The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-11-27
A Few Plain Words Concerning Chi
cago Board of Trade Methods.
The Clearing House Statement for the Past
Week Makes Another Unfavorable
Exhibit-BuSiness Notes.
CHICAGO SPECULATION.

Failure of an Attempt to Advance Wheat
Prices-Corn Very Strong
Special to the Indianapolis journal
CHICAGO, Nov. 26.-Wheat, after decline
of &c per bushel was lifted by the buoy
ancy of corn and provisions, added to the
war talk The bulls made a heroic effort,
but could only secure 1c advance over Sat
urday's closing. A leading house made
great show Of selling, which created little
stir, lasting few moments only. The gem
eral run of spectators are Disguised with
the wheat market.
More than 400 carloads of corn failed ito
depress that cereal. In fact, the market was
stronger than it was last week. and corn
closed on the call at $3.50 bid for May.
Hutchinson bought 500, 900 bushels at the
very top. The bulls are now talking 65c,
Toe, and some even predicting 81 for corn on
this crop.
The packers made great show of selling
at the opening, but the brokers were busy
buying round lots all day. Hutchinson was
in the van of the buyers again, and George
Eldridge & Co. bought everything except
pork, of which they sold 5000 barrels to
Hutchinson. On Change, Singer offered
January pork, early, at $12S5@12S2H, but
he was not visible after the market
strengthened. Nat. Jones bought heavily of
February pork at $14, which was the general
talk, as the bulls seem to have the market
all their own way.
Oats were active and higher, and on the
call rye sympathized and sold S@Hc
higher.
Chicago Board of Trade Methods.
New York Sun, Yesterday.
''In and Out of Wall-street article; Chi
cago spectators will have it all their own
way, to-day, since their board of trade is
open, while everything is shut up in New
York The triumph of the false prophet
over General Hicks will probably be magni-
fed into immediate war complications all
over Europe, and there would be nothing
. surprising if the grain and provision market
went up like a sky-rocket. Chicago traders
deal, as a rule, on the basis of the big head
lines in their sensational papers, and should
consols happen to get down to-day in Lon
don las they are not unlikely to do, for the
success of Ell Mahd is. very serious thing,
ndeed) we shall probably read of the
most extraordinary complications in Eu-
rope, all tending to put the price OF
grain and provisions way IN. and all cabled
specially to our esteemed Chicago contempo-
raries The sober truth, however, is that the
victory of Ell Mahdi is important only in Its
further possibilities, and can have no more
influence on the price of American grain and
provisions than the declaration of war be-
tween France and China The financial mar
kets of the whole world may naturally be
affected by both, but not an extra buShe of
wheat or an extra barrel of pork can posi-
bly, be demanded from us on account of
these wars for year to come. With the one
execution of corn, of which there is not
enough to go round. and which is wanted
everywhere in consequence of the new uses
Qike glucose, for instance) to which that
cereal has recently been put. there is moth
ing in the situation of the grain and provis-
ion market to warrant higher prices.
Wheat is drug everywhere, and there is
no chance for any improved demand for
Europe while provisions have bad a consid-
cradle rise within the last thirty days, and
have now been brought to a level with the
price of hogs. A short time ago packers
could not do any business without losing a
great deal of money for the price of hogs
was comparatively much higher than the
price of pork and lard. To-day these prices
stand on fairly paying level, which is $50
for hundred weight of hogs, against SO for
a barrel OF pork and cents for pound of
lard.