The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-24
CHICAGO PORK HIGHER
BOOM IN PROVISIONS HELPED CARRY
MAY WHEAT TO soc.
Traders All Dreaded Going Short on
the Leading Cereal Over the HOI-
idays-COrn Strong.

CHICAGO, Dec 23.-Provisions to-day as
sumed the leadership of speculative mar
kets on Change. Advances ranging from
1Oc to 3Oc were scored in hog products. with
| trading the most active in weeks The dis
position was strong in all markets to steer
clear of the short side over the holiday sea-
son. Wheat advanced 5sc, corn 12c and oats
An%c.
For a half hour following the opening in
wheat trading was so slow as to suggest
an abandonment of speculation by the prin-
cipal traders pending the holiday season.
News at first rather favored sellers, and
this, coupled with the natural inclination
to even up sales over the holidays, caused
a rather easy feeling. Opening trades in
May ranged from 675sc to 6S14c, and before
any support of consequence was given the
market had declined to 67a4@677sc. Gables
were Indifferent, foreign markets showing
little change either way. Northwest re-
| ceipts We're fairly liberal, Minneapolis and
Duluth reporting 1856 cars, compared with
945 last week and 701 a year ago. Chicago
receipts We're 159 cars, two of contract grade.
More favorable weather was reported in
Argentine and weather conditions in the
| United States were also better. During the
decline liquidation by the bulls was promi-
decline soon caused May to react to $50
6S1sc. where the price hung for a time But
before IL o'clock the market had grown
strong on evidences of a revival of the
foreign demand for American wheat, and
before noon the trading was broad and gen
| eral, the seaboard report for export aggre-
| eating over fifty loads. New York adviceS
| also told of the loading of wheat there and
| at Galveston for Spain, Sicily and Trieste,
| to ports that usually draw from Russia.
| Liverpool reported Russian wheat dearer
| and said that the Argentine harvest would
| be very late. Atlantic port clearances
| amounted to S25, 900 bushels. AS prices ad-
| vanced the buying demand became very
| heavy, shorts covering and sellers of week
| ly calls buying to protect these privileges.
| The disposition to get away from the short
| side of the market before the three days
| holiday was pronounced, and at times Offer
| ings were almost altogether lacking. May
finally rose to 69c and closed at 687sc sellers.
| A good business was done in corn. Early
| the market was easy with wheat and on the
| improved weather West, which caused some
| liquidation by longs. Prospect of increased
| stocks was also a factor. Offerings how
| ever, were readily taken and under strong
| cables, good export demand and the
| strength developed by wheat, the market
| rallied easily and remained strong to the
| close. Leading bull interests were buyers
on the rally. Receipts were 1856 cars May
| ranged from 355sc to 371sc, and closed 3sQ12c
| higher, at 3715c.
| The market for oats was firm, with much
| independent features and there was little
yielding early in sympathy with corn and
on the bright weather. but when corn adj
vanced oats followed at once. Shippers were
more bullsh on account of a lack of Rus
| sian offerings. The cash demand was good
| and samples were higher. Receipts were 290
cars. May ranged from 261s027c to 2713c,
and closed 40ssc higher, at 27$sQ2712c.
Provisions were very active and showed
more strength than for weeks past. Hog re-
ceipts were light and yard prices higher. This
caused good buying at the start and as the
session advanced trading became broad and
general. outsiders and prominent local trad
ers buying heavily. Small estimates of hogs
| for next week helped the bull sentiment
| The market was strong to the close. May
| pork closed 27n3Oc higher, at 5000; May
| lard, 10c higher, at $5.5215 and May ribs, 15c
| higher, at $5.05.
| Estimates for Saturday-Wheat, SO cars:
| corn, 500 cars; oats, 275 cars; hogs, $1,000
head
Leading futures ranged as follows: