The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-23
EXCITED WHEAT MARKET
HEAVY FOREIGN BUYING OFFSET
LARGELY BY LIQUIDATION.
Letters Brokers Announce that His
Cash Wheat Is Not for Sale
Provisions Decline. Ai

CHICAGO. April 22-Liquidation and
short selling on the Board of Trade to-day
largely offset heavy foreign buying and
advancing quotations abroad. May wheat
however, was independently strong and
closed at an advance of 215c. Corn and oats
closed practically unchanged. July pork
and short ribs declined 15c each and lard
lost &c.
An excited Liverpool wheat market, with
the May future up about 44c blu, started
this market to-day on momentary ram
page. The actual Inauguration of warlike
measures looking to the reduction of Ha-
vana was the impeling cause of the excite
ment at Liverpool, and the opening burst
of buying enthusiasm here. The elements of
an excited bulge in Chicago were lacking,
however, for the heavy local short sellers
had covered on the previous days advance
and on the opening advance of 1aQ5sc in
July they were ready to put out fresh
shorts. The first trades in July went over
a range of from $3.50 to 90c, most Of the
trade at the lower figures and only very
few succeeded in getting soc. The decline
that followed carried the price down to
$3.50, but that proved the rallying point
for a fresh advance. New York reported
all offers cabled the other side the night
before accepted. The demand from country
millers for No. l Northern spring wheat
was urgent at &c over the price paid here
yesterday, but Letters broker in the sam
pie market said he had refused all bids.
Chicago received 1872 cars, of which 80 cars
were contract. Minneapolis and Duluth got
ZIG cars, against ESQ last Friday and 1926
year ago. Atlantic port clearances were
100000 bu in wheat and flour. The total
clearances for the week from the Atlantic
seaboard have been 100000 bu, against D.
500,UO bu the week before Argentine wheat
shipments for the week were 1,112,000 bu
against 1,O00 COG bu the previous week. Spot
wheat at Liverpool closed I'd higher for Cal
lfornla and 1Q3Md higher for futures. But
Cudahy brokers were persistent sellers of
September and December, presumably on
fine crop prospects and on the advance in
ocean rates the crowd began to believe that
war was bound to affect grain prices on
| this side adversely They accordingly sold
but dipped back to 8S14c. Near the close it
rallied finally to $3.50 S81ac. May opened 1c
higher, at $1.13, advanced to and closed at
| $114h.
Active business was done in corn Firm
| ness in Liverpool and large exports held
| the market for time, but the advance was
| lost near the end. Receipts were 465 cars.
| Argentina shipped 1000 bu. Exports for
! the day from Atlantic ports were 1868, 900
bu. The weakness of wheat near the close
| caused a corresponding feeling in corn. July,
| which closed yesterday worth 33Q3312c,
| closed at that to-day, after selling to 1880.
Oats covered narrow range and held
| firm. Seaboard clearances were 19S,OO0 bu.
Receipts amounted to 41O cars. There was
some liquidation, shorts taking the offer
ings. July opened steady at 2414c, sold at
z4c and closed unchanged at A1sc.
Provisions acted similarly to the grain
markets. The great advance in prices at
Liverpool was probably anticipated by those
who bought the day before and on the slim
illus given by the actual rise abroad, yes
terdays buyers had their accumulation for
sale The advance at Liverpool was Is Cd
hundred weight each on bacon, lard and
hams. Realizing sales here had the effect
Of closing everything at about the bottom
Of the days range. Opening prices were
the highest of the day, at slight advance
| on yesterdays closing price The final prices
to-day We're at the following loss, compared
with those the day before: July pork, 15c;
lard, Sc: ribs, 15c July pork sold between
$n.50 and $11.10 closing at $11.121a Lard sold
at $5:7O and $500, closing at the lower fig
ure. Ribs ranged from $5.671a to $3.50, clos
ing at $5.50Q5.5212.
Estimated receipts for o-morrow-Wheat,
JOB cars; corn, $50; oats, 375; hogs. 49, 900
head.