The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
WHEAT GOES PAST 9lss
DECREASE IN WORLDS AVAILABLE
STOCKS CAUSED STRENGTH.
Reaction Late Carried May Back TO
90 5-Sc-Juiy Closed Day at Gain
of 1-2c to 5-Sc-Corn Strong.

CHICAGO. Feb. IA decrease in the worlds
available stocks impaired strength TO wheat
prices to-day. Prospects OF reduction In pri-
mary receipts also contributed TO the better tone
The May option closed with a gain OF &c May
corn was UP SC while May oats 1i4c high
er. Provisions unchanged to sc lower
Before the opening hope for improvement in
wheat values submerged by deluge OF
news OF bearish character Foreign grain mar
kets were lower, worlds shipments for the week
extremely liberal and the quantity afoat for
Europe and Great Britain heavily increased
In addition there report from Minneapolis
that flour mills there all closed on account
OF overabundance of supplies.
With such bearish information opening prices
here were lower. May being off Ac TO 1zc at
SsS.c to GOO. Commission houses and pit traders
were liberal sellers, and with little support the
price declined still further.
Nhen May reached Ssssc the market became
steadier on fair demand, which was supposed
20 De from the leading long Prices showed some
aunancement as a result OF this Duylng, May
faying 70 the opening figure decided ehange
Buylng orders appeared to come from all quar-
MAY SELLS UP TO slIsc.
The market responded the improved demand
and within a short time May was selling at
She. gain of lac from the low point. The
bullish mood was helped by the visible supply
figures. which showed a considerable decrease.
Reports from Kansas stated that there was little
wheat left in the farmers hands in that State.
Weakness in Wall street factor in
strengthening the situation on war news. May
ana July wheat came out freely on the bulge
most. and sold off to sO5saso$.c The market was
nim inc last half hour, but showed no tendency
h % May closed c higher ba r at %S
closed 9e,ea at So aS21se gain of 1zq3sc
SSl,ec bu Primary receipts were 72i5OO Blu,
against AGAINST 40 eOo bg a year ago The amount s on
supply decreased $50, 900 bu Minneapolis. Du-
luth and Chicago reported receipts of 1853 cars.
against 46l cars last week and go year ago.
STRONG CORN MARKET.
A strong feeling pervaded the corn pit more
from lack of offerings than from any prom
inent buying. The market was little easier
early, IN sympathy with wheat and lower
cables Reports from the country. however,
continued to show good feeding demand Shorts
receipts. With the advance of wheat prices the
corn market became decidedly strong
offerings were readily absorbed The close was
strong and near the top. May opened unchanged
rayng later to 5c5sc The close e was at 5o.e
Local receipts were 1855 cars of contract grade.
LARGE TRADE IN OATS.
| There a large trade in oats and prices
were higher level. Commission houses and
shorts were active buyers throughout the day,
but offerings were altogether too small for the
demand There was slight decline early. in
] sympathy with other grains. but the
| short lived. Buying of May by the long
| interests precipitated general rush by shorts
to cover. and rendered the market very strong
The close was near the top May opened &c
lower at 42fsc, and after selling at 42Ac advanced
to i4lsqiSsc closing at 449sc Local receipts
were lS9 cars.
PROVISIONS WEAK
Liquidation by commission houses and selling
| by packers caused weakness in provisions early
| in the day. Lower prices the yards were a.
factor In bringing out the selling orders. There
a fair demand for lard and ribs later in
consequence part Of the early loss regained.
The close was steady with May pork 2isc lower
at sl3, May lard unchanged at $780, with ribs
| down sc at S6.55d6-571zc.
Estimated receipts tomorrow: Wheat, so cars.
corn, 675 cars; oats 2l5 cars; hogs 3S, 900 head