The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-18
STRONG GRAIN MARKETS
JULY WHEAT CLIMBED CENTS ON
HEAVY GENERAL DEMAND.
Letter Believed to Have Sold S,OOO,-
600 Bushels, Putting Him Out of
the July Deal.

CHICAGO. April 1.-THE strength of the
foreign wheat markets and the belief that
impending hostilities will cause rise in
prices made wheat to-day almost as strong
as it was weak yesterday. and resulted in
advance of &c in July Foreigners
cepted freely of yesterdays cable offers.
Corn made the unusual advance of &c,
while oats closed 1sqAc higher, both mar
kets being affected principally by wheat.
Provisions show little change.
Trade in wheat was treated to a genuine
surprise at the opening. In spite of all the
selling done here yesterday of millions of
bushels by important long interests, and
Notwithstanding the drop of SC a bushel
in July, all foreign markets came higher.
Liverpool in particular strong, show
ing advances ranging from &c to &c. A
feature of the advance at Liverpool was
the fact that the July price there was 25c
higher than the prevailing price in this
market or considerably above the average
shipping rates. New York reported that ac-
ceptances of wheat on all propositions made
by cable from there yesterday were the
heaviest of the season, practically every
thing offered being taken. 1t was evident
from this that the belief in war over
Swallowed everything else in the minds of
the foreigners. The opening trades in July
were at from S53sc to S55sc, against S424@
S47sc at the close yesterday For a moment
or two the market hesitated. Then it COM
menced to advance, and for forty-five min
utes the buying demand was simply enor-
nous. All classes of traders came into the
market for wheat. 1t was not a one-man
market; the demand was general and broad.
The ordinary news of the day was as COM
ers paid but little attention to anything
but the foreign demand for American
wheat, but that was sufficient. Not until
the price had advanced to S7$sc was there
any marked selling pressure. This price,
however, was well above calls and selling
against these privileges, coupled with lib
eral realizing of a general kind, put stop
to the advance and caused the market to
time the demand for wheat had been pretty
well satisfied, for although the market
acted to S7l4c. it was done slowly, the latter
point not being reached until about IL 80
O'Clock During the last half hour of the
short Saturday session the market was
comparatively quiet but firm, with prices
Keeping within &c margin Northwest re-
ce1pts were light, Minneapolis and Duluth
reporting 1853 cars, against Ill last week and
72i year ago. Chicago receipts were n
cars. The addition to contract stocks to-
day amounted to 101 600 bushels. Clearances
from Atlantic ports were $4,000 bushels
Worlds shipments Monday are expected to
show about 100000 bushels Letters sales
of July yesterday which were placed at
that time at 100000 bushels, were estimated
to-day by many as high as 5000 900 bushels
and as this was believed to have practically
put him out of the July deal it undoubtedly
had a good deal to do with the broadening
of trade. This belief was strengthened by
the fact that to-day his dealings were com
paratively Insignificant. The closing price
for July was $3.50.
Corn was strong from the start. There
was quite heavy buying all day. many prom
inent local players being caught short by
the unexpected jump in wheat, by a sharp
advance in cables, and by heavy acceptances
over night. The price at one time showed
about a cent advance. May ranged from
3012c.
There was an active general trade in
oats. The market was firm and higher
early with wheat and corn, shorts covering
freely. Prices were maintained for some
time. but broke rapidly under heavy SELL
ing by prominent wheat spectators, TAX
ing the close rather easy. May ranged from
2619c to 255sc and closed ls@Ac higher at
257ac.
Provisions were dull, most of the trad
ing done being in lard. War talk and the
strength of grain markets caused a small
early advance, which was lost under selling
by local packers. The close was steady
May pork 21ac lower at $9.7715, May lard
2lac higher at $5.1712, and May ribs 21sc lower
at $5.12l9.
Estimated receipts on Mondsy-Wheat 70
cars; corn, 29O cars; oats, 2S5 cars; hogs,
80 900 head.
Loading futlIreS rapoed &c fo1Iou,e.