The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-25
STRONG WHEAT MARKET
BULL CLIQUE CONTINUES TO BUY
AND MAY ADVANCES 3-4C.
shorts Helped Things Along by Rush
days Set In-POrk Weak.

CHICAGO, Dec. H--Buyng by the bull
cliques and covering by traders not wish
ing to remain short over the holiday made
a strong speculative wheat market to-
day. May closing 5sQAc higher. December
was trife weaker and declined 12c. Corn
and oats were firm, com advancing &c,
while oats added 4Gssc TO it's former price.
Provisions barely held their own.
In wheat the moderate strength with
which the market closed the day before
was added to at the opening There were
some indications yesterday afternoon in the
active demand the curb for calls that,
the Leiter-French party would give the
market the benefit of their more active sup
port to-day. They were credited with buy
ing calls to the extent of 100000 bushels.
May which closed yesterday at $3.50,
opened to-day with buyers at 941sQ9414c and
very soon it was bringing $780, about yes
terday's call price. 1t took only a little
more application of the bull whip to set
the sellers CT calls and the other shorts
clamoring for and competing with each
other for the limited offerings. That re-
suited in an advance to 947sc, that price
being reached about an hour from the start.
The Only prominently bullish feature of
the routine news of the day was the heavy
clearingS of W heat and flour from Atlantic
and gulf ports. The Northwestern receipts
were considerably heavier than they were
yesterday or on the corresponding day of
the. previous week. Liverpool market was
closed fer the Christmas holidays, but was
privately reported firm at unchanged prices.
Paris noted a trifiing decline. cable
gram from the Buenos Ayres correspondent
of a St. Louis grain firm estimated Ar
gentinas export surplus of wheat at 5O,OOO,-
900 blu. Hardly any attention, however, was
paid to the news. Traders did not care to
remain short over the holidays in view of
hn "a arraf fn
acting and buying did not cease until May
had been hoisted to 947sc. Chicago receipts
were 301 cars by rail and 10000 bushels by
lake. OF the car lots 1l3 were contract and
the cargo was No. ] Northern spring. Be
side the importations 51,0J0 bushels No. l
Northern spring and ninety-seVen cars or
same grade were transferred from unl-
censed to regular elevators. Only 10000
bushels We're withdrawn from store. Min
neapoliS and Duluth receipts were 701 cars,
against 633 Friday week. The Atlantic and
gulf exports of wheat and flour amounted
to the equivalent of 10000 bushels. Of that
total the flour was equal to $4,000 bushels.
Argentine shipped 10000 bushels OF wheat
this week During the afternoon the bull
clique sold out great deal of the accumua-
ton of the mornings buying, starting when
the high point, 947sc, had been reached.
The result was a gradual decline in the
price. May closing at 94A@9issc.
Corn was quiet and steady early, but the
sharp upturn in oats and the strength of
wheat started shorts to covering and this
demand caused a slight improvement in
values, part of which was maintained. In
a general way trade was small and unat-
tended with any particular feature of inter-
est May ranged from 29S4G291ac, and closed
sc higher at 29ssc.
Market for oats was strong and quite ac
tive. Quite general demand was evident.
Elevator concerns and shorts were good
buyers throughout. The fact that the De-
cember wheat clique has large long
line of oats had good deal to do with the
buying. There was some reaction toward
the close, May ranged from 2315c to 23c and
closed A9ssc higher at 234Q23asc.
Provisions were dull throughout. Easiness
prevailed at the opening. due to lower prices
at the yards, but the initial decline brought
enough buyers to change the course of the
market and cause recovery. For the rest
standstill. At the close MAY pork was
unchanged at $S.9712, May lard unchanged at
&7215 and May ribs unchanged at $4.571s.
Estimated receipts for Monday-Wheat,
$50 cars; corn, $50 cars; oats, 270 cars; hogs,
33 coo head.