The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1916-03-12
Late Market Quotations
Weekly Market Letter.
Furnished by Long Commission Co.,

403 Main. Telephone No. 1901
CHICAGO, March IL. = Wheat
Wheat has become more of two sid
ed affair. during the week just passed
The bull and hear forces have been
about equally divided. The chief bear
arguments has been the supplies OF
old wheat back on farms, as shown by
the government report issued Wednes-
day Of this week. There seems to be
no immediate fear of a shortage OF
bread supplies. The report as issued
by the government shows 242,O00, 600
bushels back on farms against 1884,
000, 900 year ago. This is the largest
reserve on record. Canada has big
surplus, but lacks boats to ship it..
Our carry-over will no doubt be heavy
on July LIST. The government report
was the most bearish document ever
issued, but made no note of that great
volume Of wheat which is unmerchant-
able and of little use other than feed.
The chief factor on the bull side has
been the condition of the growing
crop. The conditions are just the re-
verse we had last year. A year ago
we had the largest acreage Of wheat
ever seeded and it went through the
winter in an excellent condition. This
year we are short four million acres
Of fall sown wheat, with a very low
vitality Of plant. Insects. green bugs,
Hessian fly, etc, prevail throughout
the country. Remember that the war
is still on, and will soon be drawing
to the close of its second year. I'm
doubtedly their acreage will be below
normal. and their stocks greatly de-
pleted We favor the accumulation of
wheat on breaks
Gorn-The government report on
corn was bearish as to the number OF
bushels back on farms, but showed
less merchantable corn than was back
year ago, stating lots of corn was
soft and unfit for use. This soft corn
must be marketed before hot weather
strikes us or it will be of no value.
The large reserves and congestion
east of Chicago has all been in favor
Of the bears. High prices for hogs
and cattle will stimulate more feed
ing OF corn. The corn reserves as
published by the government was
1879 ,00O,0o bushels against oil ,oOe,-
600 last year
Oats-The government report stat
ed that oats were plentiful and we
state that so far the bears have the
hest There has been some short SELL
ing during the week. There has also
been good export demands OF oats
from Newport News. The govern
ment states the stock Of oats back
are 597 100000 bushels as against
$4,000. 900 a year ago. Oats like
wheat were badly damaged.
ProvisionsIThere has been a steady
advance in products along with the
advance in hog prices. Hogs are now
1856 higher than low time OF Decem-
ber There has been almost a 800
advance during the last week. Hogs
are now selling the highest since Sep
TENDER, 1914, and August, 1910 The
demand for meat has been excellent.
The European demand has also been
increasing. However the lenten sea-
son may reduce the demand some
what. Pork is now $500 per barrel
higher than a year ago, but the stocks
throughout Europe and this country
seem to justify the high prices.
Weekly Grain Review.
limited Press Leased Wire Service.]
CHICAGO. March 11.-Continua-
ton of the slump in wheat ana a rts-
ing movement in other grains and
provisions, characterized The Chicago
markets this week Depressing foreign
news, heavy receipts and the per-
sistence of the bears hammered
wheat down fraction by fraction. In
corn, despite an apparently bearish
crop report, traders figured mere will
be ample demand for the grain. The
same condition was a factor in oats,
while in prov lions the steadily ad-
yancing price of hogs ruled as bull
lish factor.
May wheat closed today at 109&
31a under last Saturdays close. and
July lost cents for the week, clos
ing at 1872 today. Mays range for
the week was between lis and
1O9A.
May corn closed at 7sA today. up
ia for the week. and July at 1854.
up 21s for the week. Mays range
was between 76ss and 73A. May
oats gained M and July IA for the
week, the former closing today at
43sa and the latter at APES. Mays
range was between 44A and 42h.
May pork closed today at $23. up
s1.43 for the week. May lard closed
s11.27, up 81, and May ribs at $12,32,
up AZ. The range for May pork dur
ing the week was between s23.15 and
$21.60.
Chicago Estimates for Monday.
Furnished by Long Commission Co..
4O3 Main. Telephone No. 1901
Hogs, $4,000, 175,0OO next week;
cattle, $4,000; sheep, 10000; wheat,
1876: corn, ia; oats, &c.
chief of staff, early tonight frankly