The Indianapolis journal., 1898-12-22
CORN LED THE MARKET
ITS STRENGTH ASSISTED IN BOOST
ING WHEAT TO IS 3-S CENTS.
Some Evidence that Holiday Dizziness
Firm and Closed Higher.

CHICAGO, Dec. 2f.-Corn overshadowed
everything else on Change to-day both in
strength and activity Continued heavy
cash and export demand drove shorts to
cover and resulted in an advance of 12c.
The strength of corn influenced all other
markets. Wheat closed 12c higher and oats
advanced ssc. Provisions closed 2hQ5c
higher.
For two hours following the opening in
wheat the market was as dull as it could
possibly be without remaining at an actual
standstill. Trading is always dull. around
the holidays, but to-day for the period men
toned il was ridiculously small, and con-
fined almost entirely to small crowd of
scalpers The opening was weak and lower.
Liverpool showed declines ranging from
Ad to s4d, and Paris also reported decline.
The weather in Argentine was reported to
be greatly improved, while rains in Califor-
MIA continued giving promise of very
heavy crop. Northwest receipts were heavy,
Minneapolis and Duluth reporting S19 cars,
compared with 716 last week and 472 year
ago. Chicago receipts were 195 cars, thir-
teen contract grade. In the holiday condi-
tion of the market this sort of news did not
perceptibly increase the selling pressure, but
it restrained the buying demand. May
held at about that price for a short time,
then slowly but surely developed strength
and activity. Corn was the big factor That
market got into new high ground, and the
sharp advance rather frightened wheat
shorts, who came into the market in grad
ually increasing numbers To strengthen
the bull situation, Paris reported an ad-
vance in wheat equal to 1@112c a bushel.
CNIaa ra ncpS from Atlantic norris were large
10,992OOO bushels. The market became very
active after noon Shorts found consider
able difficulty in covering anything but
very small lots, and in the last hour they
bid prices up with a rapidity that was re-
freshing to traders with wheat for sale. The
strength the market showed also brought
investment buyers in, and trading late in the
session was very broad and general. Pri-
mary receipts were 900 bushels. The
seaboard reported twenty-five loads for ex-
port. May advanced to 6S$sc shortly before
the close. and that price was asked as the
bell sounded.
Corn opened rather weak and slightly
lower due to weak cables and the poor
quality of corn receipts, but socn became
strong, and during the latter part OF the
session was remarkably active and firm.
The cash business was hampered by scarcity
Of cars, but was active nevertheless, and the
export demand was again excellent. snip
perS were large buyers against cash sales.
This started shorts to covering, but corn
was scarce until prices had been bid up
sharply Leading bull interests also bought
aggressively Receipts $50 cars. May
ranged from 351sc to 365s@36s4c, and closed
13sc higher at 361sd3634c.
Oats were rather slow, but strong. The
advance in corn was the main factor caus-
ing scattered covering by shorts all day.
Offerings were limited at first, but plenty
oats were for sale at the top. Receipts were
26S cars Shippers were good buyers May
ranged from 65sc to &c, and closed 9sc
higher at &c.
Provisions were decidedly dull compared
with wheat and corn. The market was
rather wobbly at first, due to heavy foreign
markets and free selling by packers. The
strength of grain markets later brought
plenty Of buyers into the market, and In
the latter part of the session the market
was firm prices advancing a little; At the
close May pork was &c higher at $9 121s;
Nav lard 21Ac higher at $5.321205.3o, and
May ribs &c higher at %.S5.
Estimated receipts for Thursday-Wheat;
166 cars; corn, 457; oats, 246; hogs, $1,000
head