The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-13
WABBLY GRAIN MARKET
RUSH OF BEAR NEWS WIPED OUT
EARLY STRENGTH AT CHICAGO.
Coarse Grain Was Active and scored
Gains-Evidence of a Bull CAM
paiGn in Provisions.

CHICAGO, Dec. 12-Coarse grains and provi-
sions We're strong to-day and closed higher. while
wheat though starting in the direction of higher
prices. turned weak and closed at AG%c decline
from Saturdays final. The heavy increase in the
visible was the club that knocked the props from
under the market. Corn and oats were strong for
no apparent reason and advanced about &c each.
Provisions were in better demand and closed 7ls1
15c higher.
1t looked at the start as If wheat to be
another bull market. The worlds shipments fig
ures very encouraging to buyers, showing
a total of but S5O0O0o bushels, as against
9,S44O00 last year. OF this amount 6,57s, 600
bushels were shipped from this side. The feature
which attracted the most attention however was
the remarkably small Russian shipments, only
$4,000 bushels This fact. coupled with the re-
ports of scarcity in some provinces Of Russia,
suggested possible dropping out of that country
competitor of America for the present at
least and gave good deal of stiffness to the
early trading. Liverpool also showed firmness,
A@9td advances being chroniced in that market.
May started a shade higher at 65l8q655sc There
good demand at those figures, both from
shorts and from the general crowd. the result
being immediate advance to 65%c The de-
mand was soon satisfied and for short time
the market was extremely dull though stationary.
Then it turned weak and remained in that condi-
tion until shortly before the close, only the mar
rowness of trading preventing a more serious de-
cline than occurred. Private London cablegrams
saying that Russian offerings were increasing
was the first wave that struck the sand house of
the bulls. Soon after this the figures on the
worlds visible posted. They showed an in
crease of 1928 coo bushels an amount so far be-
yond even what the most pessimistic bear had
expected that all the wheat bought during the
rIv frad and 10 hi was
dumped the market. Before the liquidation
ceased May had fallen to Csc and even at that
figure there was very little bidding for some
time. Primary receipts were 1,5S2 900 bushels.
Minneapolis and Duluth receipts were 1,472 cars,
compared with 1.647 last week and 1254 year
ago Chicago receipts 235 cars six of con-
| tract grade. Argentine and Indian crop news was
favorable. The export demand rather slack,
New York reporting twenty to thirty loads taken
for export. Near the close covering by shorts
gave little strength to the market and caused
May to recover to 651s@6514c, where it closed
Corn, although very dull. comparatively
firm. The decline in wheat acted as d drag on
the market for time, but lighter receipts than
expected a substantial decrease in local stocks
and firm cables prevented any decline. The Wis
ble supply declined 2,516,O0O bu. The receipts
were 2O6 Toward the close the demand be-
came better and prices advanced slightly, the
| market holding firm to the end. May ranged
from 337sc to 341sc and closed at 341sc.
Oats even duller than corn. Trading was
| very all day and chiefly of a scalping
| nature The market in a general way followed
corn and ruled rather firm throughout at slight
advance. The cash market easy, due to lib
| eral receipts, 500 cars. The visible decreased
| 900 bushels. May ranged from 257sc to 261sc
| and closed hqAc higher at 26G26Ac.
Provisions were firm from the start. Commits
sion houses well supplied with buying
orders and the local crowd was decidedly bullish
| on the belief that bull campaign was on. Pack
ers sold sparingly Notwithstanding large hog re-
| ceipts. The market closed firm at about top fig
ures; May pork loo higher at $40, May lard 121zc
| higher at s5.4o and May ribs 71aq1Oc higher at
| s49O.
Estimated receipts for Tuesday-Wheat, 30
cars; corn, 760 oats. 40 cars; hogs, 81 600.
Leading futures ranged as follows