The Indianapolis journal., 1891-12-21
MARKET GROWING BULLISH
Many Chicago "Bears" Forced to Do
Some HustIing to Get Under Cover.
Foreign Prices Booming aud Russian Agents
Buying Large Quantities of Wheat in Rou-
mania-l.beral Selling of Corn.
TRADING AT CHICAGO.

Maize Grading Up Better and Hog Products
Reported Lower.
CHICAGO. Dec. 1S.-There was O de-
cided improvement in the amount of busi-
ness in the wheat pit on the Board of Trade
to-day, N comparison with that of the past
few days, though it was chiefly of local
character. Prices started at about the
closing figures OF yesterday, but the tone
of the market was besitating and uncer-
tain for time. The controlling influence
here during the week has been the foreign
situation, which has been intensely
bearish. Both the British and continental
markets have not only been quoted lower
from day to day. but accumulated stock.
and very limited demand were noted in
the cable advices For the last two days,
however. sentiment has seemed to be vecr-
ing toward the "bulp side, and operators
Were more and more inclined to think that
prices had reached point at which it would
pay to buy. 1t needed but turn in the
trend OF foreign adylceS to translate
tho sentiment into moderate buy
ing movement The only advice from
across the water this morning was
conflicting. The boards Liverpool cable
quoted wheat futures l3f01c higher and the
market active, but its London dispatch
noted decided decline in values. This
was thought to be an error, but it was suf-
hclent TO cloud the situation somewhat and
to cause the uncertainty noted. A few
longs made an effort to unload, and the
bears" sought to inaugurate raid, but
1T proved failure. The later cables
stronger. that tnere were liberal
acceptances of last nights offers and that
forei gners were good buyers at New York.
Paris was said to have advanced sharply.
and one private cable said that Russian
wheat in Roumania. This news soon
turned the trade. Early sellers covered
and went long" and the selling pressure
was quickly relieved. Ream, who had sold
liberally around the opening. was quick
TO buy. Pardrige. who was popu-
larry supposed to be g. big
short" bought generously on the upturn.
partly to even up and partly for scalp on
the "bulp side. The crowd at large was
bulllshly inclined, and as soon as the mar
ket showed its strong undertone there
was hberai buying by scalpers. Sem
Andrews. who has been a pronounced
bear" openly announced that he had
abandoned that side, and was now looking
for a healthy "bull" market, baslng his
opinion entirely or the merits of the situa-
ton ut home and abroad. There was no
big spurt, bnt o strong confident feel
ing and good liberal buying. Trade:
at 9113c. touched 97asc, weakened to 97ssc C,
reacted to CSC. held around 977sc for a time.
weakened to Hi2c. but rallied some near
the close aud closed firm at 973ac.
Corn was decidedly weak early. The re-
celpts were seventy cars more than ex-
pected. and included Tifty-nine cars of the
contract grade. This improvement III the
inspection started pretty liberal selling,
Driver and Norton WOrthlngton being
In the lead. Weakness was at
once apparent. A drop of 2c in Decem Der
corn at New York increased the depression.
Later. on the advance in wheat, the tone of
corn improved. but IL became unsettled
during the last hour, going still lower, and
closing near the bottom. The market acted
rather nervous. and the crowd scared east
ly, selling freely when it broke and buying
back eagerly when it turned strong.
December opened llsc lower. at 4719c. fluc-
tuated, as noted above, to Asa C and closed
at doc. January shows "a loss of 1c, and
May &c.
Oats were steady and without feature.
Hog products were lower. Receipts of
hogs were 1000 head above the estimate,
and prices at the yaIds were 15020c lower.
Packers were free sellers from the start,
with the Cudahy Packing Company most
aggressive. The close was near the bottom
figures of the day. Estimated receipts for
Moday are: Wheat, 20 cars; corn, $50 cars;
oats. l25 cars: hogs. $1,000 head, and for the
week, 100000 head. The leading futures
ranged as follows: