The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-12-20
MARKET GROWING BULLISH
Many Chicago "Bears" Forced to Do
Some Hustling to Get Under Cover.
Foreign Prices Booming and Russian Agents
Buying Large Quantities of Wheat in Rou-
mania-Liberal 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 BUSH
ness in the wheat-Dit on the Board of Trade
to-day, N comparison with that of the past
few days. though it was chiefly of a local
character. Prices started at about the
closing figures of yesterday. but the tone
of the market was hesitating 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 o very limited demand were noted in
the cable advices. For the last two days,
however, sentiment has seemed to be veer-
ing towa ard the "buir side, and operators
were more and more inclined to think that
prices had reached point at which it would
pay TO buy. IL needed but q turn in the
trend of foreign advIces to translate
the sentiment into moderate buy
across the water this morning was
conflicting. The boards Liverpool cable
quoted wheat futures y PIC higher and the
market active, but its London dispatch
uOteQ u Qeclueu QeCl1Q6 In values. lllS
was thought to be an error but it was suf-
ficient to cloud the situation somewhat and
10 cause the uncertainty noted. A few
Longs" made an effort to unload. and the
bears" sought to inaugurate raid, but
1t proved o failure. The later cables
showed that foreign markets were really
stronger. that there were liberal
acceptances of last nights offers and that
fOrei gners were good buyers at New York.
Paris was said to have advanced sharply.
III fA no1,l ha<
agents were buying large quantities of
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
literally around the opening. was quick
TO see the drift of things and began
larry supposed to be big
short" bought generously on the upturn.
partly to even mp and partly for a scalp on
the bull" side. The crowd at large was
bulllshly inclined. and as soon as the mar
ket showed its strong undertOne there
was liberal buying by scalpers Sam
Andrews, who has been q pronounced
abandoned that side. and was now looking
for healthy "bulP' market, basing his
opinion entirely on the merits of the situa-
ton at home and abroad. There was no
big squirt, but strong. confident feel
ing and good liberal buying. Trade.
however. was rather heavy. May opened
at 91l2c, touched 97asc, weakened to 97asc,
reacted to &c. held around 977Sc for a time.
weakened to Tkc. but rallied some near
the close and closed firm ut 97a4c.
Corn was decidedly weak early. The re-
ceIpts were seventy cars more than ex-
pected, and included fifty mine cars of the
contract grade. This improvement In the
inspection started pretty liberal selling,
Driver and Norton WOrthington being
In the lead. Weakness was at
once apparent. drop of &c in December
corn at New York increased the depression.
Later. on the advance in wheat, the tone of
corn improved. but It became unsettled
during the last hour, going still lower, and
closing near the bottom. The market acted
rather nervous and the crowd scared east
~, selling freely when it broke and buying
back as eagerly whom it turned strong.
December opened 119c lower. at 47l2c. fluc-
tuated, as noted above, to 4534c and closed
at 4Gc. January shows loss of 1c. and
May Ac.
Oats were steady and without feature.
Hog products were lower. Receipts of
hogs were 1000 head above the estimate,
and prices at tho yards were 15O20c lower
Packers were free sellers from the start,
with the Cudahy Packing Company most
aggressive. The close as near the bottom
figures of the day. Estimated receipts for
MOday are: Wheat, 20 cars; corn, ESQ cars;
oats 125 cars; hogs. $1,000 head and for the
week. 100000 head. The leading futures
ranged as follows: