The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-12-18
THE GAMBLERS In GRAIN.
Heavy Operators Vigorously Bulling
the Wheat Market,
The Object Being to Make Good Their
Losses COrn-The Packers and
the Owners of Hogs.
GRAIN AND PROVISIONS.
Large Transactions and Frequent Fluctua
tiOns in Wheat

Large Transactions and Frequent Fluctua
tiOns in Wheat
Special to the Indianapolis Journal
CHICAGO, Dec. 17.-"May wheat will go to
$1.10," said broker for a prominent house this
afternoon. He based his opinion upon the att-
tude of the New York crowd and the large in
flux of buying orders from the South or winter
wheat regions. Lester & Co, Schwartz e.
Dupee, and W. I. Baker & Co., were anon the
heaviest and most persistent buyers. The re-
ceipts were less than anticipated, and there was
a large covering by local ''shorts," who were
scared by the confident bearing of the Sehw artz
81 Dnpee crowd. Later in the day a de-
cline in French rentes and favorable
cables from Liverpool inspired strength. In or
position to these "bull" elements in the market
was the storm, which prevented the inspectors
from reporting all the arrivals, and the fact that
the war news had been frequently discoun ted,
and the widespread belief that the New Workers
are trying to "bull" wheat So as to unload their
January corn of which they have large line.
During the day, as quickly as the prices would
reach for January 81, for February Lo1 and
May S10S, there were big rushes to sell, and the
market would go down lse or lie, and then
it wonld be doomed up again. This was re-
peated three or four times. 1t was caused by
the attempts to carry out orders which have
been on hand for some time. One house sold
out some January wheat at 81, for which they
had orders for more than three months On the
call wheat was 1s 0l4c lower, but there was no
apparent weakness. Parties were paying nine
! cents premium to change into May. A bear
said they would be glad to pay nineteen cents
| TO get out of 1t before spring.
Corn was very dull. 1t opened weak, and then
advanced In sympathy with wheat. The receipts
were not large, but the inspection improved very
much. In fact, 80 per cent. of the receipts
graded No. q This is the real secret of the
weakness of the corn market. Under the great
pressure brought to bear upon the inspection
department. they are said to be more liberal in
their inspection, and the holders of January
corn are becoming alarmed. They cannot SELL if
they wanted to, and they now seem
to be. trying to keep the prices
down. The weather is more favorable,
to corn, but if the snow storm, which is now
raging, should turn into rain, there would be
another injury to the crop. which might
advance prices. The heaviest ''bulls" have de-
serted corn and gone into wheat where there is
more activity.
Early in the day the provision crowd were
very active, and the local "bulls" were being fed
product by Armour's men, and by Cudahy g.
Stevens. Later, the feeling became easier,
under free offerings and the weaker feeling in
grain, and the day closed with advance of
2io05 cents for pork and lard.
The packers have ceased bidding against one
another for hogs, and are trying to "back-cap"
the stocky ards hog scaipers, who are trying to
make them pay higher prices for live stock. On
the curb provisions were weak. January wheat
is quoted 10 90 SEC, May $1,o7ss; Janrary corn
597sc, May 61Ac; February pork, $1465; Feb
ruary lard, 1900.