The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-29
WHEATHASGOODADVANCE
BIG DEMAND FOR CASH ARTICLE
PRINCIPAL BULLIsH FACTOR.
Outside Interest in Wheat Widens Ma
teriaIIy-PoxverfuI Interest Con-
times to Buy Corn.

CHICAGO. March 2s.-The sample tables. not
the speculative pits, were local centers OF bust
to-day the Board OF Trade Spot trans
actions for cash largely controlled quotations for
option dealings vastly greater in volume The
actual kernels were said to be scarce that
there a shortage OF seed wheat in even
such a typical cereal section as the Red river
valley OF the North. Compared with last night 5
closing figures July wheat to-day closed al an
advance OF l'stllssc corn Is up i9sea c Oa's
More general interest In the wheat Market
ma infested To-Day than had been experienced
past the dollar mark. The tone was one OF ex,
ceptioiisl strength, with an urgent oenah1
contributed to the bullish situation.
The principal feature at the opening was a
reports from the southwest and firm cables. In
itial quotations on July were 1sc lower TO Sc
higher at size to s7Ssc For the first few min
utes pit traders inclined to sell. but the
demand from commission houses and shorts was
so urgent and general that offerings soon De-
came extremely scarce
SENTIMENT STRENGTHENED.
Sentiment materially strengthened by the
sharp demand for cash wheat. During the early
part of the session there were some sales of
No. northern at the May price. but most Of
the stock was held at lac premium. Predictions
the Northwest were an aided stimulus to specu-
lative trading.
A report from Minneapolis claimed that one
company which controls a chain of elevators
throughout the spring wheat section had sold
practically all its grain TO country mills Ike
ports of crop damage continued to come In, one
authority stating that half Of Kansas ai would fs6
Prices advanced until late in the day, when
July touched &7sc.
profits. The result was reaction: the price
dropping back about half cent. The decline
was only temporary, however, the demand peing
sufficient to cause a quick recovery Closing
bser al a. the 0 Eag ns sold
$3.50 and 9!s and closed at 96Ac.
Clearances of wheat and -four were equal to
against 800 bu a year ago. The amount on
passage Increased 1900 bu. while the visible
inth and Chicago reported receipts Of SAG cars
against 575 last week and 49S cars year
CORN BULLED BY BIG INTEREST.
Active buying by the leading bull operator
was an important element of strength In trad
ing in Another equally influential factor
was the urgent demand and consequent strength
In the cash article, the price for spot corn being
up &C TO &c. The buying by the principal holder,
however was not the only feature in the situa-
ton. there being heavy covering by shorts, with
an active demand from commission houses.
there little disposition TO sell during the
Influenced to q considerable extent by the
strength in wheat. In the late reaction In wheat
easier tone The weakness was soon dissipated,
however. and closing prices were at the high
point.
July opened shade to kG%c higher at 50hc
to 5OAc sold between S9,.c and SI"a aI and and
Soc Local receipts were rs cars, with IL Of con-
OATS STRONG TOO.
Oats participated in the general advance and
ruled strong throughout the day. Buying OF
May by the same interest that was supporting
corn special feature in trading. In addi-
ton to the demand from that source there was
good buying by shorts and commission houses
Closing prices were near the top After open
ing unchanged to a shade higher at 3SQ3Shc to
3Sisc, July sold between SS43S1sc and 3SBnSsc,
81.
ITO
PROVISIONS FOLLOW GRAINS.
The action of grains dominated trading in
provisions A fair scattered demand with small
offerings, resulted in advances in all products
and caused the market TO close strong. Final
quotations on July pork up zoe at sl3. 80,
July lard was 7lic higher at s7.22k and ribs up
loo at $7.12ikd715.
Leading futures ranged as follows: