The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-21
TIE CHICAGO SPECTATORS,
A Reaction in Grain Prices Checked by
Heavy Failure in New York,

CHICAGO, Jan. 19.-If it had not been for the
failure at New York of William H. Guion and
the announcement that his losses were made
upon grain rather than upon stocks, this market
would be higher tonight. As it is May wheat is
at Soc, May corn at 81 l-Sc and pork for Febru-
airy, at $14 81 ID Lard for the same month"; at
1857 IL. Wheat is a little lower now than it
was last night, corn just about the same. Pro
visions higher, but prices were at one time lower
Wheat was down to 95 3Se for May; corn down
to Sc 5-8c. Then there was a very sharp rally,
so that wheat sold up to 96 5Sc corn up to
81 38c. The news of the Guion failure broke
the markets again.
1t was showing here all day, and this little
offset the feeling which at at the start was very
bearish. The receipts of grain were liberal, 461
cars of corn, and over 100 of wheat
There were good many buying orders from
the outside this morning, many, indeed. that
the small local shorts became frightened and
ran. part of them, TO cover The feeling
tonight is that if there had been no such
failures at New York as there were. there would
have been tonight very sharp reaction in
prices.
Provisions were exceptionally steady. There
was good buying; and then the receipts at the
yards We're only $500 hogs, and prices there
Were higher.
Mr. Drake, the chief of the inspection depart
ment here, is great bear. This is what lie says
Il expect to see wheat sell very much cheaper
than it is selling now The elevator room is
nearly all taken. There is not room left for 3 r.
600, 900 bushels more, this will be taken, in all
likelihood, most of it by corn, in the next thirty
days. But the wheat will still keep coming
There will be 10 place to put it.
at will have to be sold; the demurrage. other
wise, will eat it up. have seen the time when
potatoes were worth 81 bushel, and they sold
on the track at 3Oc, because there was no place
to put them. 1t will be the same way with
wheat. 1t will arrive here and will be put up
and sold for whatever it will bring There will
be no speculation about it; whoever wants it
will take it. Those who don't want it will leave
it alone, for it will have to be sent at once into
consumption"
"What about corn9'
''The receipts of corn are large but | think it
was most of it headed this way to fill up the
January clique The receipts will likely fall off.
If they don't the price is certain to-
Under ordinary circumstances, said a trad
or tonight, Il should feel that the grain market
was scratching along on the bottom, and that
everything was purchase. But Just now there
are disturbing circumstances The situation at
New York is regarded here as panicl1y. Big
failures there will send the whole list here
good deal lower than it should 90. Under unfa
vorable circumstances this wheat may be crowd
ed down to > or 10 cents lower and, if wheat
drops, corn will be dragged with it. l should
not advise anybody to sell. ] think should adj
Wis my people to wait before buying. 1t is bet
ter to be sure that the up-turn has begun, even
if little is sacrificed by waiting.