The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-01
DULL DAY IN GRAIN PITS
UNCERTAINTY of PEACE SITUATION
RETARDs SPECULATION.
General UndertOne of Wheat Market
Firm, July Gaining 1-sc-PrO-
visions Scored Gains.

CHICAGO, March 31.-Uncertainty in re-
gard to the outcome of pending negotia-
lions between the United States and Spain
gave almost holiday character to trading
in wheat and coarse grains to-day. There
was a general undertone of firmness, wheat
closing 1sc higher for July. Corn advanced
1sc and oats closed unchanged. Provisions
were very firm, affected by talk of large
orders for naval supplies, and closed TAG
zoe higher.
Wheat opened about sc lower for July,
trades being made at 91A@913sc. The mag
nificent prospects of the winter wheat crop
in Kansas and favorable reports from other
winter wheat growing States were the CHER
causes for the opening weakness. Some
sections reported an increase in area of 20
per cent, and 1t was stated that very lit
tie damage was done from recent frosts.
1t was also reported that about 20000,000
bushels of old wheat were still on hand in
Kansas. The early drop in Wall-street
prices also acted as a. disturbing influence.
Prices soon recovered. Liverpool and Paris
markets both showed steady and stocks
showed an early recovery, giving the belief
that insiders were in possession of favor
able information concerning the outlook of a
settlement of the Cuban question. The bulls
also derived comfort from the falling off
in Northwest receipts, Minneapolis and Du
luth reporting 22O cars against 324 last week
and 5S7 a year aso. Though this did not re-
suit in much increase in the buying de-
mand, it stopped the short selling and liqui-
dation in degree and prices slowly recov-
cred to S2A@S29sc. The usual selling by
scalpers who are satisfied with fractional
profits then set in and decline to 81kc en-
Trading extremely w,
amounting at times almost to Stagnation.
The uncertainty in regard to the ultimate
settlement of the Cuban question acted as
q drag on the market, traders preferring to
wait until something definite was known
before venturing too far either way. In
consequence fluctuations were confined to
an exceptionally narrow range, the market
at no time getting above 82Ssc, which open
ing figures marked the low point of the day;
that delivery held steady at practically
nominal value $1.03a4 1t did drop at one
recovered as soon as the pressure was re-
moved. July after the reaction to Sl7sc, re-
covered again to S21sQS2Ac and held at that
price to the close. On account of the dull,
ness, routine news other than stated, had
scarcely any effect. Chicago receipts We're
So cars, 10 of contract grade. Besides this,
70 cars and So 800 bushels contract wheat
were received from mixing houses making
the total contract stock to-day about 125,-
300 bushels. Atlantic clearances amounted
to 425.O0O bushels. July was bringing $3.50
S914c at the close. May closed at $1.03A.
Corn was steady, but dull, most OF the
time at trifle above yesterdays prices.
Shorts did about all the buying. There was
more or less sympathy with wheat and the
advance In Wall street. Trading was almost
entirely local. May ranged from 29Q2S1sc to
2S$4c and closed &c higher, at &c.
Oats were almost at standStill all day,
there being barely &c fluctuations in prices.
Trade was altogether of scalping nature
and in small lots. The market showed un-
derrone of frmness with wheat and corn
May ranged from 251sc to 247sc, and closed
unchanged at 25c.
Provisions were firm at the opening and
became stronger later, prices being close to
the top at the end. 1t was reported that
stores and this caused covering by shorts,
resulting in strong market. The hog mar
zoe higher at $780, May lard 10c higher, at
So TO- and May ribs 7i2c higher, at So TO-
Estimated receipts on Friday-Wheat, 80
cars; corn, las cars; oats, ITO cars, hogs,
1000 head.
Leading futures ranged as follows: