The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-24
MARKETS ALL STRONGER
WHEAT OPENED FIRM AT CHICAGO
AND PRICES IMPROVED.
Letters Brokers Buying and Selling
mt the Same Time, and the Out
siders Become Puzzled.

CHICAGO. Dec. 2a-speculative markets
were all strong to-day and more generally
active than yesterday, though in the end
wheat and oats were the only substantial
benefciaries of the Improvement. May
wheat closed ssQs4c higher on buying, prin-
cipally by the Letter people. The news,
however favored higher prices. Corn closed
a shade higher Oats advanced 443sc and
provisions closed unchanged to sc higher.
Apparently the principal reason for the
firmness with which wheat opened was the
strength shown by Liverpool in the face of
the decline here yesterday, which was due,
it was claimed, to apprehension over the
European political outlook That market
showed AQ2sd advance at the opening here.
May started at $685. Q9315c, as compared with
yesterdays closing price of 927s@93c. For
a moment or two the market hesitated and
few sales were made at 93Aq93asc. Then
a demand set in which, with a decided
scarcity of offerings, really the feature of
the early trading, caused an advance which
carried the price up to 9334Q93Bc in a very
short time. 1t reacted somewhat after that,
but by IL o'clock had again advanced, this
time to 94c During the advance the Letter
buyers were on both sides of the market,
but presumably bought considerably more
than they sold. Northwest receipts were
moderate. The number of carloads report
ed at Minneapolis and Duluth was 407,
against 524 last week and 339 the corre-
spending day of 1896. Chicago receipts were
3O5 cars by rail, of which 104 were contract.
Inspected into store from vessel, "a 600 BUSH
els No. / Northern spring and from I'M
licensed elevators 80, 800 bushels and 104 car
loads of the same grade. The reduced num-
Der of cars in the Northwest, compared
with a week ago, confirmed the traders in
the bullishness with which they started the
market. New York, soon after the start,
reported that foreigners were good buyers
of December wheat in that market and the
impression prevailed that the beginning had
been reached of another heightened period
of export buying such as raised prices in
so great hurry last fall. Further strength
was impaired by the report in question.
New York, later in the day, advised the
sale for shipment to London of 700 bush
els of Manitoba wheat at sac per bushel,
f. o. b., above the New York May prices.
The shipments of flour and wheat from
that city were equal to nearly 100000 bush
els, which was taken as another reason
for buying May wheat here. The total of
the export clearances of wheat and flour
from Atlantic ports amounted to 46OOOO
bushels. The continental markets Were as
a rule, steady. The December deal was not
seriously disturbed by the selling of few
small lots for account of elevator concerns.
The monetary depression caused by such
selling was soon recovered from The deal
ing III A1dy was SOu1GWlletI IAiOAe dSllNC llloA
it was the day before and the strength more
constant and lasting. During the last hours
trading offerings became more liberal, re-
sulting in a decline in May to 1880. That
was the price at the close.
Corn was fairly active and at times was
strong, especially during the morning. A
good deal of the strength came from the
firmness of wheat and oats. About the
middle of the session the market began to
yield to some local selling pressure and at
the end the advance had practically dis
appeared. Elevator people We're the prin-
cipal sellers May ranged from 299sQ25a4c
to 293sc and closed a shade higher, at 251ac.
Oats were strong, active and higher
throughout, though not all the advance
was held There was quite a furry during
the morning, shorts covering freely. There
was also considerable general buying The
continued urgent demand for shipping was
q factor. The market eased off little late
in the session on realizing. May ranged
from 2S1sc to 225sQ22a4c, and closed A9aSc
higher, at 23c.
For the greater part of the session pro-
visions were firm and higher, and this not
withstanding the heavy hog. receipts and
energetic Cudahy selling. This was espe-
cially true of pork. The market opened
little easier, but soon improved under
good general demand. The advance in
wheat contributed to the strength. Later
the market became dull, and, with increased
offerings, most of the advance was lost, the
market, however, closing steady. AT the
close May pork was sc higher at $3.9112;
May lard unchanged, at $4722, and May
ribs unchanged, at $4.5712.
Estimated receipts for Friday: Wheat.
$50 cars; corn, SG5 cars; oats, 26O cars; hogs,
"a 900 head.
Ieadino futures RANGED &C folIows.