The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-06
CLOSED LAC HIGHER
Wheat Threatened with a Col
lapse at the Start Yesterday.
Liberal Clearances and a Decrease in
the Visible Supply Sent All Grain
Toward the Roof.

CHICAGO, March 5.-Wheat was weak at
the start to-day, but afterwards recovered
and closed &c higher for May. The mild
weather, large Northwestern receipts and
lower Liverpool quotations caused the early
decline. but the liberal clearances. a decrease
in New York stocks and a decrease in the
visible supply turned the tide and May
closed only &c from the top. May corn is
hc higher and May oats &c higher, but pro-
visions closed lower all around.
The cold wave which ii was feared might
damage the wheat plant did not appear on
schedule time. The early cables reported an
increase OF 7l2.OO0 bushels In the quantity
Of wheat and flour on ocean passage and
Minneapolis and Duluth returned 5SS cars
as the receipts at those two places to-day.
A year ago they got 5l9 cars. The Liver
pool market was quoted weak and Ad lower,
with more disposition on the part of holders
to SELL The bulls having such a number OF
materially bearish matters arrayed against
them at the start had wheat for sale as
soon as opportunity was offered, and the
bears who were short were unwilling buyers
as a rule at over 59i4c for May. A few lots
found buyers at $3.50 at the opening. That
showed a decline since the close on Satur-
day of from 1sc to Ac. There were no
symptoms of recovery for some time and
not until the price had bumped several
times against 591sc. The recovery which
York advising a reduction in stocks there
for the week of 100000 bushels. The price
under the latter influence rose to 5924c
There had been a good deal of buying
against puts on the early decline, and on
the rally all the wheat so bought was on
sale. Much of II was disposed of at be-
tween 59izc and 59Ac, but the quantity
proved too heavy for the demand and a
drop to 59ssc was brought about by. that
to ascertain where the 100000 bushels de
crease at New York had gone, and I'm an
swer to an inquiry 100000 bushels of the
Lisbon got 100000 bushels OF it. the United
Kingdom 10000 and millers 10000. There
was another advance TO $3.50 after the pub
which showed a decrease of 1,6Ss,OOO bushels.
The days clearances from the Atlantic
norts were likewise help TO the bull side
amounting in wheat and flour to about 49,
GOO bushels. and In addition to that New
Orleans shipped 100000 bushels Of wheat
into play in the absence of any outside de-
mand for cash wheat, and the price for May
i2so O'clock. The English visible supply do was was
estimated 10 have decreased 100000 bushels
during last week The price touched $3.50
price a second time near the close. The
latest trading was at 593Ic
In corn there was a moderate trade, the
interest increasing as the session advanced,
the bulk Of the trade taking place after the
early advance. The opening was easy on
the spring-like weather and liberal receipts.
but the market was quiet and very little
life manifested until brokerage concern
started in to buy, which caused prices to
advance suddenly sc. with a little trading.
until &c was reached for May and 3Sc for
July. Prices We're fairly we'll sustained for
q while at the advance, receding later 4
| 4hc, held steady. and closed with May only
1sc from the top.
In oats frmer feeling prevailed Prices
advanced AG3sc, and closed steady at the
| top. The strength was due largely to SYM
| pathy with corn and to the decrease in the
| visible supply.
There very little doing in provisions
early, dull feeling prevailing. The mar
| ket opened weak and lower in sympathy
| fairly steady little disposition being shown
| by the packers to support il. There was
however, some selling of lard by one OF
the packing houses, but the offerings were
| taken readily by n foreign commission firm
| Ultimately the market broke on free offer
ings, particularly of pork, by some Of the
packers, who turned sellers a few stop
and continued trading by the commission
house before referred to. The weakness was
| emphasized TO some extent by the CORE
spending condition of live hogs at the yards
Later on there n moderate reaction
| in pork on the commission house already
| mentioned turning buyer. with the closing
steady for pork and weak for lard and
| ribs. Compared with Saturday, May pork
| is 112c lower, May lard .0712c lower and May
| ribs .15c lower
Estimated receipts for tomorrow are:
Wheat, 20 cars; corn, $50 cars; oats, 275
| cars; hogs. 10000. Leading futures ranged
as follows: