The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-29
STIMULANT TO WHEAT
LESS PROSPECT FOR WAR RESULTS
IN HIGHER QUOTATIONS.
July Nearly Cent Higher, May Clos
ing Pork, scored Gains.

CHICAGO, March 2S.-The question of
peace or war overshadowed all else on
Change to-day Assumptions of peaceful
solution of the Cuban question resulted in
sharp recoveries from early declines, and,
with the exception of oats, everything
closed strong and higher. Wheat advanced
Bc for July and 1Ac for May. Corn closed
ssQ12c higher, oats shade lower and pro-
visions 214q1215c higher.
Wheat started with an appearance of
firmness that gave way almost Immediately
to one of weakness. There was mild dis
position shown at first to cover short lines
on account of low temperatures prevailing
in the Northwest. Heavy rains were re-
ported over the winter-wheat country, and
fears of further damage by the cold, cou-
pied with unexpected strength at Liverpool,
where some futures were sd higher, started
the market, as far as July and the more
distant futures were concerned, at prices
shade better than Saturdays closing.
Smaller receipts in the Northwest also Of
fered encouragement to the bulls. But the
market turned weak at once. What little
demand there was from shorts had been
soon satisfied, and, as no other support of
consequence materialized, the decline for a
few minutes was rapid, July selling off from
S31sQS314c, its opening price, to $3.50 Some
liquidation was caused by the large worlds
wheat shipments, which amounted to S,773,-
600 bu. Another source of weakness was the
large addition to the contract stocks. Be-
sides the q cars received from regular
sources, 140 cars and S6, 400 bu No. / North
ern were received from mixing houses, a
total OF about 2O3,C00 bu in all. Chicago re-
celptS were 121 cars Northwest receipts
were 326 cars, against 743 last week and S44
n n
July there was rally to S27sc under cover
ing by scalpers. but prices sagged again in
a snort time to S23sc, and held around that
inquire until about IL o'clock. Then the mar
ket began to improve. The decrease in the
visible supply of 1,356,000 bu was much
greater than was looked for But every
thlng else was lost sight of in the consid-
Grafton of the news relating to the crisis
between the United States and Spain Re-
lions of this government in regard to Cuba
and the tone of the Presidents message to
Congress started buying demand that in
creased In volume as the session wore on,
and did not cease until the closing bell
sounded. Shorts of every description were
driven to cover, and investment buying,
which has been almost totally lacking for
some time, was in evidence. Half an hour
from the close July had advanced to S4bc.
and the price reacted to $3.50, but rebound
ed again very shortly. The close was
strong at SAC bid. May was traded in very
little. 1t opened half cent lower, at $1.031a,
but advanced at once to $1.O4, and, during
the activity in July, sold up as high as
$l.O012. 1t closed at $1.05A.
Corn was fairly active and firm with the
exception of a short time after the open
ing, when some decline took place in sym
pathy with wheat. The rally in wheat and
the unfaVorable character of the weather
turned the market very strong later, shorts
leading the buying. May ranged from 29Ac
to 2S1aQ2S5sc, and closed ss@12c higher, at
291sc.
Oats were heavily raided during the morn
ing by all classes of longs. Liquidation was
general and prices broke sharply. The mar
ket reacted when the turn came in wheat
and corn, but the recovery was only to pre-
vious prices. Shipping demand was slow
May ranged from 2514@25asc to 24ssc and
closed shade lower at 251s625Ac.
Provisions, like everything else were
weak during the first part of the session.
Heavy hog receipts and talk of yellow fever
possibilities in the South resulted in mild
llquldation and decline in prices. but the
market very easily recovered on the more
favorable Washington news and the rallies
in grain. At the close May pork was 121Ac
higher at $3.50; May lard, 2hc higher at
1875, and May ribs, sc higher, at $50215
Estimated receipts for Tuesday-Wheat,
12O cars; corn, 22O cars; oats, 800 cars hogs,
$1,000 head.
Leading futures ranged as follows: