The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-04
WHEAT SELLS AT 81;
CORN GOES TO 55C
WHEAT NOW AT HIGHEST PRICE
SINCE THE LETTER DEAL.
No. Red sold on the Board of Trade
at Chicago Yesterday mt 81 Per
BusheE-PrOvisiOns I'D, Too.

CHICAGO. Feb. Cash No. 2 red wheat
sold on the Board OF Trade to-day at 81 a bu
two carloads changing hands az that price. The
wheat vas bought by millers.
Wheat has not sold 50 high in this market
either fo- spot future delivery, since June
1895. IN which month the Letter deal eliminated
The high prices being paid at Chicago are the
direct result OF the big deal in May wheat being
engineered by Armour. May sold to-day at the
top price OF the season. 941sc, gain Of 23sq2izc
over yesterdays close
The advance was accompanied by active COW
ering Of shorts and much speculative excitement
Prices for corn. oats and provisions also did
some lofty climbing. May corn was up Slsc TO
Use, May oats sold 10 4shc. gain Of lAqlzsc
and MAY pork to 1910. a gain Of 25c.
The display OF buliishness said TO be
largely the result OF buying by spectators who
have made big profits in cotton and have now
transferred their dealings the grain and pro-
vision markets.
Wheat gathered fresh impetus during the
between Russia and Japan seemed inevitable
Great activity manifested in the pit at the
was t1-sc TO 4sG1zc higher at s2c 10 9zlsc. while
July was up NC to &c at sS14c to SSs4c.
GOOD DEMAND FOR BOTH OPTIONS.
There was a good general demand for both
active on the buying side. Shorts were also
liberal buyers and IT was claimed that half a
million bushels OF May wheat were taken by
the principal long interest. Offerings were COM
paratfvely light and with such an urgent de-
mand the price Of May rapidly 70 &c.
At that figure lot Of long wheat came out.
mainly from scalpers. and before the end OF the
first half hour May had reacted to s29sc. Only
q very small demand. however. was necessary
20 again start prices on their upward march.
AT the end OF the first hour May had recovered
10 ssixc shorts continued TO buy freely. and
purchases by commission houses were feature.
Late IN the day May showed a gain OF 2sq
2c ever yesterday nai 1gures 80, and SOLO cro at
July also maintained its winning gait and ad-
vanced to s5qS5Bc. a gain Of lssqlAc over last
There was considerable profit taking during
the Inst haif-hour. and in consequence the mar
ket suffered some reaction. The close. however,
strong at 93%Q93Ac, net gain for the day
OF even &c. July closed at S4Ac. an advance
Clearances OF wheat and -four were equal to
4n.600 bu Primary receipts were 90. Zlo ou'
lis. Duluth and Chicago reported receipts of 226
30 cars last week and 2ss cars a
year ago.
ENORMOUS TRADING IN CORN.
The corn pit was the scene OF a repetition Of
yesterdays enormous trading. The volume OF
business. In fact. large that the market
was extremely hard TO follow One Of the most
striking features was heavy buying Of May
corn by Armour. who is in control Of May
wheat
The increased speculative demand was another
noticeable feature. wall-street traders said
to be Investing heavily in corn. At times the
market took precedence over wheat. and larger
gains were made in this pit than in either of the
other cereals. May corn at one time show
ing an advance Of 31sc over last nights close
extent ~ higher cables NAV being up A6Ixc
at 52hd52%c. Some Of the large bull houses sold
were eagerly token by shorts and prices held
firm
that had sold early turned active buyers. and
the demand was so persistent that prices rose
nights close. Final figures were at 547sG55c.
Local receipts were 2l5 cars. none of contract
grade.
SHORTS BEST BUYERS OF OATS.
The oats market lost some of its independent
strength to-day, but the situation still remained
buIlish in sympathy with other grains. There
was selling credited TO Patten. but the commits
sion house trade was better than for time
past
Small receipts and a good shipping demand
were minor factors In supporting prices. May
opened a shade lower shade higher at 447sc
10 45c. The early trade was moderate and with
out conspicuous feature, shorts being the best
buyers and the demand being supplied by profit
taking oy local longs
trading In oats became more active and prices
rose steadily. May selling up to 4s1<c late in
the day. Some reaction occurred on realizing,
but the close strong. with May 1gilsc higher
at 457sc. Local receipts were 81 cars
PROVISIONS ADVANCE.
Provision prices moved upward sharply on a
big trade. There heavy liquidation by those
houses which have oeen successful on the
bull side OF late. but there was enough new
buying to take all the offerings. 1t was reported
that Eastern spectators who had made large
fortunes in cotton were investing in provisions
The advance was accelerated by heavy COW
ering by shorts, including some OF the packers.
The opening strong higher hog mar
ket May pork being up 211c to TIC at s1S.471s
TO Si3.s2h. The best demand was for pork
and that produce led the list In the advance.
After selling between l3471s and 1870. the
between 81. 5567.621z and 1875, and closed with
a gain OF 7isGl0c at S.57l3GL60. Ribs closed
at IS SORT S25l. gain OF 571zc. after ranging be-
Sc so and $6ST17-
Estimated receipts tomorrow: Wheat, 20 cars;
corn, 2s5: oats. 80; hogs $1,000 head.
Leading futures ranged as follows: