The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-12
PORK PRODUCTS HIGHER
BIG CHICAGO PACKERS GO TO BUY
ING AND PRICES JUMP.
Provisions Absorb More Attention
clines, Except in September.

CHICAGO, May 11.-Provisions held
veritable boom on Change to-day. Pork at
tho close, showed a net gain of soc a barrel
lard 65c a hundred weight and ribs 45c. The
pronounced bull movement in hog products
was based on the lively cash demand by the
government for army uses. Leading packers
were all on the buying side and were as
sisted by a revival of outside speculation.
The wheat pit was deserted for corn and
provisions, but the market continued eX-
tremely erratic. July covered a range of
SIC, closing at $1.1O1a, net loss of 314c. May
declined &c, while September. to which
month speculation is being transferred,
closed al net gain of 1ssc. Corn was helped
by the rise in provisions and closed at an
advance of 1c for July, and oats gained sc.
The provision market to-day shook off
the lethargy under which it has been labor
ing while grain markets were on the ram
page. 1t was bull market from start to
fiitsh and led all others in speculative inter
est. No new feature of the phases of the
business that are open to public inspection
could be discerned to account for the great
strength developed and it must, therefore,
be supposed that something in the internal
working of the packing business had not,
until to-day, been quite ready for the move
All the large packers took a hand in the
buying. Armour, Swift and the Cudahys
were said to be the heaviest purchasers
The best buying of the session was in lard
AS this commodity is traded in by the hun
dred weight its advance of Csc is equiva-
lent to $215 a fierce. The local run of hogs
was $4,000. At principal Western packing
points $1,000 were received, against 78, 900
year ago. Toward the middle of the session
moderate nv
reactions. but the highest rates of the day
were prevailing at the close. July pork
closed at $11.S712, an advance of Soc. Lard at
$685., or 65c up, aud ribs, for july at $605,
a net gain of 45c
A steady opening in the Liverpool wheat
market impaired a better tone here at the
start. Trade was light. July began at sL12h
@11412, Zee higher to 112c lower than yester-
day and held steady around $1.15 for a time.
part of the short interest in July had, pre-
sumably. been forced sto cover and traders
We're generally disinclined to enter into
fresh transactions: Extreme nervousness
still characterized the business and fluctua-
tons during the greater part of the fore
noon We're in straight 19c jumps and tum-
opening and from 81. Is July tumbled TO $1.10,
rallying rapidly to $.1S. Realizing was at
the market gradually quietng down around
Sill. Aside from cables little interest was
ceived 24s cars against &c Year ago. MIN i
neapolis and Duluth received 421, compared
with 267 the previous year. Primary receipts
aggregated $4,000 bushels against 279O00
bushels last year. Seaboard clearances were
100000 bushels, wheat and flour. Closing Liv-
erPool cables, quoting declines of %d for
May, Ad for July and 21sd for September.
caused fresh decline here July touched
MO91s. and rallied feebly, closing at $1.1011.
a net loss of 31ac. May, which opened 10c
lower, at $40, recovered to $3.50. closing &c
net lower at $1.79. September opened &c
lower to %c higher, at 90G91c. touched 911sc,
fell to $3.50 and then rose steadily to 92Hc
1t finished at 916sc, net gain of 1ssc.
Trading in corn brisk, owing to the
migration of scalpers from the wheat pit
The provision boom helped. Foreign demand
cut quite figure, emphasized as it was,
by Seaboard clearanceS of 1923 900 bushels
Chicago receipts were SAT cars, with 1877 900
bushels taken from store July got weak
start at from 1sc to 2Ac under yesterdays
closing prices, but gained steadily until near
the close. The lowest for July was $3.50
sellers, or 1c net gain for the day.
oats covered a range of only 13c, but ruled
firm. Chicago receipts were 237 cars. July
opened nc lower, at &c. sold up to 27AGp
of nc.
Estimated receipts for o-morrow-Wheat.
20 cars corn, 275 cars; oats, 800 cars; hogs,
1900 head
Leading futures ranged as follows.