The Indianapolis journal., 1904-03-12
NEUTRALITY-SUSPICIOUS.
GOVERNMENT REPORT on FARMERS
RESERVES CAUSED ADVANCE.
May Delivery Closed &c Higher and
the July 1 1-2c-GOyernment Report
Affects Corn Market Too.

CHICAGO. March 11.-oficial statistics con-
frming reports of a large decrease in wheat re-
serves resulted to-day in net advance Of &c
bushe in the price CT the May delivery. July
shows gain of 1Ssa1hc. May corn is up AG1sc.
oats off &c. Provisions vary from 21zc lower
TO 10c higher.
At the opening a rush of shorts to cover and a
fair demand from commission houses left little
doubt as to the manner in which the government
wheat report had impressed the majority OF trad
eTs.
The report seemingly taken virtual con-
hrmation OF all the vague reports of heavy do
nestle consumption Of wheat and the consequent
scarcity that had arisen.
Initial quotations on May were up 1lza2c, at
S5zd96c. July opened ssQ7sc to 7sGlc higher, at
SOasOHc. Additional reasons for the bullshness
with which business commenced were a sharp
advance at Liverpool and advices from Argen-
tine stating that the strike not definitely set
tied. bat that difficulty being experienced in
adjusting terms OF settlement
CONSIDERABLE SELLING ON ADVANCE
An early advance brought out considerable
liquidation. One Of the leaders OF the bull crowd
was reported to be selling May in fair quantities
This helped induce smaller holders to take profits
AS a result May declined to CSC. while July. in
sympathy. fell to Ss7sc. The demand. however.
continued on a liberal scale, and. soon as
rallied 20 the former high point
Later the offerings Of May became scarce
&c Pit traders were eager purchasers of July
causing an advance TO 911sc in that month. The
session.
ON realizing by some of the early buyers the
marker late in the day reacted a trine from the
high point but the close was strong. Final fig
ures on May 96c. July closed at 9O9sc.
bH PrmaTy receipts 0uT were $40 500 bu
against 400 bu year ago. Exports of wheat
were equaI TO l,lSo,0eo bu Minneapolis' Duiuth
and chicago reported receipts of $40 cars. against
20 cars last week and 293 cars year ago.
CORN CLOSED HIGHER.
The opening in the corn market was very nerv-
Gus, but prices at the time showed liberal
gains. The market was influenced by the gov
ernment crop report, strong cables and unfavora-
bic weather for the movement. There was some
influential buying at the start. but lot of corn
came out the advance and the support was
until the greater part Of the gain was lost
The late - strength in wheat and higher cash
last hour. and the market closed strong. May
opened Ac to ssc higher. at 53Q537sc; After sell
59q5stc. July ranged between 5oasc and 5lsae.
and closed l2c higher. at Sic. Local receipts
were 129 cars. nine of contract grade.
OATS MAKE GAINS.
Oats were firm at the opening, in sympathy
with the strength in other grains and the
bullish tenor of the government report. The
early advance was soon lost. however. and the
market weakened under heavy selling of May.
The big commission house which usually acts
for Patten was the principal seller and the
| action of this interest induced proht-taking by
smaller holders
Commission houses were moderate purchasers
| during the last hour. and shorts took advantage
Of the weakness to cover freely. The close was
steady May opened 1sc to Sc higher, at 41zQ
/ &c. After ranging between 403sc and 4%c the
close at 4l1sc. July closed unchanged, al
| 39lsc. Local receipts were 147 cars.
| PROVISIONS SHOW LITTLE CHANGE.
Provisions held comparatively steady by
two conflicting influences. A decline of from 10C
to 15c in hog prices was offset by the strength in
! grains. and in consequence hog products showed
| little change in values
| Packers were the main sellers, while the de-
/ mand mostly from shorts. The close was
| steady, with May pork 7lzc to 10c higher, "a
| slS. g5n13.s7lz May lard off 2lzc, at $3.50
| Ribs up 2Izc at SI.25.
/ Estimated receipts tomorrow: Wheat, 80
/ corn, loo cars; oats, 130 cars; hogs. 5000.
| Leading futures ranged as follows: