The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-16
OFF DAY FOR THE BEARS
GRAIN BOOMING AT CHICAGO ON BAD
NEWS FROM ARGENTINE.
May Wheat Closed L LIE Higher and
Coarse Grain Followed in Sympa-
thy-PrOviSiols Strong.

CHICAGO Dec. 15.--The news from Argentine
was a motive for advance in May of lac to-
day. Trading late in the day not only in wheat
but in other speculative markets. was the most
active for weeks. Corn and oats advanced 40
sc and ssG1zc respectively. The price changes
in provisions were unimportant.
Trade in wheat started in rather slow, though
a good deal of frmness shown at the i'm
mediate opening. Liverpool displayed more
steadiness than was expected after the late show
of weakness in yesterdays market here. while
the receipts at Minneapolis and Duluth continued
to fall off, the total to-day being 7O7 cars, COM
pared with 91S last week and 524 year ago.
Chicago receipts 172 cars. five of contract
grade. But the frmness disappeared almost be-
fore trading got fairly started. Private con-
tinental cables reported constantly increasing
stocks in Russian ports with continued free offer
ings from Russia. This was a source of much
weakness here yesterday and for short time it
had a like effect to-day. May opened zQ2so
higher at 66Q66bc. Depressed by the Russian
news, the price dropped to 655sq65%c. The
market continued dull for about hour and
half, with the price hanging about 65Ac, but
about IL o'clock trade had begun to broaden out
materially and prices began to advance with
rapidity that was something astonishing and dis
pleasing to bears. The big factor was the Argen-
tine condition. Some estimates placed the dam
age as high as 20 per cent. This brought nearly
all classes of buyers into the market. Atlantic
port clearances were heavy enough to be bull
help, the total being put to-day at LOIS 0O0
bushels. There were prospects for a substantial
decrease in the visible, which also encouraged
buyers. Exporters We're almost out of the mar
ket on account of the famine, but the absence
Of cash business was hardly noticed by the
speculative crowd There were many slight reac-
tions caused by proft-taking. but the market was
firm to the end. May advanced to 67%c and
closed at 667s g67c.
There was big trade in corn after wheat went
on the rampage. Cables were higher and receipts
moderate 43S cars, but the market was
almost entirely /. sympathetic one following
closely the fluctuations Of wheat. Local bull in
terests were large buyers and there was fair
outside buying demand. May ranged from S4Ac
to 35c and closed hQssc higher at 347s635c.
Oats followed wheat and corn. The market was
rather dull almost up to noon but became quite
active after that, shorts and elevator people
being good buyers. The shipping demand was
excellent, firm selling $50 goo bushels for ex-
port. Receipts were 1913 cars. May ranged from
26A@263sc to 26AQ267sc and closed ssQAc higher
at 26Ac.
Provisions vacillated between heavy hog re-
ceipts and strong grain markets. A large bust
ness was done. The market was weak early, all
the products easing off under free general selling
but frmed up later as the grain markets ad-
vanced, all the declines being recovered. There
was good deal of realizing at times. AT the
close May pork was 214c higher at $685. May
lard shade lower at $5.S71s and May ribs a
shade higher at Sass.
Estimated receipts for Friday-Wheat, 125 cars;
corn, 410 cars; oats, 21S cars; hogs 10000
Leading futures ranged as follows: