The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-28
AN UNCERTAIN MARKET.
The Spectators Much Puzzled by the Shift
ing Phases of the Prices for Wheat.

CHICAGO. Jan. 26.-To-day's was most pc
culiar market Wheat at one moment looked
very weak, and at another very strong The
May option at one minute sold at above 99c, and
within about five minutes more was at about
9S LIE. There was big buying, but the figures
would not go to 80 1-2c. There was heavy sell
ing, but they would not go below 9S 1-2c. The
market had every evidence of being pegged at
98 1-2c. The receipts were small-only 43 ears
and the cables were higher.
''There was," said broker, "good buying all
the morning through brokers. Whenever the
quotations went under 9S 3-4 group of brokers
were ready to take, apparently, all there was to
sell Judging from the men, 1 should say they
represented Hobbs and the Adamses."
Messrs Poole Kent & Co. bought largely all
day, and Jones was a large seller. He, however,
seemed to be rather pounding prices than selling
wheat He offered 100000 bushel lots at 1-Sc
under the market, lowering the quotations with
out getting rid of much grain.
Ira Holmes was a large seller The wheat pit
controlled the feeling in all the grain pits. The
close was 98 5-8c for May, against 99c last night
and at the opening this morning. The railroads
which last week notified their shippers that be-
cause of the grain blockade at Chicago they
could not guarantee warehouse room at this
point, have sent out new notices, saying that the
DlOckaue mas Deen temporarily raised. Ih1S ac-
ton is taken because the declaring regular" of
a few irregular houses, and the removal of
= iafge quantity OF grain into vessels
have made room for two or three millions
more of grain 1t is figured that this will
increase the receipts next week of both wheat
and corn. 1t is generally anticipated, anyway,
that with the continuance of such weather as is
prevalent now, next weeks receipts will be
pretty large. Within the last two weeks there
has been much snow, and the Western railroads
have been delayed in getting freight in. The
selling tonight, especially by Nat Jones, is upon
this theory. 1t is explained that next weeks re-
ceipts will, temporarily, at least. break the mar
ket, and, consequently, that sales to-day at
about 99c will pay good profit. 1901
I There has been some changing of position,
however, within the past few days. Nat Jones,
who, for instance, was such bear for sixty
days, and whose profits from selling are set
down as enormous, to-day that he was
. bull now upon the outcome, and that he believes
wheat is cheap enough. Poole, Kent & Co.,
lwho led the bears for months, now out
spoken bulls and very prominent buyers.
lCorn has. been remarkable during the last
two or three days, only because it has been
almost entirely neglected. To-day it did moth
ing of its motion, and when wheat went up it
advanced very little When wheat showed
a little weakness, it dropped very
rapidly The receipts were larger than antici-
pated-303 carS-and the inspection-l14 of No.
2-continues to puzzle everybody An intelligent
explanation of why so large proportion of the
current receipts grade No. =, when so small a
proportion went No. 2 last year, with a vastly
better CROP is apparently one of those things
that no fellow hereabouts can give. Either there
is great surplus of old corn in the country,
larger certainly than any of the bulls dream of,
or else the crop this year is vastly better. No one
can decide which.
There was a break of % 1-2c barrel in pork
to-day, and little break in lard May pork
stopped at $1603 IL, May lard at SO. 27 II. The
provision plen said it was a natural reaction
from big advance Pork still remains at about
$l6 There were only IA, 600 hogs at the yards
to-day-too few for the packers to compete for;
consequently, small as the receipts were, the
prices went off lee