The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-25
WHEAT SHORTS SCARED
MORE CROP DAMAGE STORIES
START TROUBLE FOR THE BEARS.
Price of May Jumps Over Two Cents
from Low Figure, and Closed with
Bidders Unsatisfed.

CHICAGO. March 2.-The moving cause
OF strength in wheat to-day. after about
two hours depression, was the announce
Il ent of reports of serious damage TO winter
wheat. Shorts were forced to cover. and
during the excitement May wheat rose 214c
from the bottom of the days range, and
closed at the top with a net gain of 15sd1Ac.
Corn and oats pursued a similar course, and
advanced Ld7sc and hGAc. respectively.
Pork improved 71zc, and lard and ribs left
of a shade higher.
There was an easy feeling in wheat at the
start, and May opened 140$sc lower at
6SLM6S1ec, and slid off to 6s1sc during the
first hours trading. There were no fresh
reasons for weakness al the time of open
irg. but bulls were disheartened at the
apathy of traders in general and the indif-
ference with which reports Of heavy damage
TO winter wheat was received. The bulls
considered the holding of wheat under such
circumstances like loves labor lcs;, and
dropped some into the maws of the bears.
who were short sEd who were looking on
the decline with which the market started
as the proper time to feed. The reports of
winter-killed wheat from the country were
numerous. fully corroborating previous adj
vices of a similar character. The action
of the market. however, during the early
trading, clearly indicated a Widespread be-
lief that wheat was not nearly so seriously
damaged as had been claimed. Chicago re-
ceived AZ cars of which five graded contract.
Minneapolis and Duluth got S92. against
80 the same day last year. Atlantic port
cIearances for the day were $4,000 bushels.
Indications were that the worlds shipments
to Europe would be about $4,000 for the
lie nh ON
the break. and orders from outside general
Iy were to buy. During the last half of the
session reports from Kentucky said that
fall wheat fields were being pIowed up. and
general complaints from the Southwest
were of an almost sensational character.
claiming that damage, previously unsus-
pected had revealed itself This sort of
news started local shorts scrambling TO
cover. Offerings were found TO be very
scarce. however, and. after vigorous climb
during the last hour of the session, May
rested at 7Oasc, with the buying demand
still unsatisfied
Corn followed wheat, rallying sharply at
the close. Shorts and elevator people were
heavy buyers on the way up. Claims from
New York of 100 bOatloads being disposed
OF for export exerted a strengthening In
fiuence. Receipts. los cars. and country Of
ferings practically nothing May started
1sc lower at 35isGSAc, declined 10 34tsc,
then advanced 10 35Ssc. sellers, at the close.
Oats rallied with the other grains. closing
firm at the high point. Elevator people ana
shorts bought. and this helped the advance.
Receipts. 143 cars. May began AG2sc lower
p 26isc. sold sparingly at 26m261sc then rose
: eadiiy TO and closed at 26ssc.
good cash demand for meats and buy
ing of lard and ribs by packing concerns
strengthened provisions: May pork opened
21sc lower at $9.95. and advanced to ss.15,
buyers at the close. The range in lard and
ribs very narrow.
Estimated receipts for Saturday-Wheat.
~ cars: corn. 125 cars; oats, $50 cars, and
hogs - 600 head