The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-29
ON A SKYWARD COURSE
WHEAT AND PROVISIONS MADE LONG
BOUNDS IN PRICES.
Hog Products Beat All Records for
Five Years-Oats Were strong
and Corn Firm and Higher.


Board of Trade to-day were active and
strong. May wheat closed ls@Ac over yes
| terday. Influenced largely by damage to
| the French crop and nervousness over
small war cloud reported from Turkey
| Provisions continued their upward career,
| founded on the small hog supply and the
excellent cash demand. May pork closing
45c, May lard 25c and May ribs 171kG2Oc
higher. May corn closed A@ssc up and
| oats &c up for May and sc better for July.
| News of damage to the French crop has
| become a bit of routine. having been ca
| bled with more or less persistency since
| the beginning of the season. Sometimes
| il has been ignored and at other times
given consideration. 1t was sheved the
| other day, but to-day 1t seemed freighted
| with Importance. probably because the
| damage report carried an estimate reduc-
| ing the crop 81, 100000 bushels. A more lib
| eral explanation of the cause of to-day's
| strength lies in the 54,0O0.00o bushels in the
visible and the heavy amount on ocean pas
sage which the bears have oversold. Large
as are these stocks, they would be of small
account were millers the world over COM
PEELED to draw principally from the stocks
mentioned from now till next harvest. The
FEASIBILITY of the theory that the milers
are in the position mentioned is apparently
borne out by the excellent demand from
Eastern centers of consumption as we'll as
from abroad. However that may be, shorts
certainly felt some strong incentive for
getting i'm a safe position. In this cover
ing ST Louis interests were leaders. The
advance late i'm the session was helped
some by nervousness the possibility
of war between Russia and Turkey in
which other nations might become in
volved May opened shade over yester-
day at 6524@657sc and advanced to &c. clos
ing strong 11s@14c over yesterday. Cables
were firm and the market doubtless felt
the exceptional strength in provisions. and
the pit crowd was much larger than it has
been recently. The cash business was not
large. 10000 bushels being reported here
and New York reporting twenty loads
taken for export. Clearances in wheat and
flour were equal to $4,000 bushels. Pri-
mary receipts were $4,000 bushels. COM
pared with $4,000 last year. Local receipts
were ffty-eight cars, none of contract
grade. Minneapolis and Duluth reported
All cars, against 554 last week and 453 q
year ago.
The provision market set out apparently
to shatter records, and, according to per-
sons with memories for statistics, clam
bered to an eminence unknown during the
corresponding months of any year since
1895. The encouragement for the day was
In higher hog prices. but back of this in
huence was the condition which has OBJ
tanned for months-an excellent demand for
current consumption and prospects of a
diminishing hog supply Since Dec. May
pork has gone up nearly 70, while May lard
and May ribs have gained 81 and over. To-
their demands overlapping even the press
ing wants of the packers. The lard ad-
vance was the feature. being 50 cents per
fierce. There was some heavy profit-taking,
which checked the advance for time, but
this opposition was swept away after
brief existence during the middle of the
session. Opening prices, although over
yesterdays close. were the lowest OF the
day. May pork ranged from S12.15 to $3.50
and closed 45c higher. at $12.4711; May lard
from Sc. to 6.521a closing 25c improved. at
$6.521s. and May ribs from $3.50 to $6.62ls,
with the close l11a42Oc better. at $6.6212.
The corn market, a rival of wheat and
provisions was a failure. Had it not been
for these markets the coarse cereal would
probably have succumbed to the statistics,
but with the influence of these two centers
of strength the market held firm. West
ern receipts were 100000 bu more than
double last years. Receipts here were $40
cars. Country offerings were small and the
weather in the corn belt stormy. Cables
were not an encouragement. Cash corn
people reported bios for shipment within
thirty days extraordinarily heavy-in 1000
bu lots-but the scarcity of cars curtailed
business May ranged from CSC to $3.50
3S11c, and closed AG$sc over yesterday. at
3S2sc
The feature i'm the oats market was the
relative strength displayed by the July OPP
ton, which lessened the discount under
May to &c. This was due largely to coun-
try buying. probably on the strength of the
predicted stormy weather. The market, in
a general way. was supported by the
strength of wheat and provisions. May
ranged from 244c to 243sc. closing 1sc i'm
proved. at 24ssc. July sold from 23ssc to
2S5s0 23a4c, closing sc up, at 23ssG23a4c.
Estimated receipts tomorrow: Wheat,
so cars: corn, $40 cars; oats, $50 cars; hogs,
$4,000 head.