The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-23
BEAR NEWS; WHEAT HOLDS
LARGE RECEIPTS, WITH FAVORABLE
ARGENTINA WEATHER.
short Covering Checked the Decline
and Losses Are Small-Corn Dull
-Provisfons Lower.

CHICAGO, Dec. 22-Large primary receipts
and favorable harvesting weather In Argentine
were bear factors in wheat to-day Covering by
shorts. however. held prices almost steady, May
closing only isc lower. May corn was unchanged
and oats of fraction. Provisions were
weak. the May products closing sc to lIlsc lower
Interest Jagged in the wheat pit and trading
was OF a holiday dullness The news OF the
day was bearish. Receipts in the Southwest were
much larger. weather in Argentina was better.
and harvesting is progressing favorably, while
English markets were lower. Receipts in the
Northwest were also large. being about 100 cars
more than year ago. With all these factors
o depress 1t the market, however. held up re-
markedly well, and prices showed only small
recessions.
The opening steady. with May unchanged
to lsc higher. at s27sQS3c. Shorts were still
somewhat concerned in regard to the situation
in the far East, and bought freely at the start
Offerings were rather limited. and during the
first hour May ranged with a quarter cent. Ex-
tremely heavy receipts in the Southwest induced
considerable selling by pit traders later In the
session. and the market became easier May going
down TO S2kc. Active covering by shorts, how
ever checked the decline and caused slight
rally. A steady tone prevailed at the close, and
final figures May were at s2%c. loss of 1sc
for the day. Clearances OF wheat and -four were
equal to Gil, 800 bu Primary receipts were 1.076,
600 blu. against $50. 500 bu a year ago The world
visible supply, according TO Bradstreet. showed
a decrease OF 7o2 900 bu. Minneapolis. Duluth
and Chicago reported receipts of CTS cars against
567 cars last week and All cars year ago.
Aside from the buying small declines by
prominent commission house there was no I'M
portant feature in corn. Local traders were Dull
ish. and offerings from this source were exceed,
ingly light. The country movement continued
light. in spite of fine weather, there being nc
offerings from anywhere except Illinois, and they
were very moderate. There was a little seiilns
for outside account. and the prices showed only
small changes. The close was steady. with May
unchanged at 43%c. after opening unchanged &c
1sc lower at 43ssG43%c and selling between 4SltS
and 43%c. Local receipts were AS cars, with
three of contract grade.
oats were generally dull. although there was
little change in prices fluctuations being con-
fined within narrow range. Local traders
were not inclined to sell owing to the iInpres.
sion that the principal long interest had added
to its holdings What little offerings there wert
on the market came largely from scaipers. After
selling between 367sc and 37lsc May closed at SIC
The opening unchanged to a shade higher
at 3Td37isc to s1hc. Local receipts were 20 cars
Selling Of provisions by brokers for Engiisf
l. houses resulted In weak market, with porl
| showing the greatest loss. The early market was
| firm. in sympathy with slight advance in price:
at the yards. May pork closed 15c TO TIC lower
at $l205. May lard was TIC lower. at $o6i1s, anc
| ribs off sc to 712c, at $6. 40
Estimated receipts tomorrow; Wheat, 40 cars
| Care