The Indianapolis journal., 1904-02-03
ARMOUR is BUYING CORN
INTEREST IN CORN MADE WHEAT
TAKE BACK SEAT YESTERDAY.
Trading i'm Oats Was on Very Large
Scale. with Patten on Both Sides
Provisions Strong.

CHICAGO Feb Trading a mammoth
scale was witnessed to-day in corn and oats.
Manipulation by prominent interests caused a
marked advance in boil. cereals May corn
showed a final advance OF lsc, while oats were
UP l1dSsc.
Wheat prices were affected largely by the
strength in coarse grains May wheat closing 4
ale higher. Provisions also were strong the
May products closing 17iza45c higher
a remarkably broad market in corn developed
almost the very opening. The keynote ap-
parently sounded when the representative
of the Armour house began TO buy the May.
Commission houses were also liberal buyers.
The advance in prices for certainly
not lacking in celerity.
1t estimated that during the buying
furore upward of 900 bu of May corn was
taken by the Armour house. Shorts were also
active the buying side OF the corn market.
bull incentive found in reports from
Liverpool to the effect that American corn was
arriving there in poor condition.
There was also considerable complaint in the
Illinois crop bulletin OF soft corn. May opened
sake higher. at 5Oza51c. and after selling at
5o24 d5O7sc the price steadily advanced.
At 521sc there was considerable liquidation by
smaller holders, but offerings were taken with
avidty and little effect made on prices
The active demand continued the entire session
and the close found May llsc hlgnef, at Disc
Local receipts were 653 cars, none OF contract
grade.
NEW HIGH PRICE FOR OATS
A record mark was scored to-day for the
May delivery of oats. the price reaching $40
$3.50. There was enormous selling for profits by
the largest holders who took good part Of their
oats back the breaks. The market through
out excited and cratic The fluctuations
controlled chiefly by the dictates of the
Patten interests and the market was highly
est fit to give The opening strong,
with May bdHc higher. at 4412d444sc, and with
Is a5se ene nrS' h'"r the price mad risen TO '''"
At this point there was selling by Patten
declining to 44i<c. with renewal of support
from Patten another upward movement was
45c. Trading continued large scale the
entire session. The close strong. with May
22S cars
GOOD TRADE IN WHEAT
Trading in wheat of moderately large
volume and decidedly strong tone was mani
Tested. Early factors in starting the advance
were strong English markets, reports of damage
by unfavorable weather in the Southwest and
the apparent congestion in the market for coarse
grain.
May wheat opened unchanged to sc higher. at
sO%dslbc. On an active demand from shorts
the price quickly rose to $3.50. The advancing
by commission houses who were supposed to be
acting under instructions of the Armour house.
SELL
ing pressure until the end of the first hour.
when May was again quoted at 9lAc. The
market dragged for time owing to the absence
OF many traders who had found alluring
attractions in corn and oats.
LARGE DECREASE IN AVAILABLE.
large decrease in the worlds available
stocks brought out an active commission house
demand later in the day and prices again
started upward. aided by the strength in other
grains. On this squirt May advanced to 92c
But realizing sales caused a slight reaction.
best prices May being sG1c higher, at 91S0
9l%c. July sold between S27sc and $3.50 closing
at the top with gain of Lose
Clearances of wheat and flour were equal to
123,50o bu The worlds visible supply. according
to Bradstreets. showed a decrease of $500 900
bu a Primary receipts were 6e4, 300 bu. against
5S3. 400 bu year ago. Minneapolis Duluth and
Chicago reported receipts Of 332 against 2l5
cars last week and 3l5 cars year ago
PROVISIONS STRONG.
Provisions ruled strong on active covering by
shorts together with heavy buying for invest
ment account The opening was strong in
fiuenced by higher prices for hogs at the yards
And in the advance in the price OF coarse grains
the provision list became still stronger The
selling was chiefly by local longs. May pork
showed the greatest gain and closed at an ad-
of 45c. at sl3 45 after ranging between
sl3 10 and $3.50 May lard up 20c at 81 So
with ribs l7i2q20c higher at Sc Is
Estimated receipts tomorrow: Wheat 20
cars; corn 215 cars: oats, 100 cars; hogs AZ 600
head
Leading futures ranged as follows: