The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-29
FIRMER WHEAT MARKET
SUPPORT OF THE LETTER CROWD
MORE POTENT THAN BEAR NEWS.
December Wheat Closed Cent High
er-PrOvisiOns Weakened.

CHICAGO, Dec. 2S.--Wheat opened firm
to-day and closed firm at lac advance for
May and &c higher for December. but it
had several radical changes of feeling dur
ing the session. Statistics were bearish,
but the influence of strong grain markets
and support from the Letter party counter
balanced this in the end. Corn closed with
out change. Oats gained 14Q$sc. Provi-
sions were firm until nearly the end, when
they became heavy and closed 215Q5c lower.
The opening in wheat was firm, May
starting at 9414c, against yesterdays final
price of 94c, and holding for a few minutes
at 94A@943sc. There was moderate buying
at the start, influenced apparently by the
strength of Liverpool where AQ3sd adj
vance was recorded, in face of the AQasc
decline here yesterday. The early firmness
shown by corn and oats also helped. There
was official confirmation of the small eX-
ports from all countries to Europe last
week that the Liverpool Corn Trade News
cablegram advised of the day before. The
figures made the total worlds shipments
$685. 600 bushels, and as this country con-
tributed 4,757O0O bushels, the quota of all
the other export countries in the world
amounted to only 1,SSOOO bushels. A weak
spell succeeded the firm start, caused by
west, and an estimate, emanating from
what was considered reliable source, that
Argentina would have an exportabe sur
plus of so O0O 900 bushels. The, Chicago re-
ceipts were 4SS carloads, and the estimated
addition to the contract stocks in regular
warehouses from to-days receipts was
$4,000 bushels. Minneapolis and Duluth re-
ceived 657 cars, against 29O a week ago and
no nf he no.
FORE Trading was very dull, and the mar
ket broke easily on moderate offerings. May
selling down to 9Si2c. When the clearances
of wheat and flour at New York for the day
were reported equal to $4,000 bushels,
the weakness that set in was arrested and
succeeded by another return of strength,
May recovering to 94Ac and holding for
some time at close to that figure. The
Letter crowd proved conspicuous buyers on
the advances. The wheat and flour on
ocean passage decreased $4,000 bushels
Bradstreet made the worlds visible 10000
bushels more than 1t was a week ago, show
ing an increase on this side of 900 bush
els and a decrease in and afioat for Europe
of 100000 bushels. A year ago, in the cor
responding week, there was net decrease
in the worlds stock of 2,555,000 bushels. The
total wheat and flour cleared from the
principal Atlantic ports was equal to $4,000
bushels. The contract stock of wheat in
Chicago Saturday night last 1862
the week, and since Saturday enough has
been received to make the stock S,5OO,OOO
bushels. After IL o'clock the market eXpe-
rienced another weak spell, during which
May dropped to 931aG93ssc. but toward the
close the market became strong and grad
uelly recovered to. 94Ac, where it closed.
December was weak early, but was shot up
to $100N on buying of perhaps $4,000 BUSH
els. 1t closed at 9912c. After noon deliver
les of wheat amounted to 25O,0G0 bushels,
half of which came from Armour. Allen &
Grier received 1t.
Corn was quite active and irregular. 1t
was firm at the opening, on higher cables
and the foreign demand, but broke quickly
on the un 'xpectedly heavy receipts, 954 cars,
with rush of selling. The heavier holders
stood pat, however. In sympathy with the
late firmneSs of wheat the corn market be-
came strong again, and was well supported
for the rest of the session. May ranged
from 30Ac to 29%c and closed unchanged at
BOISE.
The market for oats was very broad and
important. The market shared the opening
firmness of wheat and corn, but the adj
vance provoked a flood of profit taking and
short selling, which caused q sharp de-
cline. At the bottom heavy buying com
menced again. the Letter interests being
credited with the purchase of 100000 BUSH
els. while other prominent people bought
heavily. Rumors of the sale of fifty loads
for direct shipment to London contributed
to the flrmness. Closing prices were the
highest for several months May ranged
from 24c to 23as@2312c, closing at 24c.
Provisions at the start and for some time
small and yard prices higher which helped
to maintain prices. Trading was dull, with
outside orders limited, and fluctuations
during the morning We're narrow A few
minutes before the close some heavy selling
orders. supposedly from John Cudahy
caused a slump and left the market weak
At the close May pork was sc lower at
May ribs PIC lower. at $4.5212.
Wheat. 2s5 cars; corn, $40 cars; oats, $40
Jaadiner futures ranged as follows.