The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-02
GRAIN MARKET SITTER
HEAVY CASH SALES OF WHEAT BY
LETTER STARTED THE BUYING.
Both May and July Options scored
Provisions Weaker.

CHICAGO, April 1,-Wheat to-day ad-
vanced and parted company with the stock
market. Heavy sales OF cash wheat by
Letter and others for shipment abroad and
for milling purposes at home overcame any
sympathy with downward trend of stocks
due to fear of hostilities between Spain and
the United States. To-day trading resulted
in gain of &c bushel in July wheat and
1ac in May. Corn and oats were steady with
wheat and closed with very little change.
Provisions were strong early, but weakened
later and closed 2151715c lower.
Wheat opened firm at prices unchanged
to asc higher than yesterdays closing fig
ures and in the course of the first hours
trading made a further advance of nearly
a half cent During this time the volume
of business was considerably heavier than
of late. The strength was principally due
to the statement OF Joseph Letter that he
had disposed Of 2,5000G0 bushels of cash
wheat Monday last for export. This indi-
cation of an urgeEt demand for wheat
abroad tended to make shorts uneasy. In
addition to that, however, the New York
stock market had recovered an opening de-
cline before trading commenced here. An
other bull help was the big falling off in
Argentine shipments since last week Ship
ments this week amounted to 1192,00O, or
about half as much as the week before.
Northwest receipts We're light, Minneapolis
and Duluth reporting 21S cars, against $40
last week and 2S9 a year ago. Chicago re-
ceived So cars, 81 contract grade The addi-
ton to the contract stocks to-day amounted
to $4,000 blu, 40 cars and $4,000 bu coming
from the mixing houses. Liverpool was up
A0ssd at the opening under good demand
from shorts and some investment buying.
July, which had opened at S2AMS212c, adj
Vanced to S27sc. There it met realizing sales
and a slow decline ensued, the price finally
getting back to S25ac Around the noon hour
the market began to show the effects of
the disturbing nature of the news from
Washington and the weakening of stocks,
and selling which had been light and scat
tering up 20 that time, increased in volume,
many of he early buyers putting their
lines on the market again The liquidation,
however only resulted in knocking the
price down to 823s@8215c. About this time
talk of further cash sales were circulated
ported early Letter had accepted 10000
bushels offered by cable yesterday after
noon and New York 100, 900 bu for domestic
milling. Other sales of 100000 bu were re-
ported for export. The remarkable heavy
cash sales caused selling to step very sud-
denly late ia the session and drove a good
many shorts to cover. The market was
decidedly strong toward the close, even
May up to that time almost at a stand
STILL sharing in the tirmness. July rallied
to S3c and closed at S27suS3c. Nav ranged
from S1.04 to $1.03A and closed at $1U3%.
Corn was slow and barley stea 1v at about
yesterdays figures. Only a limited scalp
ing business was done and fluctuations were
within Ac. News in general way
favored buyers, but had little effect. May
ranged from 291sc to 2S7sc and closed un-
changed at 29c.
Oats were quiet. influenced early by the
strength of wheat, but losing part of the
small advance later. Cash demand was re-
ported good and most of the buying APP
peared to be against those sales. Selling
was principally in the way of realizing.
May ranged from 25Ac to 25c and closed
1sc higher at 251sc.
Provisions early were very strong. Light
hog receipts and the strength of wheat
caused a good general demand and espe-
cially for pork and substantial advances re-
suited. At top figures, however, short SELL
ing and realizing was too heavy for the
market to stand up under and prices grad
ually declined, closing rather easier at in
side. figures. May pork closed 71ze lower at
$9.521a; May lard 21ac lower at $5.071a and
May ribs sc lower at $685.
Estimated receipts on Saturday-Wheat
50 cars; corn $50; oats, 245; hogs, 5000
head.
Leading futures ranged as follows: