The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1884-12-24

Both Bulls and Bears Seem to be Afraid or
Holding High-Priced Grain, and Realize
On the Slightest Rise.
BpeciAl 70 the Sentinel.
CHICAGO, Dec. 2O-On Change the specu-
lative markets have been active and feverish
during the past week, with values very IL
regular.
Wheat started with the ''Dears'' in the
lead. The break of the previous week and
their long successes had seemingly created
the belief that the market had no bottom.
They sold freely right and left, any option
and in any sized lots. Many of the weak
and timid ''lOngs" also became frightened
and joined in helping along the break by
throwing over their little loads. Wheat ap-
peafed completely demorsliSed, aud the
big "bears'' talked confidently of 60 cents
before the week was out. Many of the
"bulls," too, became converted to this be.
lief when 20 cents was reached. aud
Deacon" Hobbs, George Bacon, Bangs,
and ]. 7. Lester, were the heaviest
Esllsrs, seemingly being anxious only to get
out and stop their losses. This resulted IN
further sag of &c, January reaching 69Mc,
the lowest point touched in years. Here,
however, the bear rule ended. Big buying
orders came in, and the scalpers concluded
q reaction ought to be in order. In no time
the sentiment of the pit was completely
changed, and the crowd we're scrambling
over each other to get back the stuff when
they had been 30 eager to dispose OF a short
time before. Values climbed back so fast
that many of the shorts who wanted to
ieke profits could not even-up quick enough
TO save themselves from loss, while the bulls
who had unlosded at the bot
tom, looked disheartened. Buyers,
however, were light weights" and by
the time gain Of 11z@2c was
recorded they were ready to realize. This
again caused an easier feeling and made the
bulge oppeer like q soda water affair after
sll. Still the most vigorous hammering,
aided by psnicky stock market in New
YorK and rumored failures in this country
and across the water, has not been able to
work prices down much. Advices from the
Northwest tell Of decreased wheat acreage
and probable heavy falling off in farmers
deliveries. Cables too, are strong and stocks
1t the seaboard small. Here the feeling
may be said to be generally bullish,
and while those favoring higher prices have
already lost too mnch 70 take hold on any
large scale low, the bears are not nearly so
reckless in their operations No outside
orders are received and quiet business is
predicted until after January /.
Year corn started with little boom, bat
II was said the majority of the shorts settled,
and il is thought the squeeze is over, al
though there is some talk that the screws
will be put on again after Christmas. Dis
tsnt options are about steady. 1t looks as
though farmers were determined not to sell
their corn at present prices. and in this they
are encouraged by the press and public
Spectators, on the other hand, seem equally
determined not to bid up prices until they
are compelled to, and therefore the market
drags along without any decided tone or
activity. There is almost 8 superstitious
fear on the part of traders OF being left with
high-priced corn on their hands, and at
every advance they hasten to unload IS fast
in.
Trading in provisions has been light, and
prin cipslly OF local sealping character.
Packers have sold to some extent against
their productions, but there are no new
feafuFka in thu market