The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-05
LETTER CORNER FEARED
BEARIsH NEWS IN WHEAT FAILED
TO PREVENT ADVANCES.
Armour Turns Strong Bidder, and
July Option Is Expected to Rise
provisions Higher.

CHICAGO, April 4-Bearish statistics and
favorable reports or the growing wheat
crop were offset in the market to-day by
belief that the present May corner was
proving a success, and fear that a corner in
July was in process of formation. July
closed a cent higher and May Ac higher in
consequence Other markets were strong.
partly with wheat, corn and oats advanc-
ing A@Ac each, and provisions closing LOO
2212c higher.
Wheat started at an advance of 14q2sc for
July. at s41z@S45sc After few moments Of
hesitation, during which time the price
touched $3.50, the market assumed de-
cidedly bullish aspect, and under active gen.
eral buying July was pushed up steadily to
S55sQS5Ac that price being reached before
the end of the first hours trading Buyers
and sellers were quite equally divided at
first. Worlds shipments were large even
without India being put at 600 bushels
The Orange Judd Farmers report on the
crop condition put the average at 50. This
was not so bearish as expected, but as the
average was the highest in seven years, 1T
had it's effect Northwestern receipts We're
fairly liberal, 357 cars, against S26 last
week and 240 a year ago. Chicago receipts
were sixty cars. There was another large
addition to contract stocks to-day, ffty-one
cars coming from regular sources, while
mixing houses contributed niaety-one cars
and SO, 300 bushels, total of about 800
bushels. On the other hand, Liverpool was
42o higher for spot wheat, though futures
were irregular. The strength shown by
stocks was the real incentive for the early
buying by the crowd. Then another factor
was developed: Heavy buying of late, which
has been credited by some to Armour, was
continued to-day and strengthened the be-
lief that a corner in July, similar to the one
IN May, was in process of formation. Inc
belief In this was general enough to scare
shorts, who made concerted rush to cover
when what was supposed to be Armour buy
ing was renewed Offerings were much too
limited for this demand, and the advance to
S59sQS5s4c resulted. A marked reaction then
| followed. India shipments rather staggered
the bulls, exports from that country being
placed at about 100000 bushels. Another
big surprise was the increase Of $4,000 bush
els in the visible. The trade had been led TO
expect a decrease of about 100000 bushels.
| Quite free realizing took place, the price
being forced off to SIC. Here the market
again turned and the highest price of the
day was reached about noon. July getting up
I to 857sc. Letter reported further cash sales
| of about 100000 bushels. Atlantic clearances
amounted to 346 900 bushels. The firmneSS
of the continental and Liverpool markets
| at the close had a good effect Liverpool be-
| ing I'D higher on spot wheat, with futures
11Q5sd higher Paris was up SOLO centimeS,
| anu antwerp 0lI20l0U CeuIlIIlSS ulSu6I. 1LdLS
| in the day another spell of realizing caused
| reaction in July to S5Ac, that price being
| reached near the close. July closed at S514W
| S53sc
Corn was Influenced mainly by the action
| Of wheat. Trading was quite active early,
| with doubling up some important long
| lines, and prices advanced materially. There
| was also an urgent demand from shorts.
! Clearances were heavy and local receipts
| light. Realizing later caused some recess
| sion, but the market closed firm May
| ranged from 29AQ297sc to 1880, and closed
! 1sQDAc higher, at 295sc.
Oats were firm, but very inactive, being
| hardly anything more than a little scalping
and changing trade. Light receipts and the
| strength of wheat were the influences.
March ranged from 255sc to 25ssc, and closed
| 1s0Ac higher, at 25lac.
Provisions were decidedly active. Prices
advanced sharply during the morning under
the influence of light hog receipts and small
stocks, buying being general. Offerings
were heavy at the top and sharp REACTION
followed, but the market later frmed up
again under a renewed demand and closed
steady. May pork closed 221sc higher, at
$9S715; May lard 121ac higher at $5.3212, and
May ribs 1Oc higher, at $685.
Estimated Receipts for Tuesday-Wheat,
100 cars; corn. 26O; oats, 800; hogs, 10000
head.
Leading futures ranged as follows: