The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-26
MAY WHEAT GOES T0Sl.09
FEAR OF LONG CONTINUED WAR OS-
TEssIBLE CAUSE OF ADVANCE.
Armour Was Again Seller Of May
September Lifted to 94c-COrn
Was Influenced by Wheat.

CHICAGO Feb. 25.-Heavy purchases of wheat
to-day on the probability of the Russo-Japanese
war being Of long duration the price of
wheat for May delivery up to s1.os per bu.
Compared with last nights close this figure
shows gain of 2isc. and is new high record
mark for that delivery. The market closed with
May up precisely 1c and July &c May corn was
a shade lower, oats &c higher, and provisions
lOc to S21ac.
Higher prices in the English grain markets
impaired strength to wheat at the opening. May
started &c to 1c higher. at $107qLG7lz. while
July was &c lower to sc higher, at s6qS6l1c. 1t
was intimated in a private crop report that the
weather in various parts of the country had been
unfavorable to wheat.
Although real damage had been announced,
the suggestion served to make the pit crowd
rather nervous. and there was some good buying
on the apprehensive reports yet to come. Toward
the end of the first hour the selling of such
an influential character that the market weak
ened.
Armour was said 10 have plenty OF May for
sale, while several large commission houses had
liberal offerings of both May and July The
price OF May declined to Sl.O6A. July held falrly
As soon as the selling stopped the market be
came stronger than before. Early sellers bought
back their wheat. while traders generally had
liberal buying orders. The Armour interest was
on both sides OF the market, but II was DelleVed
more wheat was bought than sold for that ac-
count.
OFFERINGS LIGHT LATE.
Offerings became extremely light late in the
session Whether correct not the belief gained
ground that wheat supplies will be very limited
before another harvest. This coupled with the
alarm in foreign markets over what a spread OF
war may do. served to advance prices rapidly
until May had touched sl.Os which is nc above
the highest previously reached at any time in the
July sold up to SS&c Heavy liquidation oc-
CURED during the final few minutes of trading
The result was to suddenly carry prices down
ward. but the close firm, with May at S.O711
July closed at SSkc. During the day the Sep
TENDER price. which was around gle last night
lifted to SIC.
CIearances of wheat and -four were equal to
against 1898, 200 bu year ago, Minneapolis, Du-
luth and Chicago reported receipts of 2SS cars
against 299 cars last week and 3lI cars a year
CORN SENTIMENT MIXED.
The sentiment in the pit was somewhat
mixed. The market influenced largely by the
action of wheat, although small receipts and
scarcity of contract also factors There
was heavy selling by commission houses early in
the day, which resulted in rather weak under
tone but liberal purchases by a house prominent
in the wheat trade caused strong rally.
Further liquidation occurred late in the ses-
sion, followed by another decline. The close was
about steady. with May at 57ls@57Ac. after sell
55&c. Local receipts were 1Ss cars. two of con-
tract grade.
BIG INTERESTS SELL OATS.
The feature in trading in oats the heavy
selling by two of the principal longs
Smaller holders governed by the actions of
the big traders and sold freely. The strength in
wheat prevented severe break. although prices
at times considerably below last night 5
figures.
Covering by shorts caused firm close. May
opened &c to sc higher. at 1915 q46asc, advanced
to 46%c. but declined later TO 451zc. The close
was at 461sc. July showed a final gain of &c, at
42hc. Local receipts were 121
PACKERS BUY PROVISIONS.
There big general trade in provisions
The feature of the market the buying by
packers and the great scarcity Of offerings. The
strength in the grain pits. together with higher
prices for hogs. responsible for much of the
buying The close strong. May pork showed
a gain of 3211c. at sl6.571z. May lard up i0c
to l21sc. at $s122. and ribs 15c higher, at Sso21a
QS.05.
Estimated receipts tomorrow: Wheat. % cars;
corn. 265 cars; oats, 170 cars: hogs. sc. 900,
Leading futures ranged as follows: