The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-12
MARKETS RULED FIRM
SHORTS FRIGHTENED TO COVER ON
SLIM BEAR NEWS IN WHEAT.
Receipts in the Northwest Expected
to Fail OF Next Week-PrOvi-
siOns Strong and Higher.

CHICAGO Dec 10.--wheat to-day ruled firm
ana closed at an advance of CSC for May and nc
for December. The continued shipping out al-rail
of wheat delivered On December contracts and
evidence of a decrease of farmers deliveries in
the Northwest made shorts uneasy. Corn and oats
were firm without any noteworthy change in
prices. Provisions were strong and advanced ia
Qi23c.
The opening in wheat was barely steady though
at slight advance yesterdays closing prices.
Crop reports from Argentine were again in
fuential advices from there stating that wheat
was being damaged by rains. but this was offset
in a measure by the action of the Liverpool mar
ket. which showed closing decline Of I'D. The
weakness of the foreign market was rather I'M
expected and held buying in check for time.
Besides the Liverpool decline, bears had to com
fort themselves by favorable Michigan State
crop report and a very limited demand at The
seaboard Advices from the Northwest how
ever were practically unanimous in claiming that
farmers deliveries in that section were sure to
fall of sharply next week. That there was some
good claims were shown by Minneapolis and Du-
luth reporting arrivals of 9S4 cars TO-DAY, COM
pared with 1882 last week and 6SS a year ago.
Chicago receipts 1875 cars, though few OF
contract grade. Shorts grew FESTIVE and COW
cred extensively. Offerings were limited and
good deal of difficulty was experienced in covering
large lines. the result being quite sharp ed
vance in prices during the first hours trading.
December showed the most strength. The demand
for December wheat was very good from the
start confrmatory of reports that contract wheat
was being shipped out all-rail almost quickly
as delivered, revealing a situation that was not
at all to the liking of shorts Later Argentine
reports were contradicted but any effect this
might have had offset by reports from Cali
fornia, telling Of high winds and dry weather,
necessitating lot of replanting. Outside mar
kets were all strong and this also helped to main
tain prices. which, however, did not apparently
need much outside assistance Toward the close
there was a general realizing, mostly from the
local traders and the market eased off somewhat.
May opened shade higher at 65b@65hc, al
vanced to 65s4c and eased off to 651zc, where it
closed December ranged from $3.50 to 642sc and
closed at 64Q641sc
Corn was dull but firm The visible decrease
was small, only 25O,OOO bushels. cables
changed and country advices suggested a freer
movement but the wheat strength refused to sus
tain prices. The cash demand was restricted by
the inability to procure cars. Receipts were 324
cars May ranged from SS4sQ33%c to S4c end
closed &c higher at 33%c.
In the main oats followed wheat and ard
at the close of the session ruled firm and did
small volume Of business. Trading was almost
entirely of scalping nature The market tased
off somewhat Mondays liberal estimates end
the favorable shipping weather Receipts were ca
cars May ranged from 25%c to 261sc and clos I'd
a shade higher at 257s@26c.
There a good trade in provisions and prices
at the start were higher Hog receipts were ,.b
eral. but packers sold reluctantly and buyers. of
which there plenty, had some difficulty in
filling their contracts. The weeks shipments of
meats liberal, encouraging buyers. There
also some covering by shorts who did not
like the strength of grain. At the close May pork
121zc higher at 50 80, May lard 7lsc higher at
1921 and May ribs 71kG1Olzc higher at $4.S04
1921.
Estimated receipts for Monday-Wheat 80 cars
corn, 725 cars; oats, 445 cars: hogs, 81, 900.
Leading futures ranged as follows: