The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-31
STILL LEAPING UPWARD
CORN JUMPS THREE-QUARTERs OF A
CENT AND HOLDS 1T.
Oats More Active Than Wheat, Closing
mt N Good Gnfn-PrOvfsions High
er and wheat Declining.

CHICAGO, March 3O.-Carried upward by
the b~ullishness of almost the entire West,
the corn market to-day continued on It's
record-breaking career. The volume OF
business was larger than any previous day
this week. May closed %qAc over yester-
day. Oats were also conspicuously active
May closing with a net advance OF sc
Wheat ruled dull. and at the close was &c
lower. Provisions advanced 121zQ20c.
Trade in corn for May delivery became
active at the tap OF the opening gong
Within half an hour it had assumed vast
proportions. Half the wheat pit had de-
serted il, and many traders were rowded
out of bounds at times. George H. Phillips,
who stands for the country bullishness In
many minds, and. If be has not already
control OF the market. is at least a potent
factor in IL. took profits on a scale APP
preaching his operations Of yesterday, yet
so excited was the trade that he was not
more conspicuous than many others. In
the face of his realizing sales and that OF
certain conservative longs the market
swept upward irreslstibly. The usual re-
ports that Phillips and his crowd were
selling to their own brokers and still add
ing to their already large lines were heard
on the floor. May opened h4%c higher at
sac TO 4414c. and early touched 4c on
selling said 10 have been for Phillips. The
buying craze was on, however, and 1t
struck this slight dip in full force. May
corn was bought and sold in such quantl-
ties and with such rapidity by the whole pit
that Individual trades were lost TO view.
The market bounded to 44%c in the next
half hour, thereby again breaking the
price record for the seasons trade in May
option. The remainder Of the session 1t
was give and take between the big demand
and offerings from enriched longs. May
was forced back TO 42sc, but held strong
and closed %QAc over yesterday at 4f24
44ssc. Cables were higher, country ac-
ceptances small and the weather decidedly
unfavorable TO good roads. Primary re-
ceipts were 3s5, 900 bu. compared with $4,000
last year. Local arrivals were 256 cars 30
Of contract grade.
In activity and strength the oats market
was second only to corn. This market. or
dinarily neglected and without even a PIT
to call its own, made the wheat trade look
dismal by comparison. The hand of Phil
lips was at work in the market, his pur-
chases being Appropriated at 3,0VO,VU Du.
This buying was presumably on the theory
that oats at present are cheap compared
with corn and that an advance In the lat
ter is bound to be reflected IN oats. Inc
recent heavy cash business and reports or
diminishing stocks were cOntributory tac-
tors, although tO-day's advance cut ship
ping sales down to about 100000 bu- May
opened at 257sG26c. touched 25Ac and later
rallied to 265sc. closing sc higher at Z6asc.
Receipts were PAL cars.
The attenuated remnant of traders leIt
In the wheat pit was bearish, and had IL
not been for the corn strength 1t Is prob
able the market would have declined more
than 1t did. Trade was light ard the range
narrow. May opened &c TO gaze lower at
761sc TO 76G761sc. and sold early 10 I6c on
heavy Australian shipments and favorable
weather. In sympathy with corn a reac-
surances of export inquiry the market
eased off later and closed sc under yes
terday at 761kc. Primary receipts were &c.
600 bu. compared with COO, GOO last year. Sea
board clearances in wheat and -four were
equal to 659, 600 bu. Local receipts were 81
cars, 4 of contract grade. Minneapolis and
Duluth reported 3S cars, against 1893 last
week and 437 a year ago. Australian ship
ments were 1,064.OOO bu-
Light hog receipts. the corn strength and
an advance in prices at the yards were re-
fected in higher prices for provisions. May
pork sold between $l5.35 ana $l5.62l2 and
closed zoe over yesterday at $3.50; May
lard between $50 and SS.l212, closing 121za
15c higher at $S.225. and May ribs between
$.O5 and $S.12ik, with the close 12i2c i'm
proved at $S.12i2.
Estimated receipts on Monday: Wheat
50 cars: corn. 165 cars; oats, 200 cars; hogs,
5000 head.