The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-19
WHEAT STILL GOING UP
CHICAGO MILLERS YESTERDAY PAID
$40. FOR NO. = RED.
Oats and Provisions Also


CHICAGO, Feb. 1S.-MiIers here to-day paid
s107 per bu for No. > red wheat. Wheat for
May delivery sold at 991sc per bu. a gain Of an
even PC from the low point Of the day. Other
deliveries were correspondingly strong Scarcity
Of wheat suitable for milling purposes was the
important factor in causing the advance. The
close was almost at the top. May being 1lsc 70
1ssc above yesterdays final figures. July was
lac higher. May corn closed at a gain of &c,
oats were up Ac to Sc, and provisions 2l7c to
174c higher.
WHEAT WAS IN Dol DEMAND.
Wheat opened firm on Liverpool cables. May
and July both being up hsc to &c, at sSGss12c
and sS7sdS9c. respectively. On the theory that
the prospects of war complications in Europe
had been considerably exaggerated traders with
bearish prcclivities thought wheat should be sold
on that account. Snow in the Southwest also
brought out selling orders. During the first half
hour the market exhibited a moderate degree of
weakness, and May declined to size, while July
sold off to sSAc. on the decline, however. the
demand became so urgent that the market read
lily advanced. and prices were soon above the
opening figures. Buying after the early decline
was of a general character. nearly all of the
large houses taking that side OF the market.
Domestic news was of an extremely bulish ma
feature Priyst OF d,sDefchas sistad tbat miIiers
at Interior points of Kansas and Oklahoma were
paying fair prices for hard winter varieties, put
ting that grade of wheat beyond the reach OF
exporters. Northwestern advices were OF a sim
liar tenor. Minneapolis reporting that black,
smutty samples sold for Soc and sc per bu. Inc
seaooard reIorted the foreign SITUATION even
stronger man Yesterday. WIN such a s'ao ,p 0a
afalrs prices encountered little opposition IN the
upward course. Late in the day May sold 10
within l&c of the dollar mark. touching 9s1zc
twice during the last few minutes OF Tadihs'
The close was strong. with May at ss$ns9Iec
July closed 1Ac higher, at soc, after selling at
901sc. Clearances of wheat and flour were equal
to $4,000 bu. Primary receipts were 5l3,SO ou'
compared with SS9, 800 bu a year ago. Minneapoo
lis. Duluth and Chicago reported receipts OF Z$y
cars, against 24l cars last week and la cars a
year ago.
CORN FLUCTUATIONS SHARP.
Corn had about the same experience as wheat,
fluctuations being sharp and sudden. with the
speculative feeling a nervous one on account of
the foreign situation. There was a good deal of
corn for sale early by commission houses, and
not much was wanted. but later on offerings be-
came rather limited and many of the early sell
when prices started Upward. shorts were fair
buyers throughout the day. and there was an
the Chief buii factor eT Mss the scarcity of good
corn. The strength of wheat, however, helped
&c s ioWer to o0I Hc P higher. f at 5S gen. @55Sc On After Mfs de-,
Ginning TO 5SsQ55hc, the price rallied TO 56c. but
55tsc, July closed a shade higher. at 5SAG53ssc.
Local receipts were 222 cars, six OF contract
OATS WERE NERVOUS.
Oats were nervous and Influenced largely by
the action of wheat and corn. Scalpers had
things about their own way, but they were In
clired to trade on conservative lines owing &c
the uncertainty Of the foreign situation. After
opening a shade to A9%c higher. at 4Sz9+c
May declined to 1910. but rallied again and
closed at the top, at 44c. July was unchanged
at $3.50. Local receipts were 129 cars.
PROVISIONS FIRM.
Buying for investment account and covering by
shorts, especially in May pork. caused frnnes'
In provisions. There was a fair amount of liqui
dalton in progress the entire day. and at time.
the market showed a tendency to weaken. bu
active support on the soft spots resulted in raj
lies. The close was firm. with May pork up 171.c
at $15.15. May lard was 2isc higher, at S.7713
and ribs were &c higher, at Sa25.
Estimated receipts for tomorrow: Wheat, II
cars; corn, 1875 cars; oats, SO cars; hogs, 31,OW.