Letter Withdraws All Previous Offers
to Sell, and shorts Are Seized
with a Panic to Cover.

CHICAGO, April 2-War news instead Of
weakening the wheat market to-day was
decisively bull factor The result was the
advance of 1Hc a bushel, which marked the
close. Apparently the belief that war is
unavoidable was the cause Of withdrawal
of all offerings of wheat by Letter, sharp
advance at Liverpool, with greatly increased
demand from Great Britain. There was a
great covering movement by shorts. Coarse
grain and provisions also were strong.
Corn closed 2sQ12c higher, oats s9Ac high
er. and provisions 713@121ac higher.
Wheat opened almost at call price, July
starting at SS9sQS3%c against yesterdays
closing price of S275QS3c, and selling up in
short time to 1850. The demand from
both local and Southwestern shorts was
the most active in some time and a good
deal of difficulty was experienced in COW
ering lines of any importance, as offerings
Were scattered and sharp competition re-
suited. The heavy cash sales for export
and domestic milling purposes durin~ the
past week, which the feature of yes
terday's strength, was evidently still in the
minds of traders Another factor was the
sharp advance at Liverpool, where prices
were about Id above yesterdays. This
strength, reports of further heavy sales at
from continental houses lent strength to
the theory which has been gradually grow
ing, that the actual outbreak of hostiities
would mean an immediate advance in prices
and it was generally believed that Liver
pool was acting on this theory. The trade
was much influenced by the large business
done in low grade wheat yesterday for ex-
port, one firm disposing of about 500 600 blu.
To-day's engagements were reported equal
ly heavy Northwest receipts were mod
crate, 299 cars, against 800 last week and
256 year ago. Chicago received seventy
seven cars, thirty-four of contract grade.
stocks to about b%sbes
Coming sA' fro nafS mixing a Houses 0us lie
bushels A slight decline followed the adj
vance to S45sc, holders letting go a little
more freely, but offerings were snapped up
market began to climb again, and did not
stop until SIC had been bid and accepted
There the market held for some time, and
large business was done at that figure. The
announcement by Letters manager that he
had withdrawn all offers previously made
for the disposal of wheat, and that not
withstanding the fact that bids were heavy
and from all sources, no price would be
named at present, much higher prices being
doubly anxious to get from under but the
&c advance was too tempting for the aver
age holder. and wheat soon came on the
market in large quantities. The result was
gradual decline in the price, July finally
getting down to S414c, where it closed. Be-
fore the crowd left the pit, however, &9sc
was bid.
Corn was firm and good business was
done. Shorts were large buyers all day.
commission houses doing most of the SELL
ing. The market was affected some by
wheat, but a sharp advance in cables and
a good export demand were the factors of
equal Importance. May ranged from 1880
291ac to 291sc, and closed asQ12c higher at
29as02913c.
Oats showed more activity than usual:
with trade more general. The strength of
wheat and corr and large clearances were
influences Shorts were the best buyers
May ranged from 253sQ2515c to 251sc and
closed 1s@1ac higher at 25A@25asc
Early trading in provisions was marked
by sharp advances, and especially in
pork. Contract stocks were much less
than expected, and this and the strength of
grain markets induced a lot of buying. High
prices of the day were reached on this rally,
which was followed by a general decline on
realizing, but near the close buying became
general again, and the market closed
steady. At the close May pork was 121ac
higher at 1855; May lard 1212c higher at
$500, and May ribs 10c higher at $5.15.
Estimated Receipts for Monday-Wheat,
40 cars; corn, 145 cars; oats, 210 cars; hogs
1000 head.
7 PYN4tY foII0