The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-17
TURNED STRONG AGAIN
JULY WHEAT CLIMBED UP sc AT ONE
TIME, CLOSING AT 800 IA.
Heavy Demand for Provisions Causes
Rise of zoe Barrel I'm Pork. with
Ribs and Lard Stronger.

CHICAGO, May 16-Wheat on the Board
of Trade to-day was strong, started by
higher cables and kept going by the advance
in corn and provisions due to covering of
shorts. AT its best, July wheat here was
up sc and September 2lsc. The closing
prices We're within &c of the top. Corn fin
ished with net gain of l2c. Provisions at
the close showed an advance of zoe in pork,
SOC in lard and 40c in ribs
The decided strength in the Liverpool ca
bles was the chief cause for the bull senti-
ment in wheat to-day. Liverpool quoted
July wheat fully 1c a bushel higher than it
closed Saturday. European political news
was looked on as quite important, for it
seems to point to growing differences be-
tween England and France over the Afri-
can complications. Domestic receipts were
very heavy, and under ordinary circum-
stances would have caused the traders to
be shy of buying. Having nothing but the
memory of recent losses in their minds, they
covered freely every time the buying be-
came strong. Chicago received 1868 cars,
against seven last year. Minneapolis and
Duluth got S12 cars. compared with $50 cars
last year. The total received at Western
primary markets was 1,122,OO0 blu, compared
with $4,000 blu the corresponding day or
1897. The quantity of wheat on ocean pas
sage increased 500, 600 bu since week ago
and is now 1,2SO000 blu, against 1S,60O.OOO bu
the similar time last year. The worlds ex-
ports of wheat and flour to Europe last
week were over 10, 900, 900 Blu, whereas, in the
similar week of 1897 the total shipments
were 5,92O,600 blu. The domestic visible de-
creased only 1900 bu last week, whereas
the decrease last year was 2125,OOO bu. The
English visible was calculated to have In
week
with an increase year ago of 10000 blu.
The weather east of the Rockies was about
drought was broken by twenty-four hours
rain. Continental cables too, were in the
main easier. However. the market got
the most part, so that the traders had no
opportunity to look at the news items, more
especially those Of statistical e sharact e,
close Of Sl,44N, and was carried up with
July and closed at $50 bid. SIC net gain.
July opened from $106 to $1.0712, finally
touching slO9, eased off to si.O7a4 and sold
up to $i091a and reacted to $1O914 bid at the
close. a net gain of 4%c. September which
sold down to S97sc and then up to 92c, react
ing to 9lAc at the close, net gain of 21sc
Corn was very strong and active to-day
with outsiders in the market in force. The
weather was a factor-cool and wet this
morning and light froSts predicted over a
good part Of the Northwest tonight. LIVER
pool was 1s@Ad higher This was produc-
tive of much bullish sentiment in the pitt
and buying put prices up &c. Receipts were
TIA cars. July opened at 341sQ3614c rose to-
371sc and reacted to S6AQS7c at the close,
gain of &c.
Oats were neglected, but opened firm and
in sympathy with the general strength in
the other speculative markets. Shorts were
moderate buyers. Shippers say there is
very little demand. Speculative orders were
very scarce. Receipts were SS7 cars The
visible decreased $50. 900 blu. July opened at
ss@261ac against 26hQ26ssc the close on
Saturday, sold up to 26s4 @267sc at the close.
a net gain of 1ac.
Provisions made a sensational advance,
nearly all Of which was retained. Shipments
of lard and meats were enormous. Increase
in outside trade factor Government
orders for the army cut some figure. There
has been very large buying of both ribs and
lard through commission houses for pack
ers. Hog receipts were A. 900 head, but prices
were 5d10c higher. July pork opened at
81. SO612 05, against the previous quotation
of $11.70; sold up to $12171a. back to $1210.
and closed at $12.40. net gain of zoe. July
lard started at $670Q6.77; sold up to $500,
reacted to S667G6.7e. and closed at $3.50
net gain of 35c over Saturdays closing price
July ribs opened at Sc 25Q6.40, sold up to $500
and dropped to $685. at the close, a gain of
40c net.
Estimated receipts for to-morrow-Wheat
ass cars; corn, 1,237 cars; oats, 37S cars; hogs,
10000 head