The Indianapolis journal., 1904-01-07
WHEAT MAKES GOOD GAIN
MAY WHEAT TOUCHES ss 1-2C, NEW
HIGH PRICE FOR CROP.
Much Short Covering I'm Corn Market,
with Good Gains-Pork Leads Adj
vance of Provision List.

CHICAGO Jan. e.-An Unfounded report that
hostilties had actually broken out between Rus
sia anG Japan caused second sharp advance
in both grain and provisions to-day after
tremendous bulge at the opening had been partly
overcome by profit-taking
May whest at one time up 2i5c over
yesterdays closing figures. May corn l%c and
provisions 17Isc eOc. Closing prices were strong
at nearly the top.
War news ruled the wheat market Reawak-
ened fear of hostilities in the far East caused
an excited opening and prices were much higher
Shorts extremely anxious 10 cover, and
there also a good demand from commission
houses. No one seemed willing to sell. while
buving orders appeared to come from all sides
s7iLGSsSIc. gain Of i%GiISc to 29sa2Isc over
yesterdays closing figure. July also shoWee
SSAc.
IMMEDIATE CAUSE OF DEMAND.
The immediate cause of the urgent demand
a decline in the price of English consols
indicating that the situation was regarded
critical. To add emphasis to this fac
tor Liverpool cables higher. Receipts also
were light, Notwithstanding the fact that weather
conditions favorable for the free movement
on the 2ac advance in the May option
there general proht-takng, and the market
settled back May receding TO S7;.c. although the
sentiment still remained bullish.
ula- -ors purchasing large quantities OF wheat
that a clash had occurred in Korea
in the day. and prices again advanced. May
again touching the Sslac mark.
The demand continued excellent throughout
the remainder of the session.
There were slight recessions from the high
would always result in an advance .ISa,1s Closing
prices were near the top. May being 21sq2hc
CIearances of wheat and fiour were equal to
225.s00 bu; Primary receipts were sSs,so 6u'
luth and Chicago reported receipts OF 465 cars
against ess cars last week and 400 cars year
ago.
SHORT COVERING IN CORN.
Corn opened at a higher level, with the pit
all excitement over the news. Shorts en-
gagged in a wild scramble to cover and commits
sion houses were active on the buying side. May
was lkc to 1c higher at the start. opening at
47d47lkc.
The advance met with some profit taking and
there was some letdown in prices, but II was
not lons before the market resumed its upward
active buyer during the latter part of the ses-
sion. and this caused May TO advance to 475sc
Closing prices were near the top. May being
46sa if4c. closing at 47Hai74c. a gain OF 1hq
tract grade.
MODERATE ADVANCE IN OATS.
Oats influenced by the strength in other
grains but active selling by a prominent COM
mission house checked the advancing tendency
and resulted in only moderate advances for the
day May opened %Gkc to &dAc higher at
39Iz639%c, and, after selling between 3S4@39&c
closed at 3e1ad39ssc. a gain of kqssc. Local
receipts 35
PROVISIONS HIGHER.
Provisions. like grain. were up on the war ex-
element News relative to the market itself
was bearish. There were liberal receipts of hogs
and prices at the yards were 1Oc lower. Com
mission houses, however. were heavy buyers for
outside account and there little pressure
to sell May pork led I'm the advance and closed
37Isc higher at Sl3.671z after selling tetween
s13 206f137 TO- May lard up 17lzc at $7.121z and
.ibs were l7ihQ30c higher at s6.S2lz.
Estimated receipts for tomorrow: Wheat, 20
cars; corn, 225 cars; oats. 50 cars; hogs. $1,000