The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-17
EFFECT OF COLD WAVE
WHEAT PRICE WAS RAISED THREE
QUARTERS OF A CENT.
Corn n Shade Up and Oats an Eighth
ADMINISTRATIONS Were Very
Firm in an Active Market.

CHICAGO March 16.-The cold wave sent
wheat prices up to-day almost as fast as
the mercury went down. May closing at an
advance of &c Reports of damage to the
unprotected wheat crop were the main fac
tor in general covering movement. Corn
was weak at times but closed at a shade
advance. Oats also closed a shade higher.
Provisions were strong all day. closing
from sc TO 17lzc higher. Opening quota
tons for May wheat showed an advance
of 2s615c over yesterdays closing price.
May starting at 667sq67c. Traders who sold
yesterday anticipating another weak Fri
day opening on account of heavy Argentine
receipts were dsagreeably surprised by the
| figures from that country. which showed
shipments of 700 600 bu less than last week,
| and made haste to get under cover. Over
| shadowing everything else in influence on
| the market, however, was the reports of
| extensive damage to winter wheat caused
| by the present bitter cold wave. 1t was
known that the Western wheat fields are
practically bare of snow protection, and
the rapidly sinking thermometer brought
| conviction to shorts that the damage re-
ports. were not exaggerated. The opening
| advances showed sufficient profit to some
holders and realizing caused a temporary
| reaction to $50. @667sc for May. but inside Of
| fifteen minutes after the opening the mar
| ket began jumping with vigorous de-
mand the advance not being checked until
| May had reached 67A@67asc. BY that time
| the edge of the demand had worn off and a
! tendency to take profits caused slight
| setback for a time, selling being increased
| by the weakness shown in corn at the
| time. The market gradually became ex-
| ceedingIy dull. with trading confined almost
| entirely to local operators, and the price
| kept within narrow range. generally around
| &C for May. Toward the close the market
again became firm. with slight increase
| in the volume of business, caused by re-
newed reports Of crop damage, and got back
| to 674c the market closing firm at that fig
| ure. Gables were firm, which fact had
more or less influence on trading. The
cash demand. however was poor and New
| York reported but eighteen loads for ex-
| port. taken late in the day. Northwest re-
ceipts were iS2 cars, compared with 673 last
| week and $50 year ago. Chicago receipts
| were thirty-nine cars. Total primary re-
! ceipts were $4,000 bu. Atlantic port clear
| ances of wheat and flour amounted to 81. 900
bu. Temperatures as low as 10 below zero
| were reported from some sections of the
| West.
Corn was fairly active and irregular. The
| market at the opening was firm and slight
| ~ higher. mainly i'm sympathy with wheat,
but prices gradually gave way under per-
| sistent selling by prominent longs. liduida-
| ton of that sort also causing short selling.
| Later in the session the market rallied
| again with wheat and at the close was
| steady at a shade advance for the day. Re-
| ceipts were 3SS cars. Clearances were mod
| crate and the cash demand was slow. May
| ranged from $3.50 10 S7l2c, closing a shade
| higher at 37asc.
l The market for oats was absolutely at a
| standstil. In spite of the extreme dizziness.
| however, steadiness was shown, the
| strength of wheat being sufficient to main
tain prices The shipping demand was
| slow. May opened shade higher. at 237sG
| 24c. and remained at those figures all day,
| closing at 237sG24c.
| Provisions were quite active and strong.
| Hog prices were the highest of the season
| and packers bought literally on this ac-
| count. Provision stocks showed no In
| crease and this and the strength of wheat
| had considerable influence on trading. the
| demand being good all day. At the close
| MAY pork was 1715c higher. at 81 Is: May
lard &c higher. at s6.05G6.0715, and May ribs
| 5d715c higher, at s6011a
| Estimated receipts Saturday-Wheat, sc
| cars: corn, $40 cars; oats, go cars; hogs,
| 10 600 head.
| Leading futures ranged as follows: