The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-17
DECEMBER WHEAT is UP
BETTER FOREIGN DEMAND SENT
PRICES ABOVE A DOLLAR.
Threatened Freeze in the Middle
Who Rushed to Cover.

CHICAGO, Dec. 16.-Some Indications of q
revival of the foreign demand for American
wheat had good effect on the market to-
day and at the close May showed a 1G11sc
advance. December was again pushed
above the dollar mark, closing at $1.O01a. an
advance of 314c. Trading in this delivery,
however, was exceedingly narrow. Other
markets were strong and weak by turns.
but closed weak corn and oats &c higher
each, while provisions showed 711Q1Oc adj
vance.
Wheat was firm at the opening. May at
911aG915sc showed SG12c advance, while
December was Ac higher at 9S13c. Some of
the advance in May was soon lost. Specu-
lators who had profits in sight on wheat
| bought yesterday took them and when the
trading became so very light for the rest
of the forenoon that small holders were dis
couraged at the apparently small prospect
for any further advance during the day and
an occasional five-thousand or ten-thou-
sand bushel lot was sold by traders of that
class. So narrow was the market and so
indisposed were the most of the traders to
do any buying at the moderate advance
that even the selling of such driblets had
rather depressing effect, and from the
opening price May slowly sagged during the
next two hours to 9lAc. For about an hour
of the time referred to it stood at 91$sc, va
rying only in that time from buyers to SELL
ers and the reverse. The features IF the
early news that caused the bulish feeling
with which trading started came from va
rious sources, both foreign and domestic.
Liverpool sent higher quotations. opening
Esd higher and holding its advance we'll to
the end. There was further confirmation OF
rain damage to the Argentine wheat crop,
although the bullishness of that was very
much modified by cablegram from Rosario
saying that it was doubtful if any material
damage had been done by the rain Ant
erp, as well as London and Liverpool, con-
frmed the previously reported damage
Antwerp sending at the same time buying
orders for about 250,C00 bu May wheat. Zero
or still lower temperature was threatened
tonight over the unprotected wheat fields
III the greater part of Missouri all of Illi-
nois, Indiana, Ohio and Pennsylvania, to
say nothing of kentucky and Tennessee
which were also said to have lost the snow
which fell in those States a few days ago.
Minneapolis and Duluth receipts were 524
cars, against S15 the previous Thursday and
446 the corresponding day of the year be-
fore. Chicago received 357 by rail, of
which only 127 were contract; 1900 bu and
ninety carloads of contract wheat were
transferred from unlicensed to regular ele>
vators, the total increase in contract stocks
for the day being about 225, 900 bu. Atlantic
port clearanceS for wheat and flour were
equal to 100000 bu. After IL o'clock the
an appearance of the market being
still awake. and in the course of another
half hour it was kicking its heels up in a
lively fashion and hitting bears at every
jump. On the reported working at New
York of 100000 bu No. red winter wheat
for export some who had been waiting pa
tiently for signal began buying, in con-
sequence of which May was sent up to
92Ac, and at the close was bringing $3.50
92Ac. Not more than $4,000 bu December
was traded in. This. with the strength of
December was sufficient to advance the
price of that delivery to $10012 which was
the closing price.
Corn acted much as it did yesterday,
starting steady, then showing a weakness,
but finally turning strong. The early dull
ness was caused in part by the dry freezing
weather, which was expected to create
freer country movement. sympathy with
wheat was mainly responsible for the latest
West had some influence. Most of the sell
ing was by those who bought yesterday.
May ranged from 2914c to 2Ss4@2S7sc, closing
higher at 29A@29Ac.
Oats for December were weak on liquida-
ton, and May for the greater part of the
day acted weak in sympathy. When wheat
to cover, but found some difficulty in doing
so and all the early decline was recovered.
December, however, was weak to the close.
May ranged from 2212c to 221s@22Ac, and
closed 15c higher at 2212c.
There was more outside trade in provis-
ions and the market continued to advance.
Prices at the start were higher on the small
hog receipts. Profit taking by ScalperS
caused most of the opening advance to dis
appear during the forenoon, but advancing
wheat and corn caused a more confident
feeling later and prices again went up. At
the close May pork was 10c higher at So S5:
May lard TIC higher at $4721s, and May
ribs TIC higher at $4.55.
Estimated receipts Friday-Wheat $50
cars; corn, 300 cars; oats, $50 cars; hogs,
Leading futures ranged as follows: