The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-14
MAY WHEAT AT $1.091-2
HIGHEST POINT YET TOUCHED
CAUSED 4 RUSH OF BUYERS.
Letter DispOses of Large Lots of Cash
Wheat to Foreigners, and War
News Rules the Market.

CHICAGO, April 1S-The war crisis
caused the most active wheat market here
to-day that has been seen in many weeks.
May sold to $1091A. the highest point yet
reached. July sold to sS14c an advance of
2$4c over yesterdays prices. There was
general and heavy covering by shorts all
day and although Letter and other bull
leaders took advantage of the bulge to un-
load large quantities of their holdings. the
market was firm at the close. July closed
at S7%c and May at $1.OS1s.
Everything in wheat was very strong at
the opening. Even May, which has been al
most nominal Of late, exhibited great deal
of activity. and, in fact, was the feature
of the early trading. The most prominent
factor in the strength was undoubtedly the
gravity of the reports from Washington.
Another factor the knowledge of ac-
ceptances abroad of all the wheat Letter
had offered the previous afternoon, at prices
based on yesterdays advance. This guam
tity was put by Letter at about 700, 600 bush
els, and this proof of the determination of
foreigners to get all the wheat possible
ahead of actual hostilities created genuine
anxiety among the shorts, big and little,
and started them to covering as soon as
trading commenced. May started at $1OS,
an advance of cent, and advanced at once
to $1.O91a, the highest point yet reached on
that option. Very little was offered at first
but Letter soon took advantage of the
bulge and disposed of large quantities
through brokers, satisfying for short time
the short demand, and the price eased off
to $1.0S The big trading, however, was done
in July. That option opened at from S5a4c
to S6lsc, compared with S51aGS55sc yester-
day. All classes of buyers came into the
market but offerings were decidedly linn
tied until the price got up to 855sc This was
above call figures and free selling by hold
ers of those privileges with extensive real
izing by longs caused little softening of
prices. July getting back to $3.50. For
time after that there was a little ceSSa-
ton in the buying fever and prices did not
change much. But about 80 the influence
OF the Washington news was augmented by
more sensational news regarding the Cali
fornia crop. The condition in that State was
said to be the worst since 1856. and predic-
lions of not more than third of a crop
We're made unless rain comes soon. Before
II o'clock the buying here became larger
than before and as the session wore on it
became practically scramble among shorts
TO cover Ordinary news of the day cut lit
tie figure. everything else being overshad-
owed by the war news and Letters big cash
sales Continental markets were firm and
higher. Northwest receipts were small, 142
cars, against 253 last week and 293 a year
ago. Chicago receipts were II ours. The ad-
dition to contract stocks to-day amounted
to about 11S,000 bushels. Clearances were
rather light. The Letter interest sold large
ly of May and also of July right up to the
close, but even his offerings were not Suff1-
cient to satisfy the demand and q few min
uteS from the end of the session July was
bid up to SS3sc The market then reacted to
S77sc, which was the closing price. May
closed at $1,0S4. Letters brokers to-day
called a 10 per cent. margin on everybody
on May trades.
Corn was rather draggy at first. Receiv-
ing houses sold a good deal, which, with
the favorable weather, had a tendency to
keep prices back. After noon the market
began to respond to the jump in wheat and
became very strong with a broader trade
May ranged from 30asm3012c to $3.50 and
closed &c higher. at 301sc.
Oats were active and strong, the firmness
being due principally to the wheat adj
vance. Shorts were good buyers all day.
Crop reports were not altogether favorable
recent frosts having done damage in some
sections. Shippers and commission houses
bought. May ranged from 261A to 25$4Q25bc,
and closed 12c higher, at 26Ac.
Provisions early were easy on a break in
hog prices, and the market dragged until
noon. Packers were sellers of ribs. In the
last hour the market turned strong with
grain, on the war news, shorts covering
freely. May pork closed 171ac higher, at
$9.9212; May lard about unchanged, at $5.1712,
and May ribs 212c higher, at $5.171a.
Estimated receipts for Thursday: Wheat,
70 cars; corn, 100 cars; oats, 200 cars; hogs,
$4,000 head.
Leading futures ranged as follows: