The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-13
ALL HIGHER BUT WHEAT
CORN CLOSES 4 FOURTH Up or BET
TER AND OATS AN EIGHTH.
Leading Cereal Declines Three
NEUTRALITY-SUSPICIOUS. Dull. but Es-
tabIish Gains of ) to I5 Cents.

CHICAGO, March 12.-In the absence of
outside support the wheat market closed
with a net decline of sc to-day, while the
other leading speculative markets held
firm. corn closing AG2sc. oats lsc and pro-
visions 5q15c higher.
Wheat opened 1sahc higher at 75ssc to
751c under the short-lived support result
ant TO higher Liverpool cables and the
mildly bullish government report. There
was a fair amount of outside buying in the
first few minutes, but the bulk of pur-
chases was made by local shorts. 1t was
soon left to local bulls TO take care of the
market. and they proved unequal to the
task. although the bear pressure was at
nc time severe, or even serious. Consld-
ering the divergent views expressed by
leading traders the comparative inactivity
of the market is a puzzle. The bull argu-
ments embracing recent reductions in crop
estimates for Argentina, Australia, France
and in the Northwest are answered by
pointing to the fact that May wheat Is
now sc higher than II was a year ago. 1t
was this answer which was made to the
government report. The liberality of sea-
board c~learances last week as we'll as to-
day make a review of the previous day
to-day reports of mo export inquiry look
peculiar. The days receipts, both in the
Northwest and including other primary
points, were under last years, and
the fact that this Is the crop-scare sea-
son was made prominent by damage claims
from Ohio and Indiana. Inc market, how
ever, without any particular pressure,
worked eff during the forenoon TO 747sd7JC.
The report of 200,0 coo bu sold here for ex-
port and seabOard claims of 81 loads taken
for the other side caused a rally to 75AW
1850, but the rally failed of support ami
the market declined to I4sc, and closed
easy at 75c. Seaboard clearances in wheat
and flour were equal to 467 900 blu. Primary
receipts were $4,000 blu, compared with
ago. Local receipts were " cars, 3 of con-
tract grade.
The government statistical report of corn
reserves was more bullish by comparison
than that on wheat, and was reflected In
a heavy trade during the first hour Of
business in that cereal. Unsettled weather
also helped the bulls, but later the market
became more quiet and prices eased off on
the improved grading of receipts, there
being O. cars of contract out of 1876 cars
were reported light, while shippers claimed
their market somewhat improved. May
sold between 40Ac and 4OHsc, closing Ac
higher at
Oats were affected by corn, shorts cover
ing under the influence of that market
strength. y good spring demand was re
ported, but the business done was not given
out. May oats opened at 2i5sG25Ac, sold
sparingly at 24%c, declined to 241zG247sc,
and closed sc higher at 245sQ24%c. Re-
Ceipts were 39 cars.
Provisions were firm without much bust
ness being transacted. The market was
Iare of offerings most of the day. MAY
pork sold between S14S2h and $3.50. ana
closed 15c higher at $3.50. May lard closed
sc up at $3.50 and May ribs 719c improved at
s. 321h.
60 cars; corn. $40 cars; oats, $50 cars; hogs.
g, coo head