The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-03-10
CHICAGO SPECULATION.
Higher Prices and Firmer Feeling Recorded
for All Markets.

CHICAGO, March 8.-To-day the markets were
all st-ronger-stronger even than yesterday.
There was more activity, and a larger number of
outside orders than have been received in any
one day since the opening of the dull season.
The early strength and increased activity were
due to reports of damaged crops in several
States, which were accompanied by orders to
buy. When it became known among the ~scalpers
that so much buying was to fill outside orders,
the activity was increased and sustained by the
springing up of a widespread desire to cover
short sales.
The opening quotation for May wheat was 5-8c
in advance of yesterdays closing figure. Under
the influences above mentioned, the price stead
lily advanced to 81 3-4e. 1t vas noticed that the
largest bears were heavy buyers, and there is
little doubt that their purchases were made to
cover short sales. This disposition on the part
OF the large shorts was so pronounced, early
in the day, as to result in a sudden bulge of lie.
When the market had advanced to its highest
point of the day, 81 34c for May, this short buy
ing on the part of the bears gave way to an
attempt to break it down again. This movement
was productive of a decline at the close of 1-8c
from the highest point.
Corn to-day touched sic, and closed at Sc 34c.
The opening price was 56 3-8c for May. The
market in this cereal closely followed the fuctu-
tbt01 80 ANk W w WIZ 6SN VI NAC
interesting features which characterized the
trade in that commodity. There was q fair vol
ume of business, however, but the market at the
close was rather tame.
Provisions are quiet. Outside orders for cash
and future product were limited. and the feel
ing prevailing was unusually slow and tame.
The market, however, was frm, and based on
yesterdays last quotations on Change. Pork
closed u 1-2015c higher; lard, sc and short ribs
21-205c. Cash pork closed at ST. 20. Specula-
ton was confined to May and June. At the
close lard was quoted at 1892 1209.35, May.
Ribs, May option, went at So. 4009. 30 1-2.
During the week the trading in provisions,
particularly in legitimate circles, has been
small. The orders received from outside
sources have been smaller than for any week
since last fall, and for property for immediate
delivery the demand during the week was
scarcely sufficient to show the feeling of the
trade. Buyers for home distributing points and
for export have evidently decided to take a rest,
bing lots or to small assortments of products re-
Quired for current use.
The prospect of a more liberal marketing of
hogs later on in the spring has doubtless shaken
confidence in the future of prices, or even in the
stability of the present market. With this feel
ing governing them and controlling their move
ments, a good many of the prominent buyers of
the products have, to all intents and purposes,
withdrawn, and are quietly awaiting develop
ments.
Prices averaged considerably easier, and, at
the close, to-day, showed an actual decline of zoe
on mess pork and 10 020c on lard. Short ribs
closed, to-day, at the figures ruling a week ago.
Speculation during the week was confined
largely to seller May, which is now quoted at a
premium of zoe over cash mess pork, loo over
cash lard, and 1-2c over cash short ribs.