The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-18
BETTER WHEAT PRICES
CHICAGO BOARD of TRADE REFUSES
TO FIX A MARGINAL PRICE.
weakness Was Manifest I'm the
came Firmer and Scored Gains.

CHICAGO, March 1.-THE refusal of the
Board of Trade directors to fix marginal
price on May wheat was the main factor in
that market to-day. Though the advance
this caused was lost about the middle of
the session, prices recovered again. the July
option closing Ac higher than yesterday.
May showed an equal advance. Liquidation
of May contracts in corn and oats made
those markets weak. declines of 14@asc and
&c, respectively, resulting. Provisions were
firm all day, and closed 712d15c higher.
A good deal Of strength was shown at the
opening in wheat, although trading was not
heavy The action of the board of directors
last night in refusing to fix a marginal price
on May contracts, and the fact that testi-
mony taken by the board showed shipping
values to be more than the bears cared to
admit, caused a halt in the liquidation and
short selling, which has made the market
SO weak of late, and though it did not re-
suit in very much increase in the buying
demand. yet the falling off in the selling
pressure was so marked as to cause an i'm
mediate advance in price. Besides the di-
rectors action, some of the routine news
was of a bullish nature. Killing frosts were
reported from California. Freezing weather
was reported in the Northwest, and Mime
apolis advices said the receipts of wheat
from now on would probably be most of
low grades. Northwest receipts were not
so heavy, Minneapolis and Duluth reporting
231 cars against 291 last week and 205 a
year ago. Chicago receipts were 147 cars.
OF this number, SO were of contract grade,
but Notwithstanding this large proportion,
the additions to the contract supplies here
We're not so large, as private houses con-
tr1Duted but IL cars and 10000 blu No. l
Northern, total of about 200 blu. Lv-
erpool, in view of the decline here yeSter-
day, showed an unexpected degree of stead
mess. Opening trades in July were on an
advance of 1ac, 85Q85Bc being bid. One or
two sales Were made as low as S4Hc. Soon
a disposition among the scalpers to cover
up their short lines was shown. There was
some difficulty experienced in doing this.
which brought some of the professional
shorts into the market to cover on an adj
vance that enSued, which carried July up to
S59Sc. Then the market turned weak. The
West, an important factor all week, made
its influence felt again. Prices began to
early BUYERS Il The demand '' from u shorts
ceased almost altogether, and very little
support was given until prices had declined
to 84Ac. Around 8415c Letters brokers gave
July support. This caused quick halt in
the decline, and started a buying movement
again, under which the market rapidly i'm
eciioose' July advancing to and closing at
S47sc. May was quiet all day. It showed
some strength, selling as high as $l.O412, anG
never getting below the fixed price-$1.04
1t closed at the latter price.
The opening in corn was steady. That
was all the strength the market displayed
for some time for liquidation of May soon
started and grew quite heavy as the ses-
sion advanced. The favorable weather was
a factor, the trade entirely ignoring yester-
days heavy exports. Covering of short con-
tracts was fairly liberal at the bottom, and
some rally ensued. May ranged from 1850
to 2S24c, and closed AQssc lower at 29c bid.
The market for oats was much the same
as corn. Early steadiness, with wheat, was
succeeded by long period of weakness,
liquidation of May being heavy. In this
market, too, the weather was the factor.
Shorts covered near the close, and a SUBJ
stantial rally ensued, the market closing
fairly steady. There was some demand for
spring shipment at the decline. May ranged
from 26a4c to 247sc, and closed 1sc lower,
at 25ssQ251ac.
Provisions were the firmest market on
the floor Small receipts of hogs caused
firm opening. Shorts and packers came into
the market with good buying orders, and a
steady advance ensued, closing prices being
about the best of the day. At the close May
pork was 15c higher, at $9.771s; May lard,
10c higher, at $515, and May ribs, 712c high
er, at $50.
Estimated receipts for Friday-Wheat. 155
cars; corn, 21O cars; oats, $50 cars; hogs,
10000 head.
Teadino futures rarped &C follows.