The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-12
SPECULATION IN CHICAGO.
The Market Commenced with a Room,
and all Efforts to Depress Are Not
Successful to a Great Extent
The Usual DOdges Tried.

CHICAGO. Jan. 10.-It has been another week OF
great excitement on Change, and fluctuations In
values have been frequent and wide, though the
tendency all around has been pretty generally up
ward. Wheat started with a boom, said to have
been engineered by the Wereshofer crowd in
New York. partly, OF course, with the hope Of
pocketing good winnings here. and partly also to
aid a bull movement in the Granger stocks at
Gotham. Big local operators, including John
Nelson, Schwartz, and John Lester joined in on
the long side, and even Armour is said TO have
taken a few good-sized lots through Baxter. Out
side orders came in from every little country
Speculation who ever did any pushes here,
and values climbed along skyward.
After a fair advance wss recorded,
however, holders commenced filling up the
''lambs" and laying away their winnings. Then,
following the same old tactics, they went IN TO
pound the market down and shake out the new
holders of the grain. The visible supply statement
aided them, as it showed an increase and caused
talk that perhaps, after all, the grain in sight had
not yet reached its maximum. Cables, too, about
this time turned weak, and, as the trade figured =
IVES time for a reaction, there was little difficult
in forcing q crop. Yet IL was short-lived. Eve 4
while doing all they could to depress the mark
Billy Murray and Lynn had half a dozen brokers
in the pit picking up all the stuff thrown ovef.
Receipts were smaller than for tome months, and
while sdvices from the interior told Of a freer
movement, it had no effect, IL being generally
believed that henceforth farmers deliveries
mand. This. ioSetSer with the knowledge that he
failures reported in New York were without
foundation, IN fact created confidence and in
dueed good buying by conservative men. Cable
advices also strengthened up again in response 10
the better tone here. and the general belief is that
those under the market have got q good hold and
backed BY public sentiment. propose TO push II
for all IL is worth. Business men report the OUT
look more favorable for all branches of trade, AMI
many think higher values for good products the
first and most important step toward general pros
peTity.
This feeling " said W. L. Bodman. attracts
plenty of buye Is with money, and since the vol
ume OF speculation On the bull side has grown to
such large proportions. any sharp breaks in val
ues are likely 10 be quickly recovered"
Corn also has shown p'enty of life and activity.
Traders early made up their mind that corn ought
10 go up in compsny with wheat and provisions
and that there was not much danger Of being
overburdened with supplies II prices were several
cents higher. Hence there was q good deal of
confident buying and even when wheat broke
Germ remained comparatively steady. Receipts
have been more liberal but the percentage Of
contract" was less
Kent, Hutch, Armour and the other packers
have stopped bearing the product to- affect the
price Of hogs and turned bulls 10 maze a market
for their manufactures. This with one or two
ssgs later on 10 shake out tailers has been the
usual mode Of operations each season, with the
exception OF last year.