The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-22
STILL AT DOLLAR MARK
THE LETTER CROWD REFUSING TO
LET WHEAT FALL BACK.
More Lively Dealing i'm May Option
and the Price FIuctuates-Oth-
err Markets Lower.

CHICAGO. Dec. 21.-Scalpers had another
hard time of it in the wheat pit to-day. The
clique bought on the sIumps and sold on
the bulges and kept the market in such
a state of nervousness that the little fell
lows were badly frost bitten. May closed
at &c decline after selling sc above yes
terday's final figures. Other markets fol-
lowed the general course of wheat, corn
declining 2sQ42c, oats 1s@Ac, and provisions
1041715c.
May wheat opened easy and about 12c
lower than it closed at yesterday at $3.50
935sc.. Liverpool was only sd higher at the
opening here and by some mistake the re-
cepits of wheat at Minneapolis were at first
reported at $40 carloads. Chicago receipts
were very heavy, amounting to SO cars, of
which number $40 were of contract quality.
Those were the reasons for the opening
weakness. Minneapolis receipts were soon
afterward corrected to 172 cars and Duluth
reported 11S ears there. That made the
small total of $50 cars at both places, COM
pared with $50 last week and 359 the corre-
spending day of last year. That correction
of the Northwestern receipts turned the
general feeling of the crowd toward the bull
side again and the opening weakness soon
gave place to considerable strength, May
advancing under good buying to SAGE. This,
however, was followed by a reaction to
94Q941sc. when again the market turned
strong and slow advance ensued This
see-sawing was kept up all morning. The
first advance was led by the Dull Clique,
and on several subsequent occasions when
the market appeared to require help, the
sal me party credited with being its re-
ceivers. Besides. the $40 cars Of contract
wheat received here by rail, 1900 bushels
and 106 carloads of No. l Northern spring
were transferred from unlicensed elevators.
The total quantity of contract wheat in Ii
censed houses at the close of business Satur-
day was $4,000 bushels and probably
1000 900 bushels has been added to that store
since. There is a strong probability, there
fore, that by Dec. 81 there will be 100000
bushels of contract quality wheat in regu-
lar Chicago houses. Rumors of vessel room
having been taken in New York for ship
ment of one million bushels of wheat in
January for account of the Chicago bull
clique were current on the floor. The ex-
port houses at the Seaboard reported very
little inquiry from abroad, but France was
credited with buying 10000 bushels NO. 2
red, and Hamburg with taking 6o,OOO bushelS
same grade wheat. Seaboard clearances or
wheat and flour were comparatively mod
crate at $4,000 bushels. Liverpoors de-
pendence on America for supplies was
shown in the importations into that port
in the last three days of 59,OO0 quarters,
$1,000 quarters of which We're from America.
Later in the session the market became
quite weak under realizing by professionals.
There was reason to believe also that the
Letter crowd sold considerable. the market
gradually declined to 93isc and closed easy
at 991c There were further large deliveries
of wheat this afternoon Armour delivering
10000 bushels and other dealers as much
more December closed at 81, where IL
wound up yesterday.
. Corn was much quieter than the day be-
fore and was also weaker. Selling, supposed
to be against more liberal country accept
ance of Chicago bids, was a feature or the
morning trading. 1t recovered part OF the
early decline but became quite weak again
later and was at its weakest at the close;
Nav ranged from 2SBc to 29Ssc and closed
ss6l1ac lower at 1925 d921ac asked.
Oats were steady for cash and December,
hut weak and lower for May. The market
was very quiet and little of interest de-
veIoped There was moderate liquidation or
long lines The action of wheat and corn
were the factors in the decline. May ranged
from 227s@22Ssc, closing 1sqAc lower at
225sc.
Provisions lost altogether the buoyancy
which the market exhibited yesterday. me
heavy run of hogs started quite free sell
ing by packers and a little local OUTSIDE
realizing at the opening. There was q
martial recovery and the market ruled
steady for a time but toward the close free
offerings apparently in sympathy with
wheat again caused the market to break.
At the close May pork was 1712c lower at
SS.S71a. May lard Zoe lower at $4.721s and
Nav ribs 121ac lower at $4.55.
Estimated Receipts for Wednesday,
Wheat 400 cars; corn, 100 cars; oats, 5ou
cars: hogs 1900 head.
leading futures ranged as follows: