The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
WHEAT ADVANCES AGAIN
RENEWED FEAR OF WAR PULLED
UP BOTH GRAIN AND PROVISIONS.
Shorts Run to Cover-Wheat starts Up
Corn strong After Apparent
Weakness Early.

CHICAGO Ian. l5.-Renewed fear Of war
pulled up both grain and provisions to-day May
wheat closed at an advance of Nc. corn sc ana
oats 7sdlc. Provisions gained DC TO l''1c.
Wheat opened steady during the first part OF
the session. mainly on account or the aversion
Of the pit crowd TO launch out on what was con-
sidered a troubled sea. Local traders appeared 10
see no hope for profit on either side Of the mar
ket. and in consequence orders for small trades
were the rule.
Opening prices were a trihe frmer. Influenced
by a decline in consols and indications that a
more acute phase in the Russo-Japanese si'ua-
ton had been reached. May was up sc TO &c
at SIC to s71sc. During the early hours of trad
ing the price ranged between S67sc and SI14c.
on a report stating that grave news was mo-
mentarily expected from the far East the market
became suddenly active. Those who had sold
short earlier in the session became extremely
anxious to cover and there was also a good de-
mand from the bull element.
MAY GOE TO S7A
From S7Asc Nay rapidly rose TO STAG, with
small offerings. until the price had passed the
size mark. The demand continued good the re-
mainder of the day. and the close was strong,
with May at S7ssc.
Clearances OF wheat and -four were equal 70
1876. 400 bu. Primary receipts were 10000 bu.
compared with $40. coo bu a year ago. Exports of
wheat and -four for the week, according to Brad
street. were 2.177. 600 bu. Minneapolis. Duluth
and Chicago reported receipts of 44s cars. against
474 cars last week and 42 cars a year ago.
CORN DEMAND LARGE
Corn was in good demand and firm, after an
indication of weakness early in the day. Liver
pool cables were lower and advices from Ar
gentina were favorable, which accounted for the
easier tone at the start. Later in the session
the war news became a factor and induced short
covering. Offerings were light, due to the small
receipts, with no Improvement in grading.
Under these conditions prices made good gains.
but at the advance there was considerable profit
taking and some reaction followed. The close.
&c lower at 4S%c TO 4s12c, May advanced to
s9isc. and closed at 4S7sc. Local receipts were
31s cars, four Of contract grade.
DAT SHORTS COVER.
Oats were up sharply. with trading at times
quite excited. The holder of a long line was
an active buyer and this induced considerable
buying by smaller traders. Shorts covered free
ly. A big cash demand. which was hard 10
fill on account Of scarcity of offerings. was the
main bull influence. although the war news also
strong and at the top. May opened unchanged to
sc higher at i0sc TO 40&c. sold between 4Ol2G
40Sc and 411AG4lssc. closing at 41244lsc. Local
receipts were 104 cars.
PROVISIONS HIGHER.
Provisions were weak early on lower prices
for hogs. but later the market advanced on
war news and on the strength shown in grain.
Shorts were the best buyers. On the advance
there was some profit taking. but prices were
well maintained, the closing being at about the
high point. May pork closed 17hc higher at
ribs j0712c higher at s6.65q5.67h.
Estimated receipts tomorrow: Wheat, 30 cars;
corn. POS cars; oats. 100 cars; hogs. $1,000 head.
Leading futures ranged as follows: