The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-07-22
SPECULATIVE MARKETS
Have Been Excited and Feverish, With
Immense Volume of Business.
Special to the Sentinel.

Special to the Sentinel
CHICAGO, July 1s.-The speculative markets on
Change during the past week have been excited
and feverish, with the volume of business enor-
nous. Values were advanced early on heavy buy
ing by W. T. Baker and William Young who were
reported to be the representatives OF a strong
clique OF New York and Chicago capitalists. New
ertheless the crowd inclined to be 'sbearish,"
and numerous good-sized lots of grain were thrown
on the market These were all taken. however,
aud when sellers stopped to breathe prices were
bid up. This frightened many bears into the be-
lief that there something alive under the mar
ket, and led by Lester and Charlie Schwartz, they
fed to cover. Reported drouth and ruined crops
in Southern Russia, together with unfayorable
news from Kansas and Missouri, came in for
thsir share OF attention, and holders were
Just beginning to congratulate themselves
on smooth sailing, when weakness in
winter wheat markets sudden falling off in the
export demand at New York, and an UNEXPECTEDLY
small decrease in the visible supply, combined to
upset their calculations. Armour was said to be
selling on account OF the fine crops which he saw
on his trip through the Northwest. The relapse
was only temporary, however, sudden drop
in consos revived all the old English Russian war
talk and caused a wild scramble of both bulls and
bears 10 purchase. Prices went kiting and 81
wheat was confidently spoken Of But after a 21Sc
advance thoughtful dealers were inclined to be-
splurge Room traders, remembering the ,inceT-
talnty OF war b00mS, realized. and MANY longs"
who had struggled along for weeks took the op-
pOrtunity TO get out Country lambs" attracted
by the bulge, came in as usual in time to take the
stuff thrown over. Values eaSed off slowly. Then
as cons0ls showed signs of another drop there was
feeble rally. and at the last the market al
most entirely in the hands of heavy scapers.
For the near future everything depends upon
foreign news. Should the war fever subside fur
Their break is probable but should it blaze out
anew values viii soar. OF course few traders here
have any idea that there will be actual war, but
since the market has halted heavy "shOrt" lines
have again been put out, and in the face of
acknowledged short crop sellers are easily fright
ened.
COnservate bulls are inclined to consider the de-
crease OF quarter million bushels in the amount
OF wheat aud Hour on passage this week as
stronger argument for higher prices than any
news that has been or is liable to be received.
They insist that ii goes to show that the rush of
"neat TO Europe on this crop is over, and that as
must come to America for their next supplies.
Yet il is to be noted that the export demand.
which had begun TO pick up, vanished instantly
when prices advanced.
The movement of winter wheat continues way
below what had been expected. aggregate receipts
being less than one third the amount AT this time
last year. In this holders think they
firInation OF the belief that stocks OF old wheat
will be moving ere long at better figures
Corn has followed the course of wheat with great
faithfulness. Receipts continue light and ship
ing crop are glorious, yet dealers begin to realize
that corn 10 be harvested next November does not
make feeding stock i'll August, nor Will il fill
short sales.
Provisions rule tame. As a prominent packer
remarked to-day the recent advance too sud
sales was past Dealers are especially friendly 10
short ribs,