The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-09
LETTER STILL BUYING
WHEAT DEVELOPED INTO A BULL
MARKET LATE In THE DAY.
Quantity of Benrtsh News Caused
Weakness at Characterization
Quiet. with Pork Lower.

CHICAGO, March S.-Wheat developed
into bull market late in the session to-
day and closed SIC higher for July. May
closed unchanged. Declines resulting from
dulIness and bearish statistical news were
recovered by buying by Letter and by
houses which have been heavy sellers re-
Gently Corn was firm on the renewal of
shipping business and advanced 1sQ4c.
Oats closed 1sc higher. Provisions were ir-
regular. pork losing 712c of it's previous
value, while lard and ribs showed no
change.
A well-defined bullish sentiment was APP
parent at the opening in wheat. There was
a drop in English consols rejecting the APP
prehension of trouble between England and
Russia, and Liverpool showed a substan-
tial advance, reporting also that receipts OF
wheat during the last three days had been
considerably below requirements. There
seemingly was also less prospect of trouble
between the United States and Spain.
Plenty of bearish statistical news was at
hand, but the crowd was too bullish on the
European situation to pay any attention to
this at first With a good demand from
shorts July opened Zee higher at 9O$4c and
advanced at once to 9O7sc. May opened 1aQ
&c higher at $L05AQ105A The latter de-
livery, however, has almost ceased to ex-
cite interest. At 9O7sc for July, offerings be-
came heavier, that being ''call' price. There
was free selling against these privileges,
and also a good deal of scattered realizing.
This resulted in q gradual decline in July
to 903sc. The heavy receipts here and in
the Northwest were influential in this de-
cline Minneapolis and Duluth reported ar
rivals of 529 cars, against 300 last week and
cars, 70 Of which were of contract quality.
Besides the contract wheat from regular
sources. 81 cars and 24,O00 bu were trans
ferred from unlicensed houses. A long
period of dizziness followed with prices
keeping within an exceptionally narrow
range. About the only incident was the
support given May by Letter brokers at
$l.O4, to which figure that delivery had de-
clined This buying prevented the market
from getting below that figure. Around the
neon hour the market began to show
strength again. Bad reports as to the crop
conditions in Missouri and Illinois came in
The Atlantic port clearances amounted to
600 bu Buying of July by a house which
has been a heavy seller lately became quite
pronounced, and as the Letter brokers were
at the same time supporting May and Sep
tember prices slowly recovered. The adj
vance also resulted in considerable broad
ening of trade as shorts came into the mar
ket to protect themselves. Predictions of a
cold wave to follow rain was ignored early
but brought in some outside buying orders
late in the session. July advanced to $3.50
91Ac and left off at Gle. May closed at
$1.04A and September at S012c.
Trade in corn was unimportant. The feel
Ing was quite steady all through the ses-
sion, the revival in the shipping demand be-
ing the principal factor. Gable accept
ances were liberal, clearanceS being put at
$50, 600 blu. Business was monopolized by
professionals. May ranged from 3OAc to
soc, and closed 1SQAc higher at Boise.
Oats were slow within very narrow
range. Trading was almost altogether of a
scalping order. The feeling was principally
through sympathy with corn. May ranged
from 27c to 26a4Q267sc and closed 1sc higher
at 267s@27c.
Provisions were weak most of the time.
There was considerable liquidation through
commission houses early in the day, and
this, with the decline in prices at the yards,
caused general recessions, the weakness
being marked in pork. A little buying near
the close caused a better feeling, the mar
ket in a general way closing steady. May
pork closed 714c lower at $10.171h; May lard
unchanged at $5121k, and May ribs I'M
changed at $50.
Estimated receipts for Wednesday,
Wheat, ITO cars; corn, 800 cars; oats, 205
cars; hogs, 50, COO
Leading futures ranged as follows: