The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-15
A SURPRISE FOR THE BEARS.
A Contemplated Raid Baked by the
Unexpected Strength Of Wheat.
Brokers Calling Attention to Certain Bull
Features While Everything Seems
to Favor the Bears"
snecial to the Indianapolis Journal.

~ W NC
CHICAGO, Jan. 14-The backbone of wheat
surprised the bears to-day. They had conf
IDENTIFY expected to raid the market at their own
sweet wills. The receipts were only 139 cars.
The stubborness of corn and the strong feeling
in provisions initiated persistently against their
designs. On the contrary, the posting of 4O0, 900
bushels of wheat out of condition favored lower
prices, and for the nonce made a depression of
IL cent. Large blocks were sold out for ac-
count of New York parties, which local
shorts" took as rapidly as possible.
Among the leading buyers were
John Lester 6 Co.. Hobbs, Comstock and
other local s~calpers, who add no strength to the
position, as they are liable to drop their holdings
at any moment. Reports that floods had in
jured the winter wheat in Ohio had a strength
ening influence. The situation, however, is one
of weakness, and, as many think thatthe short
interest has been greatly exaggerated and that
it has nearly all been covered, it is hard to find
any substantial reason for the appreciation of
wheat. Robert Lindblom & Co., who have been
persistent bears" for some time, wrote to their
customers tonight:
"Wheat opened weak and a cent lower, in
sympathy with New York, but under good local
NO $1,000 " CNAtf DoH tAAt ~
vance was subsequently lost. 1t is not a matter
of merit or Judgment, but simply of exhausted
margins and liquidations, and it will take some
days to clear up the wrecks. With a return of
cool judgment it will probably be found that at
present there are no apprehensions justifiable as
to wheat going very low, with winter wheat re
ceipts one-tenth of last year. The supply of
California is practically exhausted, and the
stock of good wheat in New York is rapidly
decreasing. The extremely critical news from
Egypt would have put up wheat five cents two
weeks ago, while it is ignored to-day under the
pressure of margins. 1t may be well to remem-
Der these bull features while the bear features
are so prominent"
Corn opened steady and sold down 1 cent on
the report of large deliveries by Schwartz & Du-
pee on account of the New York clique. They
delivered $50, 900 bushels. but most of it came
back, either into the hands of Schwartz & Dupee
or Eggleston, the receiver, who is carrying a
good deal of stuff. Later in the day, when
the amount of the deliveries was ascertained,
and when it was found that Schwartz & Dupee
were buying all the cash and January offerings,
the market steadied and closed on the curb very
firm, with So lie bid.
Provisions were not especially active to-day,
and under the leadership of Fowler Brothers
prices were kept steady and apparently firm.
The report that Armour was buying added to
the strength of the market. The yellow
wagon, =" however, was doing very little. Ar
mOur's brokers bought some February stuff and
sold March against it, making good carrying
charges. Later, Schonman & Geddes got private
advices from Europe that the stocks footed up
larger than expected, and hence there was a
poor prospect for the export trade. On these
advices the former sold about 20, 900 barrels of
pork, and Geddes parted with a lot of lard. This
made prices easier on the afternoon call.
Quotations closed as follows for May options:
Wheat, 90 3-S096 1-2c; corn, IS lie bid; pork,
SOL IL; lard, 9.20c; ribs, 7.80c.