The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-03-19
CORN FIRM ALL DAY
DECREASE IN VISIBLE SUPPLY LED
TO AN ADVANCE OF 3-4C.
Wheat started Higher. but Reacted
Before the Close and Left on at a
DecIine-Provisions Were Weaker.

CHICAGO, March 1S.-Corn led the dance
on the Board of Trade to-day, ending sc
higher for May. A decrease in the visible
supply and reported buying for export was
the cause. After an early decline wheat
reacted with corn and closed but Ac lower.
Oats finished 11sc higher, provisions closing
at a moderate decline.
Wheat started at 1sc advance over the
price ruling at the close of Saturdays ses-
sion. The early news was of a mixed charac-
ter. Dry weather throughout the winter
wheat country. steadiness in the English
markets and a decrease of 224,000 bushels
in the Liverpool stocks since Monday were
the items from which the bulls drew their
courage. Weaker continental markets, ia
vorable weather for the French crop, ac-
companied by speculative selling orders from
Paris, were the principal items of the early
cables which lent strength to the bears, and
the market turned from having a slight
upward tendency to a much more decided
feeling in favor of the opposite direction.
Until the visible supply statement was re-
ceived the weaker feeling which succeeded
the opening strength was not much added
to, but when the figures were all in and
the amount of the decrease was found to
be only 844, 600 bushels, compared with a de-
crease of 1,428,O 900 bushels last year on the
corresponding week, bearish sentiment be-
came pronounced and the price tumbled sc
below what 1t was during a portion of the
first half hour. Another weak feature of
the earlier news was receipts of 459 cars at
Minneapolis and Duluth. Primary market
receipts were 4l3,000 bushels. The export
clearanceS were rather heavier than for a
few days back, amounting in wheat and
hour to 395, 900 bushels. An increase of 10000
and an estimated increase of 7s5' 500 bushels
in the English visible came in on the latter
half of the session and deepened the feeling
session Of the crowd. May wheat, which
opened at from 56Ac to $3.50, had got as
corn market caused a reaction In the last
hour, May closing at 56ssc.
The corn market was at its frmest after
wheat had reached its weakest, and at no
period of the day was it conspicuously
weak. Shortly after the opening it sold at
Bc below the price 1T closed at on Satur-
day, but during the remainder of the day
the early sellers had no chance to get their
corn back, except at a. loss. Offerings were
light and the heavier dealers We're on the
bull side. The market reached its greatest
strength after the publication of the visible
supply statement, which showed a decrease
of $4,000 bushels. compared with an increase
of $4,000 bushels a year ago. But the fact
that places in Illinois whence hipmen to
Chicago had previously been quite free
were now getting from lie to 11hc more than
the Chicago price from Eastern buyers,
who were exporting via East Boston and
Newport News, was also a strong element
in producing the firmness. May opened at
Acc, improved to 46h@46Ac, dropped back
to 457sc, and then gained an advance, which
became fast and furious toward the end,
the price reaching 1880 and leaving off at
46%@46kc.
The oats market was 1rmer. Sympathy
between this cereal and corn, with. a de-
crease of $1,000 bushels In the visible sup
ply, were principally forward in creating
the frmer feeling, Bartlett-Frazier sold
freely and prevented the price from advanc-
quite readily by the crowd. May started
at 29ssc, sold at 29A@29asc. up to 291ac, and
closed at that price.
Provisions turned down Immediately at
the start and ruled weak the greater part
of the day, with a tendency toward recov-
cry near the end. The range for May pork
was from s12.6 at the start down to $11. rs,
with $11.95 the closing quotation. The re-
spective declines for the day are 71ac in
pork. .071ac in ribs and Csc in lard. Hog re-
ceipts were 3S, 600. The weakness was the
result of liberal selling. supposedly in the
Armour interest.
Estimated receipts for tomorrow: Wheat,
AZ cars; corn, 15 cars; oats, 1870 cars; hogs,
28.O00.
Tool;-- fy4,,~-r 100000 --.r1I~--.