The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-20
WHEAT STARTS UP AGAIN
SPECULATIVE ATMOSPHERIC is
CLEARED BY sULLY'S FAILURE.
May Wheat Closes Day 4 Cent Higher
and the July Sic Up-Corn, Oats
and Provisions Higher, Too.

CHICAGO. March 19.-Expectation that the
atmosphere of speculative markets generaiy
would be cleared In consequence of the suiy III
eident caused feeling Of strength To-Day IN
the wheat pit.
Other influences that aided were an excellent
cash demand and bullish crop advices. Corn Is
11zc higher. oats UP lsal14c- PROVISIONS
unchanged 10 15c higher.
Plenty of buying orders for wheat were In
evidence at the opening. The theory was quite
CENTRALLY advanced that the Suly affair would
cause freer scope to be given the influence
of so-caIled Legitimate conditions.
Initial quotations for May We're &c lower to &c
higher. at 92a921sc. July sc lower to &c
higher. at sszqS7lsc.
Shorts especially were active buyers and with
limited offerings prices made a quick advance,
May selling up to ssc and July to S7s4c. Reports
from Kansas and other sections OF the South
west were to the effect thst the rainfall of the
last few days quite inadequate TO the
needs OF the growing plant. and that hopes OF
q satisfactory crop OF winter wheat We're be-
coming fainter as the progressed
CONSIDERABLE WHEAT FOR SAbE
Toward the end OF the first hour however. in
spite of the preponderance of buliish Informal
ton. there was considerable wheat sale sup
posed to be for account OF Eastern spectators.
Under this selling May declined to si9sc. while
July reacted 10 Ssssc. on the break there was
free covering by shorts and buyingg by pit
traders on the theory that the market had been
largely oversold.
An improved cash demand increased the buy
ing in speculative trading and caused sharp
The close was strong with Nav at ssi4c Final
figures on July Were at s7ssgS7Ac.
CleaEances OF wheat and flour equal 10
305 100 bushels. Primary receipts 47e, 800
bushels. against ss5. 500 bushels year ago.
Minneapolis. Duluth and Chicago reported re-
ceipts of 1886 cars. compared with 32s last week
and 13T year
CORN CLOSES STRONG
material Improvement manifested in
at the opening but the market very
nervous and sensitive to moderate trading at
either side. The market was affected consider
ably by the action OF wheat. but apparent
preference was given the advances rather than
the declines of that commodity. Covering by
shorts a feature of the early trading.
Some OF the big longs were fair buyers on
became decidedly bulIish prices advancing
sharply. The close strong and near the TOP
at 5issc to 524c. sold between 5lssc and ss7sc
and closed at 527sc. July ranged between 49c
sossa5ose Locaf receipts we're Isl cars. with h
one OF contract grade.
SHORTS COVER IN OATS.
Oats made substantial recovery from the
closing weakness on the previous session. The
pit crowd had overdone the selling and there
were liberal demands throughout the day tc
cover short sales There some liquida-
ton on the decline in wheat, but offerings were
readily taken and the market showed only slight
easiness
strong tone developed during the last hour
and the close well toward the top May
opened lsc lower TO &c higher. at 39Ac to 397sc
After selling between 39l4c and 40ssc the close
was at i0aG40Ac. July ranged between 3s14C
and 39c. closing with gain Of sc, at 3S5sc
Local receipts were AS
COMMISSION HOUSES SELL PORK. ~
The features in trading in provisions were
selling of pork by commission houses and buy
ing OF lard and ribs by packers. Profit taking
In pork came to an end about half an hour be-
fore the close. The price that product rallied
$l325. -
May lard closed with gain of 15c at Sc 97ia
Ribs were up 10c. at s6.s5.
Estimated receipts Monday: Wheat. Is cars
corn. 40 cars; oats. 165 cars hogs. 80 900 head