The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-13
WHEAT ADVANCED 11-2C
BEARS DEPENDED IN VAIN ON RE-
CEIPTs FROM COUNTRY.
Corn and Oats Became Stronger at
the Close of n Dull Day-PrO-
visions Scored Gains.

CHICAGO, Dec. 1.-Wheat was quiet to-
day in marked contrast to the violent
fluctuations of the past three sessions. The
close showed an advance of 112c for Deem
Der over yesterday. Corn and oats closed
firm after a dull day and provisions were
in good demand at an advance of 10c for
pork and 21ac for lard and ribs.
Tie speculative trade in wheat was light.
The December clique was thought to have
picked up most of the offerings. possibly
enough to replace the amount sold yester
day at much higher prices, to check the
feverish advance, which haG been started
on the action of the shorts. But while De-
cember sold higher the most distant fu-
lures were lower, May selling at one time
1hc below the clost last night and January
nearly &c off, but both recovered some.
Tine heavy movement of wheat which is un-
der way for this market tended to relieve
to some extent the apprehension of the
shorts and there was less urgency in the
demand from that interest. 1t was current
ly reported that wheat was coming in good
volume from Minneapolis, and that SOC, 900
bushels of Duluth No. l Northern on the
way to Buffalo, had been stopped by tele-
graphic orders and turned back 10 Chicago,
where the price would net the owners sc
per bushel profit. 1t is known that there
are large amounts of wheat elsewhere only
waiting for the price here to reach a figure
which will warrant putting it on the cars
for Chicago, and the bears hope to see it
come in such flood as to seriously en-
barrass the clique to take care of it. 1t was
the belief that such would be the case that
encouraged the short selling. Joe Letter is
credited with the statement that however
-
would all be promptly shipped, but
the bears looked on this as a
but an offer to sell depfessed the price ie
cient to correspondingly advance The
opening of December was at $1.04 and after
that advanced to $1O5 and afterwards
dropped to $l.03, and the last trade was at
$l.0412. January was in about a similar
condition to December. 1t was extremely
sensitive, and orders to buy or sell were
in some cases impossible of execution with
in from 1c to 112c of the Immediately preced-
ing transaction. The range at the start
again at 9434c and down to 9S1ac at the close
While December in the end showed 11ac
gain for the day, January shows 17sc loss
Corn opened easy at Zee decline for May
and SIC for December Business is now all
in May except in the way of changing open
trades in December to the later delivery
changed. with a little buying for long ac-
count, and the early short sellers made
their own loss and in competition for the
offerings. May closed at the same price
as the day before; December Lice lower
May ranged from 2Sssc to 2S5sc. closing at
the latter. The days receipts were 1886 cars.
Fair business was transacted in oats, not
withstanding the narrow range of prices.
May opened at 2214c, sold at 223sc and closed
at 223sc. Ac off from yesterday. Receipts
We're 1872 cars.
Provisions were firm and trading was a
little more general than for some days. May
pork rose 10c to $S371a, and closed at that;
May lard rested at $4.5215, an improvement
Of Pee, and May ribs at $4.35, showing a
212c advance.
Estimated receipts for Monday-Wheat,
300 cars; corn, 800 cars; oats, Ais cars; hogs,
Al. 600 head.