The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-02-04
CHICAGO MARKETS,
The Bulls" Again Triumphant and Prices
Advanced Beyond ALI Expectation.

CHICAGO, Feb. 2-May pork rose to-day above
$17 1t closed tonight the curb very strong
indeed at $40 1-2 bid, although the closing at
1 o'clock was few cents lower. While there
have been speculative reasons mingled in with
the others, this advance in pork from the neigh
borhood of $11 to $17 is due mainly to the amaz-
ing shortage in the hog crop. The season began
with the packers prepared on a gigantic scale to
slaughter and cure more hogs than ever before.
Half the houses here had added little killing or
or storage capacity during the summer. The
men employed by the great concerns to estimate
the hog crop said that the country was swarming
with great black porkers So far the slaughter
ing is between 300 600 and 100000 short of last
year, and last year the crop was short one.
This week there were only 123, 600 hogs re-
ceiyed, 10000 less than were received in the cor
responding week one year ago. The packers be-
gan the season determined to force the price of
live hogs down to &c. They are now paying in
the neighborhood of &c pound for live hogs to
pack. The situation about the provision pit to-
night is this Those who sellers of pork
and who put the limit of their loss at $17, have
covered those who were long and limited their
ambition for profit at this figure have covered,
too. The bulls have to-day advanced their
figures away beyond anything they have talked
of heretofore 1t is now to be, they prophesy,
$40 or 500 pork in May. The bears have dragged
themselves in out of sight Singer, of the pack
ing company, put out 40, 900 barrels of pork yes
terday at the top. Gaylord, broker bought it
in for him day and the loss on this little jug is
said to be $4,000.
Nat Jones, although great bear on pork
when it was in the vicinity of $11, and who sold
it all the way up, has given up the fight. He
says: 'For the first time in three years I can
truthfully say that 1 have not dollars interest
in provisions"
It is figured that English and French traders
are short 200, 900 tierces of lard in this market
The price of this product took jump to-day. 1t
closed at $9.5 1-2 for May.
May wheat was at one time to-day going at
99c; at least one sale was made at this figure.
There was large buying of it, and during the
early half of the day there was steady advance,
notwithstanding the cables were quoted dull and
lower. The chief buying was by the provision
men. At each advance on pork half dozen
provision brokers rushed to the wheat pit and
bought, some of them very large blocks.
Henry Warner notably heavy buyer.
Poole, Kent & Co.were probably the largest buy
ers
Whatever sensations there are in wheat from
this on, will be on the bull side of the market"
said Lindblom tonight.
The opinion is growing that Sid Kent has tax
en- hold Of wheat again to hold for an advance.
He has been buying this property time and time
again, only to drop it at loss. May wheat closed
at 98 58c sellers. 1t was weakened by the very large
receipts of corn OF this latter grain 480 cars
were received and 239 graded No. q Baker,
Lester & Walker bought very largely of corn,
but after advancing to SO lac for May, when
pork and wheat were the strongest it dropped
and closed at 5S lac sellers.
ut has been claimed all along" says trader
that if pork advances and hogs are high, corn
ought to hold up. This is arguing in a circle.
Hogs are scarce, probably because of the scarcity
OF good corn, yet the very scarcity of hogs will
make a vast difference in the consumption of
corn"