The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-20
MADE A NEW HIGH PRICE
MAY PORK TOUCHED SiG.35 on
FEARS OF a SQUEEZE.
Close Was Only Slightly Ecss-Other
Cereals Closed a Little Lower.

CHICAGO, March 19.-After holding
steady most of the day the wheat market
toward the end of to-day's session broke on
liquidation and closed Ac under yesterday.
Corn closed a shade lower and oats at a
like decline. Provisions were active. May
pork touching the highest price in months
and closing S7lsc higher. May lard closed
21zd5c and May ribs 7l5c improved.
May whea ruled fairly active at times,
but generally quiet and narrow. The open
ing was sc higher TO &c lower, at 76l5c to
76Lc. and in a few minutes selling by scat
tered longs sent the market to 761sc. The
steadiness at Liverpool. in the face of the
decline yesterday, together with moderate
Northwest receipts. were factors tending to
support prices, and at the decline there was
a fair demand, while offerings became light.
May gradually worked up to 761kc during
the forenoon and later rallied an additional
Lc. Primary receipts were heavy and the
cash demand very slack. and as a result
longs seized upon the bulge as an opportu-
nifty to unload more of their holdings This
liquidation was led by ST. Louis. Bears
also became more conndent in their opera
tions and May near the end of the session
broke sharply to 76d76Bc and closed weak.
Ac lower, to 76sc. Seaboard c~learances
were 591, 900 bu, but the bullishness of these
figures was counteracted by the primary
receipts, which were 7S1. 900 bu, compared
with $4,000 bu a year ago. Local receipts
were 121 cars. four of contract grade, while
Minneapolis and Duluth reported 3SI ears,
against 1863 last week and 1l6 the corre-
spending day a year ~
Unsettled weather, light contract receipts
and the provision strength were factors
which ga We the corn market an un0PrtOnp
of strength, although the wheat influence
could be seen in the attitude of many
traders. The market was at its best when
wheat was at its high price, and the close
showed a moderate response TO the break in
the neighboring pit. May sold between
41Ssc and 41$sc and closed a shade down, at
Also. Receipts were 1872 cars, twenty-seven
of contract grade. July ruled a shade over
May.
Trade in oats was of a scalping character
and without Importance. May sold between
25Ac and 25c and closed a shade lower. at
254 25lsc. Receipts were 24 cars.
The provisions market was the most in
teresting one on the floor by reason of the
strength and activity or pork ana the ru-
mors concerning a "squeeze% in the May
delivery of that commodity. THESE rumors
have been floating around for the better
part of a. month, dying out only to be re-
vived again. Two influential operators. one
of them a packer, are said TO have control
of the market. The short interest in May
pork represents approximately 10000 brls,
while contract stocks are but 10000 brls,
and a good part of these stocks are owned
by one of the men said to be in the deal to
squeeze the shorts. The light hog receipts
and continued good cash demand COM
bined TO alarm the short interest and May
pork. having opened 10Q2oc higher. at $16a
1910, was bid up by shorts 10 1858, the
highest price in years. The close was S112c
higher, at $16.271z. May lard sold between
$3.50 and S7.S5 and closed 2Hd5c up, at $3.50
@7.S219, and May ribs between $7.65 and $3.50,
with the close TIC better. at S1.62lz.
ansAf tn. n a -
cars; corn, 200 cars; oats, l6O cars; hogs,
%. 600 head.