The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-16
NEW HIGH POINTS MADE
FORCES MAY CORN To 60
CENTS AND MAY OATS TO 81.
Breaks All Records for Nine Years
All the Cereal Markets strong
Provisions Quiet and steady.

CHICAGO. May 15.-Dry weather and
damage claims gave an upward impetus
to the wheat market to-day and July closed
sc higher. July corn closed sc and July
oats %d&c higher. The manipulative mar
kets scored sharp advances and set new
nigh price records for the crop, May corn
closing &c higher and May oats 2zc i'm
proved. Provisions ruled dull and closed
without material change.
Weather conditions constituted the domi-
nant factor in the wheat market. aided by
steady cables. Under a rush of yester-
days short sellers TO cover their lines on
the failure of promised heavy rains in the
Southwest July wheat opened a shade to
hqAc higher. at 1kG7Ac. Offerings were
unequal to the demand. and. helped by ad-
vices of free buying for export. the mar
ket steadily rose TO 1s4c. At this point
there was "a moderate movement in profit
taking, and a reaction TO 71Ad712sc fol-
lowed. There was a quick recovery. how
ever, and the close was strong and sc high
er. at 11%q71Ac. Local receipts were forty
SIX ears, two of contract grade. Minneap-
oils aud Duluth reported l52 cars, against
142 last week and 175 a year ago. Pri-
mary receipts were 326, 900 bushels. Sea-
board clearances were equal TO $4,000
bushels in wheat and flour.
Strength and activity characterized the
corn market. July opened sc TO &c higher.
at 44%QH7sc, and Immediately the price
broke to A%q444. Almost as quickly IL re-
acted. selling to 455sc. after which, on profit
taking, it receded to 45Q45bc. This loss,
too. was partially recovered and the close
was strong and CSC higher, at 454c- May
corn was theatrical IN oehaVlor uhuer per
sistent prompting by Phillips, the bull lead
er, and broke all records Tor the last nine
years. The opening price was unchanged
at SIC. Phillips bid and got but little, al
though he did not stop till Coo had been
reached. AT this price Phillips is said to
nave accepted private settlements from
three houses for an aggregate OF SSO.oVo
bushels. After the high point had been
reached a quick reaction to soc was re-
corded. This was followed by a sharp rally
to sec, and the close was 4c higher, at DC.
Despite the higher bids MADE oy fhiilps
only 100, 600 bushels were sold TO him, and
this quantity, it was claimed, would be
actually delivered. 1t furnished evidence
of the bull leaders hold on the market,
however, and this, combined with the fall
ing off In receipts of contract corn, alarmed
shorts and accounts for the alleged private
settlements made with him at the top
price. Receipts were 21 cars, sixty-one OF
contract grade.
Phillips bulled May oats from the start
to-day. bidding them up TO BIC. the hign
price for the crop. There were few May
offerings at any time and the bulk of the
trading was in July and september, wnicn
were strong on bullish bulletins, ofnclal
and private. and on big local and outside
demand. Crops over the greater part of
the South, and especially the lower Mis-
souri, valley. are said to nave suffered from
drought. Iowa and Nebraska oats are said
to be doing fairly. with prospects not as
promising as last week. May opened where
it left off yesterday (277sc) and was rushed
up to SIC. IL closed 2kc higher, at 3Oasc.
Julv sold between 27%c and 2Sssc and closed
5kGs,c higher. at 2S%G2Skc. Receipts were
14 cars. Cash sales reported were 100000
bushels.
Provisions were dull and fairly steady
in svmpathy with corn. July pork closed
nc lower, at STAT 20: July lard unchanged
at s.. 90. and July ribs unchanged at SI.So.
Estimated receipts to-morrow-Wheat, 30
cars: corn. ESQ cars; oats, 140 cars; hogs,
~ Oo head