The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-21

SENSATIONAL ADVANCE OF 1-2C
FOR MAY on CHICAGO BOARD.
Market Affected Mainly by Rumors of
General European War-Other
Cereals Higher.

CHICAGO. Feb 2O.-A sensational advance of
&c bushel was scored in thirty minutes to-
day by wheat for May delivery The phenomenal
price of S1.O7 was reached the chief incentive
being rumOrs Of the Russo-Japanese war spread
ing TO other nations. Talk of stoppage of wheat
shipments from Russia and from Argentina was
a secondary factor. The day on Change was
one Of the most exciting in a number of years.
Compared with yesterday the final figures to-
day Sc higher for May wheat and 214c for
July. May corn is up %a7sc, oats &c and pro-
visions 15q3711c.
OPENED EXCITED.
The wheat market opened excited and strong.
Shorts active bidders for the May option.
and initial quotations that delivery un-
changed to lac higher, at S1.02&4 d1.Oi. July
opened sc lower to kc higher. at 92s4 a93c. The
advance was due mainly TO the strong cables
Liverpool futures being up penny, Paris %q1c
and Antwerp 17sc bushel. The gain at Ant
werp taken to be especially significant as
caused by threatened stoppage of shipments
from Argentina and Russia. A report stated
that railroad employees in Argentina were on the
verge of a strike. The transportation of troops
and munitions in Russia is greatly restrict
ing the movement of wheat in that country.
In addition 10 the bullish foreign situation con-
ditions in the United States were such as to
cause alarm TO the sufficiency of the domestic
supply The demand from shorts was met
promptly by selling orders for the account of the
| leading long Smaller holders also had wheat
for sale. After touching s1.04 May quickly
! dropped to Sl:O2A. while July declined TO 92Ac.
| For short time the market held comparatively
steady around these figures. AS the SELL
ing stopped. however. prices again moved up
ward under urgent buying by shorts. The fact
| that the board would be closed Monday.
| Washington's birthday. appeared 20 be material
/ ly effective in bringing out the heavy buying
| orders, traders being loathe TO remain short
over the two days recess.
lat in fha fha~e carlx M
| May wheat on the market and shorts were bid
! ding nc TO &c over the market price in order
| TO get H. The high point was reached at $1.07,
a gain OF 414c over last nights close. The de-
mand for July was almost good that
| Tor May, but there was more OF the deferred
| future for sale and the advance not SEN
sat The price for that delivery rose to
sales resulted in May declining TO S1O52s. while
July fell back TO 94sac Another rally followed
at $1.05% and July at 951sc. Clearances of wheat
and -four were equal to 1885, 900 bu. Primary re-
bu year ago. Minneapolis, Duluth and Chi
cars last week and 233 year ago.
CORN SHORTS BOUGHT FREELY.
The early corn market was weak There was
general selling after the opening and apparently
not much corn wanted. May opened unchanged
to sc higher at 56lsc to 56hc. but declined grad
| ually 10 5534c Toward the middle of the session
| the market began to feel the effects OF the ex-
| traordnary strength of wheat shorts became
| active buyers and there also good COM
| mission house demand Prices responded to the
| Improved buying May advancing to 57ssc. AL
| though profit-taking carried the price down from
| the high point. the close was strong at 567sG57c
| July showed gain of %Gi5c, closing at SOC after
ranging between 54sc and 551kG555kc. Local re-
! ceipts were PA cars. none of contract grade.
SHORTS ALSO WANTED OATS.
| There was active general trade in oats
with the best demand coming from shorts Sell.
! ing early in the day in the way of liquidation
! caused little easier feeling, but the decline
| the demand became general and prices advanced
easily. The main influence in the situation was
| the strong wheat market After opening un-
changed to &c higher at 45isQ453sc,, May sold
| between 45lsG46Ac, closing at 45Bc. July was vi
| &c at the close. final figures being at 47sc. Lo
| cal receipts were f67
PROVISIONS STRONG.
The provision market was active and strons
| throughout the entire day. Buying by packer.
and outsiders, together with covering by shorts
| were the main factors that resulted in gain.
| throughout the whole list. Small receipts of hogs
with higher prices at the yards. and the strength
| in grains were instrumental in bringing tn,
| demand. May pork showed the greatest advance
and closed 371sc higher at 1855, after selling vi
TO Sl6 May lard was up 15c at $685. and RIB
3Oc higher at 81 721z.
| Estimated receipts for Monday: Wheat. 80
corn, 42O cars; oats, 2S5 cars; hogs, $4,000.
/ H. f,,k,, At