The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-04
IN THE FACE OF SELLING
WHEAT RENAMED FAIRLY STRONG.
MAY, CLOSING AT Sl.O6.
July Future Scored a Small Gain, and
All Other Chicago Markets
Were Higher.

CHICAGO March 3.-It was an irregular
market in wheat to-day July was strong
though dull and closed at an advance of
14c. Reports that Spain had reduced the
duty ON grain and ordering to the continent
of California cargoes ahoat were factors
May was strong for a time, but selling by
interests who have been disposing of it for
two weeks ultimately had it's effect, the
close showing 7sc decline. Corn and oats
We're dull but strong, and closed A0ssc and
3sG1ac higher, respectively. Provisions were
also firm, and advanced 1O@221ze.
Wheat started with a'decided up-tu1n in
July, that option opening 1sG24c higher, at
9115@91%c. The bullishness of yesterdays
close was apparently still prevailing, and
enough of early news favored buyers to
give the market at the start a firm tone.
Northwest receipts were moderate Mime
apolis and Duluth reporting 273 cars,
against 264 last week and 81 year ago,
and Chicago receipts were seventy-one cars,
of which twenty-five cars were of contract
grade. The Price Current said the condi-
ton of winter wheat was somewhat preju-
diced in a limited portion of it's area" The
advance, however. induced a lot of selling
and, influenced by some bearish news the
whole trade for a time favored the selling
considerable pressure put on, the price of
July dropping to Gle under the liquidation,
and May, which had opened sc lower to
1sc higher, al $LO61a to $l.O7, dropping to
slO5A. Liverpool was weak and showed I'd
decline California reported crop prospects
excellent after the recent rains there and
primary receipts were heavy, at 100000 blu.
About an hour after the opening the mar
bet A GIinn in TIIU
by the most prominent bull interest brought
shorts into the market with moderate buy
ing orders. Reports from New York that
half the California cargoes afloat have been
ordered to the continent also caused some
buying aRd general Improvement in val,
ueS ensu@d July. advancing to 9lHsc and
May to $1.0634. After II o'clock the trade
quoted down a great deal. There was
general sackening of the buying demand
and prices slowly dropped. Reports that
the President had been informally advised
that the Maine explosion was from without
created additional easiness around the noon.
hour. May especially showed weakness.
Selling of that option by firm which has
sold heavily for two weeks was again
prominent all day, and made that end of
the market rather loggy toward the close
of the session. After midday. however,
the meantime declined to 91Ac but under a
brisk covering demand and some outside
buying prices went up to 91zsc. Near the
close realizing, mostly by professionals, be-
came too heavy tor the dull market TO
stand up under and gradual decline took
place. July finally getting back to slAc;
where it closed May slid OFF to $1.O6 and
closed at that figure.
Corn was strong, though not especially
active. Offerings were very scarce, ana
shorts had some difficulty In covering, re-
sulting in a good advance in prices. On
little reaction from top figures buying be-
came quite general outside support being
given the market, and the close was strong.
Shorts and local professional bulls were the
best buyers, commission houses doing most
of the selling. May ranged from 30azc to
3OAc and closed A@3sc higher. at SO3sc.
Market for oats was fairly active, and
good deal of strength was shown. Strength
Of corn and wheat induced some buying by
shorts and with light offerings prices ad-
vanced steadily. Elevator people We're good
buyers. May ranged from &c TO 26ss@2612c
and closed 12c higher, at 26Nc.
Provisions were very strong, though trade
was rather dull A firm hog market started
prices higher and under good buying by
shorts and outside people the market ad-
vanced steadily. The demand became quite
urgent near the close. May pork closed
22I5c higher, at $l0671a: May lard 12Ac high
err. at $3.50, and May ribs 10c higher, at
50 2714
Estimated receipts for Friday-Wheat, 90
cars; corn, $50 cars; oats, go cars; hogs'
y 600 head.
leading futures ranged as follows: