The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-01
STILL LEAPING UPWARD
CORN JUMPS THREE-QUARTERS OF A
CENT AND HOLDS 1T.
Oats More Active Than Wheat Closing
at a Good Gain-ProvisiOns High
err and Wheat Declining.

CHICAGO, March 30.-Carried upward by
the bullishness of almost the entire West,
the corn market to-day continued on its
notwithstanding 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 3sc.
Wheat ruled dull. and at the close was sc
lower. Provisions advanced 121aQ20c.
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 crowded
| out of bounds at times. George III. Phillips.
who stands for the country bullishness In
many minds, and, If he has not already
control of the market, is at least a potent
factor in It: took profits ON a scale ap.
so excited was the trade that he was not
more conspicuous than many others. In
the face of his realizing sales and nat OF
certain conservative longs the market
swept upward irresistibly. The usual re-
ports that Phillips and his crowd were
selling to their own brokers and still ado
ing TO their already large lines were heard
on the floor. May opened AQ7sc higher at
44sc to 4414c, and early touched 44c on
selling said to have been for Phillips. The
struck this slight dip in full force. May
corn was bought and sold in such quantl-
ties and with such rapioity 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 ii
was give and take between the big demand
and offerings from enriched longs. May
was forced back to 44ssc, but held strong
and closed Ss@%c over yesterday at 441e9
44ssc Cables were higher. country ac-
ceptances small and the weather decidedly
unfavorable to good roads. Primary re
ceipts were $3.50 o bu, compared with $4,000
last year. Local arrivals were 236 cars, sc
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,WU,VW 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. The
recent heavy cash business and reports OF
diminishing stocks were contributory fac
tors. although to-day's advance cut ship
opened at 25k626c, touched 25&c and later
rallied 10 26t.c. closing sc higher al 26ec.
Receipts were PAL cars.
The a~ttenuated remnant of traders left
In the wheat pit was bearish, and had IL
not been for the corn strength ii is prob
able the market would have declined more
than IL did. Trade was light and the range
narrow. MAY opened &c to ik4Lc lower at
761sc TO 76d76sc. and sold early to 7c on
| heavy Australian shipments and favorable
weather. In sympathy with corn a reac-
ton to 16%c followed, but despite late as
surances of export inquiry the market
eased off later and closed &c under yes
terGay at 761sc. Primary receipts were &c.
600 bu. compared with 600.000 last year. Sea-
board clearances in wheat and flour were
equal to 659. 900 bu. Local receipts were 81
cars, 4 of contract grade. Minneapolis and
Duluth reported 36S cars, against 1913 last
week and 47 a year ago. Australian ship
ments were 1,064.0 600 blu.
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.S5 and Sl662i5 and
lard between $50 and $S.12iz. closing 12,sd
l5c higher at s.. 22iA. and May ribs between
SS.05 and sS12ia. with the close 12hc i'm
proved at $S.12i1.
Estimate receipts on Monday: Wheat.
so cars; corn. les cars; oats. 200 cars; hogs.
2s.cO0 head.
leading futures ranged as follows: