The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-21
H E AND PORK GAME
FORMER on A WAR SCARE AND LAT
TER ON SCARE OF SHORTS.
Many COntributOry Factors to Wheat
CereaIs-Lard and Ribs Higher.

CHICAGO, March 90-Disquieting rumors
OF a clash between English and Russian
troops in China alarmed wheat shorts to-
day and contributed TO the strength en-
gendered by other bullish news. May clos
ing %@Sc higher. \ sharp advance in
May pork. which closed 62zc over yes
terday. was a feature of the day on
Change. Corn closed unchanged. oats a
shade higher and lard and ribs 5dT1sc i'm
proved.
1rregularity and nervous excitement char
acterized the wheat market all day. May
opened %Qisc higher at 761kc to 1850.
mainly under pressure from shorts, whose
fears were aroused by the steadiness Of
Liverpool cables, by cold weather and the
small total of Northwest receipts. Long
wheat, mostly from scalpers, came out in
sympathy with the easiness in corn. AMI
May reacted to 76c on a dull market. on
scarcely any trade and with no added rea-
son for such action the market quickly
rallied to 76Ac, and then reacted to 7615c.
AT this point it was reported that English
and Russian troops had fired at each other
at Tien-Tsin, and nervous shorts rushed to
cover, causing a rally TO &c. Longs hit
the market on this bulge. and sent the mar
ket back to 761ac, where it steadied on light
primary receipts, an improved export de-
mand for both flour and wheat, a drop of
10 points in the condition of Kentucky
wheat and a Texas report that the crop of
the Lone Star State had been almost COM
pletely destroyed by ravages of the fly. A
drop in consols during the afternoon caused
further apprehension over the strained re-
lations between England and Russia, and
the market became aggressively bullish,
May advancing in spirited fashion to 77Ac.
Profit-taking caused a small fractional re-
cession from this, but the close was strong,
&QBc higher at 76sQ77c. New York ex-
porters reported fifteen loads taken. Sea-
board clearances in wheat and flour were
equal to 2IS,OW bu. Primary receipts
reached a total of 5S5,0 600 bu. compared with
5000 last year. Minneapolis and Duluth
reported ZS cars, against 327 last week.
and 554 a year ago. Local receipts We're 81
cars, none of contract grade.
Corn responded very feebly TO the bullish
spirit or the wheat market at the open
ing. The weather was regarded as bear
ish, and as receipts continued to show i'm
provement in grade and there were indica-
tons of a freer movement in the near
future, the market eased during the after
noon, some stop-loss orders coming out
The aggressive bullishness of the wheat
market later alarmed a sufficient number
of shorts to cause a recovery, but not to
the best prices of the day. May sold be-
tween 4lhc and 41bQ4l%c, and closed un-
changed at Also. Receipts were 252 cars,
81 Of contract grade. New York reported
50 loads taken for export.
| Oats were dull, the trade being local and
very light. Fluctuations, such as they
were, were governed by corn. May sold
between 25hq25Ac and 25c. and closed d
shade higher at 25lsc. Receipts were 164
cars.
Small receipts of hogs and higher prices
for them gave a bullish tone to the pro-
visions market, where a further rise &C.
Cured, with the consequent establishment
of a new high price record for the season.
Pork, which was far and away the feature
of the days was wanted, but there was
scarcely any on the market save when
shorts raised their bids to a marked degree.
May pork opened at $3.50 to $685. and adj
vanced early to $3.50. Even at this price
offerings were far from liberal, and the de-
mand from shorts was so urgent that only
small recessions occurred during the re-
mainder of the session, leaving the close
621ac over yesterday at $3.50 A good cash
demand contributed to the advance in flu
lures. Lard and ribs were more quiet. but
very firm. May lard sold between S7.S21k
and s7.S7l9, closing sc higher at $7.S5d7.S71s,
and May ribs between $751; and $7.771a,
with the close 719c improved at $40.
Estimated receipts tomorrow: Wheat, IS
cars; corn, go cars; oats, us cars; hogs, 20
600 head.