The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-18
PANICKY DAY FOR BEARS
THEY STRIVE EARNESTLY TO UNDO
THE ERRORS OF YESTERDAY.
Result Is n Strong Upturn I'm Prices,
with Wheat L~ending-Hog Prod
ucts Also show Advances.

CHICAGO. April 17.-Grain spectators
who innOcently believed in the mythical
stories retailed yesterday after drenching
rains in the suffering wheat country found
out to-day that they had been caught nap
ping. The result was one of the most ex-
cited bull markets the pits have seen since
the recent upturn. Wheat led ia the ac-
tivity, making an early jump of almost &c.
Heavy profit taking brought recessiOns in
all grains, but the bulIish sentiment pre-
vailed and May wheat closed nc higher,
corn sc higher and oats 1zc up. PrOvis-
ions closed 21ac to 15c advanced.
Up to midday the trade in wheat was
an anxious effort to undo the errors of yes
terday. The bears who plucked up cour-
age TO sell short heavily at yesterdays
close and pressed prices back changed front
at the opening when ii was learned that
the rains reported yesterday were by no
means sufficient for the needs of the win
ter wheat crop. Cables were lower at the
start and Northwestern farmers were re-
ported making better deliveries of wheat.
The general outlook, however. was de-
cidedly bullish, and at the very start of
the gong there was an exciting rush to
buy. May wheat opened &c to &c higher.
at 73&974sc. and in a very short time was
rushed TO zoe. Here trade eased off a lit
tie and prices hung steady for some time
at n slight recession. Such a bulge natural
ly brought out large quantities of long stuff
for good profits. st. Louis was a very
heavy seller. Oddly enough the selling was
augmented by new reports of Western
rains The general sentiment of the crowd
was voiced rather accurately by a promi-
mani ctot;mffooI IovrroI urhfob efotaJ tbof
the cool weather was retarding wheat
growth and was to some extent preJudicial.
The moisture is deficient, and the weather
bureau predicts no rain for thirty-six hours.
Some of the bears found comfort in the
fact that Kansas City prices had widened
out to 1145c under Chicago prices, against
sac under a few days ago. 1t was argued
that Kansas City was showing no fear of
drought damage. Some of the reports had
effect, for May broke slowly and sold down
TO 1870. At this price, however, the buy
ing side was favored and a good rally set
in, May closing strong and 1Ac higher, at
74kc. Local receipts were forty-six cars,
one OF contract grade; Minneapolis and Du-
luth reported 161 cars, a total Of a7, against
164 last week and z2 a year ago. Primary
receipts were $4,000 bushels, compared
with 361. 600 last year. Seaboard clearances
in wheat and flour equaled 247.000 bushels.
Corn had little 10 help il upward to-day
aside from the general bullish situation.
Although there was a bull market most of
1 Tic SGSoAOlf IL was ldlntI a. lOICGu Il
Gables started out lower. ground breaking
was reported going on well and trade was
only fairly active. The failure of the big
Western corn States to get rains was bull
ish because Ii suggested possible trouble
for the crop later. On the other hand, re-
ports were circulated again claiming lib
eral country offerings of corn. Considering
the strength of wheat. the small receipts az
Kansas City and st. Louis and the big de-
mand for cash stuff, corn did not act we'll.
News from the Southwest was bullish, but
reported selling by a big commission house
checked the advance. May corn opened &c
to lac higher. at 61%G6214c, sold as low as
61%c when wheat eased off and reacted to
62sc, closing firm and sc higher, at 62ssc.
Receipts were only fifty-six cars.
There was better trade I'm oats than for
some time. July and September were in
good demand on reports that the weather
was retarding plant growth. Offerings were
few and the wheat strength contributed
to the better tone. May was rather steady
and little dealt in. though slightly ad
vanced on moderate cash business. May
sold between 4c and +Szc and closed hc
up at the latter figure. Receipts were 12l
cars.
Provisions showed improvement after
Yesterdays liquidation. Strength In grains
and the small run of hogs at the yards in
huenced fair buying Packers also sup
ported. Scattered selling by local scalpers
i'm the way Of profit taking took off some
of the gain. May pork closed 15c higher,
at $40. 921a: lard 215c up, at S9.L21z, and ribs
10c UP, at S.5.
Estimated receipts for to-mcrrow-Wheat,
q cars: corn. 60; oats, 100; hogs. 1900 head.
Leading futures ranged as follows: