The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-14
JULY LED WHEAT TRADING
ADVANCE YESTERDAY DUE TO
HIGHER PRICES FOR CASH WHEAT.
Armour Took Advantage of High
Prices and Sold JuIy Heaviiy-COrn
Market Strong-POrk Lower.

CHICAGO. Feb. 13.-Speculative trading in the
wheat pit here to-day a reflection Of the
higher prices being paid for the cash articles in
all outside markets. The strength abroad was
also bull factor. The market here closed firm,
with May wheat &c to sc higher than Thurs
days final figures. May corn was up &C to &C.
while oats showed gain OF 1sc. Provisions
were easier. closing SC to 1Oc lower.
The wheat pit was affected more, perhaps by
the strong cash situation reported from all quar-
tiers than by any other factor. The demand was
principally for the July delivery, the congested
condition Of the May option offering small in
ducements TO the majority Of traders.
While prices at Liverpool and Paris were con-
siderably higher than yesterday, and the fact
that these markets showed gains in the face OF
increased shipments from Australia and Argen-
tina, helped instill confidence in the traders
here.
May opened A9%c to %Gs4c higher, at $3.50
There was an early advance to sszsaS9c for July
on an active general demand but the May option
held about steady during the first hour.
ARMOUR SELLS JULY.
Armour took advantage Of the advance in the
price of July and sold out a considerable line.
Smaller traders followed the lead. and in conse-
quence break TO ss14c occurred. The downward
trend Of the July delivery affected May, forcing
st. Louis houses covered big line of July dur
ing the latter part of the day. The market re-
sponded TO the improved demand, and prices
again reached the top figures some OF the az a1,
vance was subsequently lost on proht1taking' hnt
had net gain Of lc to llsc closing at SSAGSS5sc.
Clearances Of wheat and flour We're equal to
against 624SoO bu year ago. Minneapolis, Du-
luth and Chicago reported receipts Of 4y4 cars
compared with 2S5 cars last week and 429 cars
year ago.
CORN MARKET STRONG.
The market strong. but the volume
Of business was small owing to a lack of Of
ferings. The fact that Armour has taken a prom
crowd
side. while there was considerable long corn
several OF the larger commission houses readily
Much of the buying was based on the SUPPOSE
ton that there is very little good corn in the
markets Were additionaI bull factors The open
ing on May was sqAc to %Gl9c higher at 541sQ
542sc and after selling between 54B and 54$4 q
closing at 527sc. Local receipts were 1874 cars,
one OF contract grade.
BULL HOUSES BUY OATS
The feature of trading in oats. the heavy
buying of both May and July deliveries by the
leading bull houses Offerings were s small
ket ruled strong While the strength in other
grains was influence the greatest strength
was derived from the fact that break early
in the week discouraged farmers from market
ing their grains so that receipts are again be
coming light The close price was at the top
figures May was unchanged to Ac higher at the
to ihc Closed at ii%c July Closed i &c higher at
397sc after selling between 39Aq392sc to $3.50.
Local receipts We're 1Z9
PROVISIONS WEAK.
The provision market was weak early on gen.
eral selling. due to liberal receipts of hogs and
a decline Of 10c in prices at the yards. Local
shorts covered freely, and increased invest
demand and support from packers the
market frmed up. Part of the early loss was
regained.
There was some late liquidation which caused
easier feeling at the close. May pork opened
with a loss of 22l2c to SOC at S145212d14.60, and,
after selling up TO Sl4.S2h, closed 10c lower at
S472a May lard closed with net loss of
7i2c at s765. Ribs were off sc at Sz07lz.
Estimated receipts for Monday: Wheat, 80 cars;
corn, 665 cars; oats. S35 cars hogs, $1,000