The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-22
PORK LED THE MARKET
DEMAND FOR PROVISIONS RESULTS
IN HIGH PRICES SCORED.
Wheat Market Continues Firm, with
Advances in All Options-Corn and
Oats in Sympathy.

CHICAGO, April N-PToYlS1onS, not
grain, led the way to-day on Change. The
excellent cash demand for hog products and
the expected call to supply the army and
navy Influenced spectators to load up with
pork, lard and short ribs. Outside buying
orders were more numerous than at any
time since 1898. At the end July pork showed
an advance of 6715c per barrel. Lard and
ribs gained 2712c and soc each. Wheat was
very erratic, but recovered an early break
of 114c, and closed with net gain for the
day of 1Q112c, the latter in September. Corn
and oats sympathized with the other mar
kets, closing 1sc and 9sc higher than yester-
day.
With a big cash demand in sight and the
certainty of war, the provision market start
ed strong. Hogs were 10c higher at the
yards. July pork opened 3Oc higher, at
$780, but the advance was met with free
miscellaneous selling, and prices sharply
declined. At inside figures, however, the
urgent demand prevailed, and as offerings
were moderate there was. considerable com
petition for them, resulting in a runaway
market" and sharp advance in prices
for all descriptions, which was we'll sup
ported to the close. Shorts bought freely.
Packers inclined to sell at the advance. The
quite large, indicating that packers are de-
livering freely on contracts-of lard and
meats about "a cars. Shipments were only
moderate-of lard and meats about 1903 cars.
Foreign advices exhibited considerable
strength, and Liverpool quotations were adj
vanced 15d on backs and Cumberland sides
and Cd on lard. July pork opened at 5000,
sold between $10.6712 and $11,27lk, closing at
the top. Lard and ribs advanced proper
tionately. July lard sold between $5.421a and
$5.65, closing al 1856 bid, a net gain of 271sc.
July ribs sold between $3.50 and $751;, clos
ing at $5.6712 sellers, net gain of 30c.
There was a revulsion of feeling to-day
at the opening among wheat traders from
the extreme bearishness that prevailed in
the last half hour of yesterdays session.
1t did not last long after the opening. and
was succeeded by fresh Spasm of weak
ness. The strength at the start was partly
the result of discovering the righteousness
of the Rothschilds canard, that scared the
holders of long wheat the previous after
noon, and that state of war virtually eX-
listed. In addition to that, the Liverpool
market was again higher. The reaction
that followed the opening bulge was tie re-
neWed expression of the prevailing senti-
ment among the most active of the local
heaVy operators that wheat is much too
high in view of the fine prospects for next
harvest. Chicago received 113 cars, COM
pared with IL last year. Minneapolis and
Duluth reported 1876 cars compared with 307
the year before: The crop outlook in the
Northwest Territory was reported very re-
assuring, and when later cables reported the
advances abroad lost. professionals let go
their holdings freely. and July touched S7Isc
The unusual strength in the Northwest. with
a rise of 2Hc at Duluth and INC at Mime
apoliS for July, and the uncertainty of the
trade as the effect of war, checked selling.
The market gathered strength and by II 3C
O'Clock had recovered the early break
Closing cables from Liverpool showed an
advance of Id in spot wheat. Atlantic
clearances amounted to $4,000 bu wheat and
flour. July rose to SS5sc. suddenly collapsed
to S71sc, but was greedily picked up by
those who failed to get in on the first bulge
finally touching S91sc and closing at soc bid
May sold between $1111a and SLIP, closing
at the top.
Corn deceived the local talent July
opened higher with wheat, but was set upon
by the bears and forced off 1Rc. Receipts
locally were 434 cars. Clearances footed up
$4,000 bu When wheat started up, corn
shorts ran to cover and bid the price III
&c. closing it at the top. July opened ia
lac higher, at 329sG32a4c. sold between 221s
MS214c and 33q331sc closing at the latter fig
Eres.
Oats followed the course of corn Re-
ceipts were 400 cars. Clearances footed w
10000 blu. The market was oversold by pro-
fessionals early, and their covering forced
prices up ssc. closing at the top July
opened 4c higher. at 237sc, declined to 231hc
rallied and closed at N1sc.
Estimated receipts for to-morrow-Wheat
137 cars; corn, 410 cars; oats 400 cars; hogs
q 900 head.
Leading futures ranged as follows: