The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-11
WHEAT GOES HIGHER
MUCH FEAR OF DECREASE IN re-
SERVES - FARMERS HANDS.
sIay Closed 1-2c Higher, July 81 to
.-Sc-MnrIzct Closed strOng-COrn
Closes az Top-Oats Higher.

CHICAGO March 10.-Fear OF an Official an
nouncon-nt o. decreased reserves in farmers
hands was largely tho cause Of a net gain OF 1izc
to-day in May wheat july closed an advance
Of 4G7sc Nav corn is Up &c. oats are pre-
cizcly lc Hat ab,ve last nights close and pro-
visions arc 2i4Nl3c uo.
st the start the higher Liverpool cables had
strengthening influence IN wheat May opened
ttc lower ~ DC higher at g2it G93c. while July
was UP = 20 llGf,c an eSlac to Ss7s0SS24c.
The early frmness was of short Duration =
report that rain during the night had broken
the drought in Kansas soon started selling
movement and with only a light demand prices
gradually declined Little activity was mani
Tested. in trading during the first hour and
weak tone prevailed. May sold oil to 9l2lc and
July to S74c.
There was IN unsuual demand for the Septem-
Der delivery owing TO numerous crop damage
reports Later the buying extended 10 the near
or poaths. IN spite OF rain in Kansas. the
price of May wheat at Kansas City experienced
,sharp advance. the sudden strength in the
southvesse-n market was regarded here as con-
hrmatioa OF damage reports.
DEMAND URGENT LATE.
As a resul; the demand became quite urgent
during tho latter part Of the day. In the
meantime offerings had dwindled to a COMPARE
tive small volume Covering by shorts who
were filed with anxiety in regard to the sorth-
coming government crop report. emphasized
buiiIsn sentiment decidedly. NAY advanced to
Sic gain IF 24c from the low point July sold
The market closed strong. with May at 9ic
the hifh Ioint OF the Gay. Final figures on July
Clearanccs of wheat and -four were equal TO
I".%g bushels Urinary receipts We're 500
ncapOlis Duluth and Chicago reported receipts
o. 3n cars. asainst 26J cars last week and 52J
cars year aso.
CORN CLOSES HIGHER.
As a result Of unresponsiye cables the corn
merkct opened quite steady. The initial nrmness
in wheat was also factor at the start Weak
ness soon developed, however, en- heavy liqui6a-
ton.
The feature in trading the active profit
taking in the May delivery. There seemed to
be little corn wanted Before the selling had
subsidized May had declined nearly &c from the
The market turned strong toward the middle
o. Ihe session. ,-ActivS bGying by one or two
prominent provision interests started a general
demand. under tie influence of which prices
advanced RAPIDLY. late bun factor was the
DlG export business az the staDoard.
The closing was strong and at the top prices
oi me cay NAY opened &c love- TO lsc higher
~ 9l@sh9lssc- AFTER selling between 50052$c,
the close was at 52i4c. July ranged between
5otft 'u'2c ana closed ~ a gam or lc' at SOC.
Local receipts were li5 cars, with four of con-
tract grade
PATTEN SELLS OATS.
Oats were weak early IN the day on heavy SELL
inC by Patten. Many stop-lOss orders came on
the decline and for a time the market was quite
demoralzed Shorts We're the best buyers
throughout the day. With the strength in wheat
and corn the market became strong within the
last hour OF trading. IN improved cash de-
mand a bull feature late in the day.
The market closed strong and almost at the
top. May opened &c lower 10 sc higher at
4ClsU4Gi2c. After selling down to 394c. the price
rallied TO 4lisc and the close at Al sc. July
ranged between SSA459ssc and closed 5sc higher
at 391sc. Local receipts 231 cars.
PROVISIONS SHOW GAINS.
In sympathy with decline of lOa15c in the
price of hogs the provision market ruled easier
early in the day. The selling was largely by
outside holders. With the improved tone in
grain markets there was a renewal OF invest
ment demand for hog products. Offerings were
rather light and the market soon became quite
firm The close showed slight gains throughout
the entire list, May pork being up 10c a $l3 SILL
May lard was Z}ec higher at S732is and ribs up
7l6c at S722Ia.
Estimated receipts tomorrow: Wheat. Is cars;
corn, a oats, 1f5 cars; hogs, 3, 900 head.
Leading futures ranged as follows