The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-21
ARMOUR CONTROLS WHEAT
HE HAS CORNER IN THE MAY AND
Is RUNNING THE MARKET.
This Delivery Advanced to % Lie
Neutrality-suspicious. Wanted tn cover
and Offerings Were Few.

CHICAGO. Jan 2o.-wheat climbed steadily
toward the dollar mark to-day. The pit was
almost bare Of offerings and the market ala not
require any supporting bull leader. shorts holding
prices up themselves.
Professional spectators In New York and ~.
Louis counted among the principal shorts
A new high record mark was made for the May
92IsG92Lc. a gain Of 2l4c compared with yester-
day. The close was practically at the top.
Other grains were affected by the action OF
wheat. May corn closing lsc to sc higher and
oats &C Provisions were 2i5c TO sc higher.
The wheat market was feverishly strong from
start TO finish. The advance to-day was due
largely 10 the same cause as the rise yesterday
the congested condition of the market-an enor-
nous line OF wheat for May delivery being held
by Armour interests.
Notwithstanding that. aside from the Armour
deal. the situation seemed bearish opening prices
were firm. May ranging from shade lower TO
I4assc higher. at s97sasO1scs An advance in the
price OF British consols indicated more opti-
mistc feeling in regard 10 the war situation.
Rains in the Southwest, where the winter wheat
crop had been suffering from drought. was an
other bear indication No attsntlon noMeNeT;
was question Of too small supply tor hperai
OFFERINGS VERY LIGHT.
The leader of the bulls showed no sign Of part
ing with his holdings, ana In consequence sHdiiet
holders were encouraged TO maintain a firm grip
on wheat they had. Offerings were on that
account extremely light. and eagerly sought
for by belated shorts. The demand was largely
for the May delivery
In efforts to cover shorts advanced prices rap
idly Stop-oss orders coming out or the rise
accelerated the upward tendency. The market
continued to gain I'm strength as the session ad.
vanced and during the last five minutes OF
trading the May reached 92isq92Ac, a gain OF
21sc TO 2hc. The close was at s2hsc.
Clearances OF wheat and -four equal to
$4,000 bu Primary receipts were 7S5. 100 bu
iuth and Chicago reported receipts of $50 cars
against sos cars last week and S2s cars year
CORN STRONG ALL DAY
The market strong throughout the
session. A high record mark for the May
delivery was also made in this pit. There was
a large volume OF trading with the principal
demand coming from shorts. Higher cables, un.
favorable weather for the movement combined
with the strength of wheat, were the bull fea-
lures.
There was considerable realizing but offerings
were readily absorbed. May opened shade lower
to shade higher. at 4ss.d4s!sc. and. after sell
ing up TO 50Mc. closed at 50%c Local receipts
were 81 cars. none OF contract grade.
OATS ADVANCED TOO.
The strength in wheat and corn sustained oats
and prices made further gains. There little
activity the part of bears owing to the fac
that the chief bull interest showed no disposition
TO release his hold on his big line Continued
light receipts and a good cash demand helped e
advance prices. May opened a shade lower TO
shade higher, at l%ql%c, advanced TO csc
and closed at 422s@42zc. Local receipts wer,
III
PROVISIONS FIRM.
Provisions were firm in the face OF lower prices
at the yards The strong grain markets th'
principal source of strength. Commission houses
and shorts good buyers OF lard. while pack
ers were fair sellers Of ribs. Pork was more OF
less neglected, but closed firm. with May up &c
at s13.25. May lard and ribs were each 2Ikc high
err at s.. 20 and $50.
Estimated receipts tomorrow: Wheat, so cars
corn, 250 cars; oats, 125 cars; hogs, $4,000