The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-05
HIGHEST IN TEN YEARS
CASH WHEAT AT CHICAGO JUMPS TO
$I.3I, A GAIN OF soc.
Letter Controls the Market, with Vast
Profits i'm store for His Hold
iags-JuIy Gains &c.

CHICAGO, May 4. = Chicago wheat adj
vanced 4Gi10c bushel on Change to-day
May, or cash, wheat sold at s1.31 per bushel,
an advance since yesterday of 10c, the high
est price recorded for cash wheat since 1888,
when it sold fer 81 a busilel during ''Old
Hutch's' famous corner July rose 4c
closing at 9sssc. The rapid advance was
due to the removal of the French import
duty, which was followed to-day by large
sales for export to France. Corn rose 5Q6c
oats &c. pork 15c, lard and ribs SC
Liverpool cables started the wheat market
here on the up grade al to-day's opening
The English market was UP 412d on nearby
FUTURES while the Paris market was report
ed 3lc lower. The latter report proved TO be
2ec out of the way, however, and caused
plenty OF selling here. But the fact re-
manned that France had only enough wheat
in sight to last two weeks. The country S
consumption is 600 bi week, and their
own crop will not be available until Aug 1
Rumors were current that Germany and
Austria would also abolish the import duty
Letter reported foreign bids at sc advance
over yesterdays offers. July started 1%c
higher, at 96Ac. The market eased off i'm
mediately to 95Ac. Scalpers were in bear
fsh mood and put out short lines without
hesitation. Receipts here were 1893 cars, of
which 120 were contract. Minneapolis and
Duluth got 293 cars, against 321 year ago.
Atlantic port clearances were small, but
primary Western market receipts were $751;
600 Blu, against 800 600 blu the corresponding
DAY OF the year before. Closing cables
showed Liverpool up for the day from Sd
for May to 41Ad for July and SPOT wheat up
from Id for No. Northern to Sd for Califor-
MA. Rumors of large cash sales to France
a vary MOI toto
to 1890 o'clock the market was in a COM
paratively normal condition, with July SELL
ing around S6c and May at $124 Shorts made
occasional efforts to cover and each time
tney round offerings growing scarcer Half
an nour Defore the close Letter calmly
nssh b tnat ne had Just sold 10000 Blu of
France. at an advance of sc over yester-
Gays hgures. He accompanied the news
with heavy buying orders through his brok-
ers. the Allen-Greis- Seller Company They
bid May up from $1N to $1.31. Letters eff
Iorts 10 secure more May wheat which is
equivalent to the cash article. threw the
bears into panic. July jumped by eighths
and quarters from 96c to 96%c. The close
was at SS9sc. a net gain of DC. May closed
to-day apparently show him to be in COM
piete mastery over May wheat at least
and if: as is generally believed, there is a
large interest in May, the bears may have
fancy losses to meet
Corn opened higher, but ruled heavy until
near the end Receipts were sos ears sea-
board clearances. $4,000 bu. Shorts bought
eagerly when wheat got excited and closed
the market strong at the top of the day
July opened ssc higher. at 34ssc. declined to
at 3414@343sc
Oats ruled firm. There was no cash de-
mand and nc speculation. Chicago receipts
We're 2Sl cars. The market rallied slightly 1t
the end: in sympathy with wheat. July
ranged from 255sc to &c., closing nc higher,
at 26c.
Provisions opened strong, but ruled weak
on liberal offerings until near the close
The advance In grain caused prices to re-
cover and close at advances of 15c in pork
l0c In lard and &c in ribs. The market was
without special feature
Estimated receipts for o-morrow-Wheat
20 cars; corn, $40 cars; oats, $50 cars; hogs,
900 head.
Leading futures ranoed az follor,.c.