The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-18
WHEAT JUMPS UP CENTS
NEW WAR RUMORs ARE THE PRIN-
CIPAL CAUSE OF ADVANCE.
Al the Top Was Selling by
The Corn Market Was n Nervous
Administrations strong.

CHICAGO. Feb. 17-war complications in
Europe. as well as in Asia, whirled wheat up
&c q bushel to-day for the May delivery. July
jumped 2ssc. compared with last nights prices.
May wheat at the close showed a gain OF Ia
1hc. The net advance in July wheat is 19sc.
May corn is up &c. oats Aa7sc and provisions
Zoe to 271zc.
Wheat at the opening was about steady on
the comparatively firm tone Of cables. foreign
markets showing no response to the decline here
yesterday. Initial sales Of May were a shade
lower to a shade higher ar s61zG96sc. while
July was a shade higher to hqHc lower at size
to size.
Selling by Armour. followed by profit taking
by smaller holders. carried May down to 96c.
July sold of to S65sc. Toward the noon hour
traders were seized by an acute attack of war
fever. A report was circulated that an uprising
had occurred in the Balkans. From the moment
this announcement was made until the close OF
the session there was an urgent demand for
both May and July wheat.
There was a scramble among shorts to cover,
and the leading bull houses bought freely. The
trade was of such large volume that individual
transactions were allowed to pass almost I'M
MARKET TURNS STRONG
The naarket turned suddenly strong and sharp
advances were made in all deliveries. Another
factor that helped to strengthen the situation
was a correction in Bradstreet's worlds visibly
supply inquiries ACCOUNTING " NHc NAS NoNo
the available stocks show a decrease of $4,000
blu. instead of an increase of 217, 900 bu. as an
nounced yesterday.
The export business was an additional bull
factor. A report from Baltimore stated that
foreigners were taking all offerings in the shape
of wheat. while New York also claimed a big
Under these conditions May rose rapidly to
CSC and July was forced UP to Ssc. The close
was almost the top figures with May at s7sc
Clearances of wheat and -four were equal to
$500 bu. Primary receipts were 57S.s 500 bu.
apolis, Duluth and Chicago reported receipts
Of 800 cars. against PAS cars last week and ZIG
cars a year ago.
CORN MARKET NERVOUS.
The corn market was a very nervous affair.
There was heavy selling Of May early in the
day by some OF the principal holders, and with
only a moderate demand from shorts. prices SUI
fered a considerable setback. After opening un-
changed 10 1c lower at 54AG54Ac, May declined
TO 54Ac.
When the report was circulated that war
had broken out in another quarter buying orders
appeared TO come from all directions. There
was active covering by shorts and commission
houses bought literally. Offerings became ex-
tremely light and before any large quantity of
corn came out May advanced to 5c. Trading
was active the remainder of the session. Al
though some recessions from the high point
were made. the close was strong with May sc
higher at 551sc. July was also up Sc at 5SAc.
Local receipts were 41 cars, none OF contract
grade.
ATS CLOSE HIGHER.
The same influences that governed wheat and
corn affected the oats market. Leading bull
houses sold early and caused considerable weak
ness. Later, however, the early sellers were
forced TO turn buyers and there was also active
buying by shorts, Outsiders were good buyers
on the war news.
The close was strong with prices near the
top. May opened &c to &c lower at 43c to 43hc.
declined early 10 42hc. but rallied later to 44c.
The close was %67sc higher at 43sG43%c. July
was UP CSC at $3.50. Local receipts were 1SS cars.
PROVISIONS STRONG
Provisions were strong throughout the entire
day. In the face of lower prices at the yards
the opening in provisions was at a slight gains.
A smaller run of hogs than expected counted
for the advance. Buying for investment ac-
count. due to the war scare, caused a further
advance later in the day. The close was strong,
with May pork 27l2c higher at $~l4.971zc. May
lard was up 121aQl5c at s7.75 and ribs 10c higher
at $40.
Estimated receipts tomorrow: Wheat, % cars;
corn, go cars; oats. 40 cars; hogs, 5000 head.