The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-19
A COLD WEATHER SCARE
CAUSED BUYING OF WHEAT AND
PRICES MATERIALLY ADVANCED.
The Letter Crowd UnIOaded a Guam
tity of July During the Demand
Provisions Were Weaker.

CHICAGO, March B.-The appearance of
| cold weather in the Northwest to-day
brought an end to the long spell of weak
ness in wheat and caused heavy buying
both in May and July The market was
! strong throughout, May closing 1ac higher
and July 1A@13sc higher The same influ-
ence ruled in the coarser grain markets,
corn and oats advancing Ac each. Provi-
| sons were very dull and inclined to weak
ness, though price changes were small.
| Wheat started firm, July Ac higher, at
| S51sQS5Ac, and May 14c higher, at $1O41k. 1t
| was raining throughout the West in itself
| a depressing feature, but freezing weather
was reported in the Northwest and there
| was a good deal of apprehension of the
| frost line extending over the water-soaked
| winter wheat fields. Possible damage from
this source did not at first result in great
| increase in the buying demand, but it
stopped the selling pressure, and shorts
anxious to cover found it necessary to adj
vance their bids materially before securing
the desired wheat. In the first forty-five
| minuets' trading July was advanced to
| S5Ac. Then realizing by scalpers caused
reaction to S5ssc, where the market hung
for a short time. After that the market
gradually became stronger and trade broad
Liverpool showed sharp advances in both
cash and the deferred futures. California
sent quite gloomy crop prospects, predic-
tons being made that the crop, on account
of the drought would not exceed 20 900 900
bushels. That these reports were taken Sc
riously in California was evidenced by the
number of covering orders for May and
July contracts, but especially for the for
mer, which were received from that source.
| Div ,Ixrf1 y sold
| that stocks there were nearly exhausted.
| These reports were given some color by the
| falling off in Minneapolis and Duluth re-
ceipts, these two cities reporting 275 cars
to-day against 430 last week and 297 a year
ago. Chicago receipts were 1OS cars, thirty
| three of which were of contract grade. The
| total addition to contract stocks was $4,000
| bushels, private houses contributing seven
! ty-five cars and 10 800 bushels. The seaboard
advices were of bullish character, an i'm
proved foreign demand at better prices be-
! ing reported. The demand for July became
| general about the middle of the session.
| Outsiders came into the market in great
numbers, while local shorts were heavy
| buyers. The price of July reached S61sc on
| this bulge. Another short spell of realizing
| caused a reaction to S6Ac, but toward the
end of the session buying again became
| heavy and prices advanced The market
ruled strong at the close, July advancing to
| S61 @S62sc and closing strong at 861sc. Quite
a large trade was done in May. California
shorts were especially good buyers. Local
traders, who have been heavy sellers of
| that delivery lately, also bought back some
| OF tnelf lines. Letter brokers' were Tree
sellers, but the market was strong enough
| to absorb everything offered, and probably
100000 bushels was disposed of by the Letter
| people at prices around 851ac. May sold as
! high as $1.06 and closed at $105%.
Corn strong though not very active.
Less favorable weather conditions and the
strength of wheat, caused better demand,
especially from local shorts, and several i'm
portant lines were covered. Country offer
ings were small, which also helped. May
ranged from 294@29asc to 29c and closed Ac
higher, at 29Ac ~o
Oats were fairly active and stronger, in
sympathy with other grains, and on the I'M
favorable weather There was little pres
sure to sell, and with fairly good demand
from shorts prices ruled firm at a slight
advance There was good cash inquiry,
but the bids were a little out of line. May
ranged from 26&c to 251zc and closed Ac
higher, at 255s@25s4c.
Provisions were very dull, and, on the
whole, very weak though trading was too
small to admit of material declines. Prices
fluctuated narrowly all day, with very little
doing beyond scattered scalping business
At the close May pork was 21sc higher, at
$3.50; May lard unchanged, at $5.15, and May
ribs unchanged, at $50.
Estimated receipts for Saturday-Whe
40 cars; corn, 30 cars oats, 1870 cars; hogs
II, 900 head.
Leading futures ranged as follows: