The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-10
PORK MAKES Big ADVANCE
WHEAT AND CORN WERE STRONG
YESTERDAY ON THE WAR NEWS.
July the More Active Option i'm Wheat
May Pork Advanced S1.22 "a Bar
rcI-CIosed Around 81 Higher.

CHICAGO Feb 9-The influence OF the dis
turbance in the Orient keenly felt to-day in
the provision pit. Active demand sent the price
of May pork sl.22lk a barrel above yesterdays
closing figures.
Grain prices were also affected The close
was strong in both grain and provisions. with
May pork sI.o2h. May lard 25G2Tl2c. and ribs
soc higher Compared with last nights quota
tons. May wheat finished 1G1sc higher. May
corn 15z61Sc higher and oats up lssc
The active speculative demand which caused
this sensational advance in May pork came
largely from shorts who had become alarmed
at the seriousness OF the situation. Com
mission houses however. were also heavy pur-
chaserS several prominent houses taking lines
from $500 to 5000 barrels.
Packers reported improved demand for
meats for foreign shipment. Higher prices for
live hogs ut the yards caused firm opening in
provisions May pork being up 21zc TO TIC at
s13. 7OQi3. rs. May lard 597lec higher at
81. 1917 go, while ribs PIC higher at $685..
On the placing Of large order for May pork
by a prominent commission house. shorts started
to cover Offerings extremely small, and in
efforts to supply their needs the price was
forced rapidly upward until it had touched
1880
There was some proft-taking at that figure,
and a reaction followed but the close was at
s14. 20, a net gain Of $1.O21s for the day. May
lard closed 25G271c higher. at s7.77hQ7So. aft
er selling between $3.50 and $3.50 Ribs were
up SOc at s7.12h, after ranging between $685.
and s7121a.
advance in the price of May pork is small stock
of harreled pork, which rendered the market
nervous and exceedingly susceptible. There are
only 20. 900 barrels OF pork in Chicago: IL was
all sold here to-day and probably $1,000 barrels
more disposed Of in the pit.
WAR HELPS WHEAT
Open hostiIities in the far East had a buoyant
influence on wheat from the start. Initial sales
on May 1sc to $50 higher at s4isQs4asc,
with July at S4%aS47sc. Trading was quiet the
early part of the session. and the volume OF
| business was much smaller than for some time
past The quietness, however, was due more
to scarcity of offerings than to any lack OF
| disposition TO buy.
Commission houses had buying orders, and
| the demand from this source gradually forced
prices upward. The market became more active
| in the day and prices showed further advances
The cash situation in the Northwest and IN st
| Louis was extremely bullish, there being ar
| urgent demand for wheat for milling purposes re-
| ported at Minneapolis Receipts IN the South
| west smaller than last year.
| In addition these domestic influences an inn
/ proved foreign demand reported from the
seaboard. As a result of all these factors the
| at 95hc, May closed lake higher than yester
| dav at s5Q95hc Final figures on July were a
| CIeafances of wheat and flour were equal Il
| 1000 bu. Primary receipts were $4,000 blu
] compared with SOS. 200 bu a year ago. The world
visible supply according to BradStTget streets In
| Chicago reported receipts of 1852 cars, agains
| 332 cars last week and 1896 year ago.
BIG INTERESTS BUY CORN.
| The feature in trading in corn was the activ
| demand from the principal bull leaders. VIII
| were heavy sellers yesterday. Although tn
market did not display the same amount Of &C
! tivity as of there moderate volum
| Of business and a strong tone was maintained
The market apparently had been oversold an
| shorts had to pay something for the privileg
| of covering their lines. The strength in the cas
| market, better export demand in conjunction
| with the were bull factors. Afte
| opening &c 1zc higher at 531kc to $3.50, Ma,
| ranged between 527sc and 547sq541sc, closing a
| the top. July sold between 507sc and 52lkc an
closed 1850 higher at 521zc Local receipts wer
2S9 cars, one of contract grade.
OATS HIGHER
oats also made a good advance in prices. al
| though the volume of trade not large an
| without significant feature. Local traders wer
| overenthusiastic on the selling side yesterda
| and the rally to-day chiefly the result O
| their speculative trading in the face OF SINAI
| offerings The speculative trading afecte
| by the strong cash situation
| Closing prices were strong and at the highes
| 429sc and after selling between 42Q42Bc an
| 4312c closed at the latter figure. July range
| between 3S63Skc and 39Lc and closed 800
Local receipts were $40 cars.
| Estimated receipts tomorrow: Wheat 20 cars
corn, 1S5 cars; oats, 1S5 cars; hogs 49, 600 head.