The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-13
WHEAT CLOSED STRONG
AFTER EARLY WEAKNESS THERE
WAS 4 RECON cry OF 3-SC.
other Grain Was independently
Strong and Provisions Were in
Demand and Advanced.

CHICAGO, March 12.-Wheat closed
strong to-day at about sc advance after
giving indication during the morning of a
repetition of yesterdays disastrous break.
The oversold condition of the market and
reports of good export business changed
very weak market into very strong one
in five minutes time. Corn and oats We're
independently strong, corn closing lsW4c
higher and oats about isc higher. Pro-
visions advanced 712Hl5c.
Wheat opened close TO yesterdays final
price of 725sc, the first sales being made at
72iec but with d decidedly nervous feeling
noticeable. Foreign markets responded
willingly to Che decline which took place
here yesterday. Liverpool started with
decline of from Id per GENITAL for March and
1l2d reduction in May and came in little
later with a further 34d fall in March and
I'D in May while Berlin reported ~ marks
decline at the beginning. With the excep-
ton of the cold wave, which made shorts
a little nervous and resulted in a small
monetary advance there was nothing in
sight to change the bearish feeling which
prevailed yesterday, and liquidation on
large scale soon commenced holders being
further discouraged by the belief that the
market for the time without a bull
leader The result was that May had sold
down to 71lac by 1885, two three lots
selling as low as 1l$sc. Chicago received
nineteen carloads of wheat. Minneapolis
and Duluth received l'2 zoo cars. compared
ing day Of last year. The seaboard clear
ances were again very light, the Atlantic
ports giving the total as equal TO only 125,-
900 bushels in wheat and nour together.
That was one of the bearish factors which
led to the additional selling when May was
bringing l2c that broke ii TO 1l12c. About
an hour from the end of the session, after
the price had recovered to 114c, John
for and taking wheat freely at that, and
the scalpers being short TO a man, sudden
fear of the consequences possible after a
straight &c per buShel decline seized them
and in three minutes the price was up to
1212c The price had another wild squirt in
the last ten minutes. when It was rumored
that one hundred boatloads had been sold
at New York for export. The price got
up to 13c on that, and though the figures
were afterward corrected to read only
eight or ten boatloadS as the extent of the
days business, the shorts could not get
over their fright and May was bringing
I2HQl3c as the session closed.
Corn dragged during most of the session
and had no life In il until wheat became
so strong near the close. Then the traders
woke up and put some energy in the mar
ket during the last few minutes. Even
during the extreme dizziness, however,
prices held stubbornly. Cearances were
$4,000 bushels. May opened unchanged at
241sQ24l4c, sold at 24Gi24lsc, then advanced
10 2i$sc, where ii closed
oats were firm. especially so when the
weakness of wheat was taken into con-
sideration. There was a good demand from
shorts and some large lines changed hands
Seaboard clearances were 10000 bushels.
May opened unchanged at 17@171sc, sold at
167s4l7c and advanced TO and closed at
1Slsc.
Provisions were consistently strong all
day. Prices commenced with moderate
| rise on the small hog receipts, which have
| been factor all week. Packers were good
buyers and there was considerable specula-
| tive support, the result being a slow though
| steady advance. At the close May pork
was 15c higher, at $3.50; May lard 7l2c high
er, at S4.2Oq422 and May ribs 12c higher,
| at A.57l9.
Estimated receipts for Saturday-Wheat
| 20 cars; corn, 125 cars; oats, 200 cars; hogs,
| 1900 head.
/ leading futures ranged as follows: