The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-24
WHEAT STRONG AT CLOSE
REPORTS or CROP DAMAGE IN IN
DIANA CAUSED THE RALLY.
During Early Trading Prices De-
cIined on General SeIling-Much
Liquidation of May Corn.

CHICAGO. March 23-Startling crop damage
reports from Indiana caused a sharp rally in
wheat late to-day. Declines occasioned by gen
eral selling on favorable weather were not en-
tirely overcome. however. the July delivery clos
ing at net loss of ssGizc. Corn is UP a shade.
oats down &c and provisions 2lsa12iac.
Brilliant vernal weather caused during the
greater part of the day general disposition
70 sell. The tendency was emphasized by lower
Liverpool cables. although the weakness abroad
due largely 10 bearish American advices.
July opened 1tdssc to i7G$sc lower at s5sc to
s5:sc. while May &c TO &C lower at silzc
TO 9i2c. Commission houses and pit traders
were alike eager sellers. Buyers hard to
find.
In consequence of the lack of demand the
market gradually became weaker. The execu-
tion of number of stop-loss orders was fresh
element of weakness. another being a decline
in coarse grains. In addition Minneapolis re-
ported four flour mills closed. Furthermore re-
ceipts from the Northwest showed increase.
BULL NEWS FROM INDIANA
Suddenly at the last hour radical change
became apparent Many traders had sold short
TO a rather dangerous extent In rush to
protect themselves the shorts forced prices up
rapidly.
by drought IN that state. were mainly response
practically dead. AS a result July advanced
from size to SEC. the nigh point of the day
loss OF &c &c.
Clearances of wheat and flour equal to
against $4,000 bu year ago Minneapolis. Du-
luth and Chicago reported receipts of "a cars
agains: 33S last week and POS year
MUCH MAY CORN FOR SALE.
Liquidation of the May delivery caused weak
in corn during the first part of the session.
for Tho
general disposition to sell. receipts
tremely small and the weather most unfavorable
for the movement. Late in the day, under the
influence of active buying by commission houses
and shorts. the market changed from weakness
to strength.
of the early loss while the distant deliveries
showed slight advances over previous high fig
lower SIC. July opened &c to sc lower 4sc
to i914c and after selling between 4sltc and 4sAc
cars. with two of contract grade.
OATS WEAK EARLY, CLOSE FIRM.
Oats suffered during the early part Of the ses-
sion from the weakening influence of other
grains. There was some selling of the May de-
livery. and. although offerings were not large.
the demand lighter than the supply.
AS result the market ruled weak with lower
Covering by shorts caused a partial recovery
opening isc to lie lower at size to 37Sc. July
sold between SIC and 31%c. closing at 37Sc. May
closed &c lower at S91sc. Local receipts were
1O2 cars
GENERAL SELLING OF PROVISIONS.
In spite of decreased receipts Of hogs and
higher prices at the yards, there was general
selling of provisions Commission houses were
the principal sellers. and the buying largely
by packers. Early weakness in grains was the
| main cause of the selling pressure.
A better demand developed late in the day. and
some recovery made. The close was steady
with May pork 12i1c lower at s1292la. May lard
was off nc at $3.50 and ribs 2kQ5c at $3.50
! 6.71h.