The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-09
SPECULATION IN CHICAGO.
The Markets Temporarily Depressed by
the Activity Of the "Bears."
A General Feeling of Distrust Among Heavy
Dealers, Who Refrain from Max
ing Extensive Deals.
speelal to the lndIanapolIs journal.

Special to the indianapolis Journal.
CHICAGO, Jan. 3-Mr. E. Nelson Blake, of
Blake, Shaw & Co., the cake bakery proprietors,
was elected president and Mr.. George t. Smith,
late of Smith & Gaylord, vice-president of the
Board of Trade, to-day. It was two-days bal
lot Yesterday but little else was thought of,
and the market took care of itself mostly but to-
day the electioneering was left to a few, while
the remainder quietly deposited their votes and
hastened into the pits to sell wheat buy corn,
or talk about provisions.
Under the influence of the rumored failure of
a heavy grain and provision house in Liverpool,
and bank troubles in New York, the markets
were weak and heavy at the opening Large
lines of wheat were thrown overheard and readi-
ly taken in by the ''shorts, who were plainly as
anxious to cover as were the 'longs" to unload.
In spite of the large sales of wheatand the efforts
of the bearsr to make the most of the rumored
failures, the opening decline was quickly recov-
cred, and the article grew stronger.
sit will take than ono benlz failure to-
day. said prominent ''bull," Ito break down
wheat and the small break occurring in conse-
quence of such failures would be quickly re
trieved, because wheat is a staple article in the
market, and the influence of 'scapers' is only in
cidental and necessarily short-lived."
The bears" are always talking about the
large receipts, full elevators, and no export de-
mand and would impress everybody with the
idea that prices must drop. The ''bulls' point to
the scarcity of corn, and rely upon the memory
of those who seem inclined to forget the fact that
scant supply and an active demand for any ar
ticle always has its effect on everything else in
the list.
Corn was inactive and steady
'It seems remarked big corn man to-day,
ito have about reached the point where the
merit of the article sustans the market No eff
fort whatever is pereeptble, ON the part of
manipulators, to render it any assistance. Pro
visions are strong and promise better prices
That promise will be fulfilled, too, before long"
Among the largest buyers of wheat were Les
ter, j. B. Hobbs, Charles Mair and Roach.
These have all been large sellers for ten days,
and their purchases were about million bushels
each. One lot of 80, 600 bushels May wheat was
sold to-day at $1.O1 1-8.
On the call, everything was stronger and the
weakness which threatened corn in anticipated
January deliveries was averted by Schwartz &
Dupee who bought all the January which was
offered.
Provisions were frmed again by the report
that Armour was buyer of pork and corn as
well. Mr.. Phillip Armour said to the journal
correspondent, tonight: 1--WE have not been in
terested in any way whatever in bushel of grain
for more than year. and we wish we could say
the same about hogs"
The general feeling of the market is increased
strength, but the Eastern financial aspect creates
distrust among heavy dealers, and they don't
care to launch out very extensively.