The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-07-15
SPECULATIVE MARKETS.
Wheat Grows Heavier as the New Crop APP
proaches, But Corn Keeps Up Its Rep
utation for Stability - Pork is
About at Stand Still.

CHICAGO, July 1.-THE speculative markets on
Change during the week just closed have been
nervous and unsteady. Wheat grows heavier as
the new crop approaches. In the South the har-
vest is already completed and the reaper is march
ing nOrthward at a rapid pace The visible sup
ply statement unexpectedly showed decrease
this week but that card cut scarcely any figure in
the game as the general belief was that the grain
had simply been transferred into unstable flour
and was held in the Northwest. Later this view
seemed to be confirmed by the fact that large
quantities of Minneapolis flour were offered on
English markets at PRICES considerably below
those obtainable at other points. Then.
was very insignificant as compared with
the great total. and the 150000O0 bushels in store
here remain almost stationary. Besides the bulls
are weighed down by the knowledge that each day
brings the new crop twenty-fOur hours nearer, and
that the visits OF the ineXOabe storage collector
are certain day and night.
j. W. Bliss. Walker and ". T. Baker unloaded
early. and the crowd, like a drove OF sheep. all
wanted TO get out at once on the ground that
along. sufficient to swamp everybody. ROse-tinted
crop reports and yellow fever stories also com
bined to weaken and debilitate a market already
dropping and sick. After fair drop, however,
the wet, unreasonable weather, with reported
floods in Kansas, served to turn the tide. Driver
Eldredge and Lundblozun took hold, and Warren
and Others, who had sold out, turned and
bought from the bottom By this time
reports OF big export purchases at New York had
got along and large amounts being taken here
also, prices were on the rampage directly Later
il found that the grain bought at the SeabOard
was ''out OF condition" and sold at a discount on
that account, and the stuff shipped from here
on consignment and not to fill orders The drop
that followed was sudden as the bulge. aud the
close is weak and slumpy. The private wire
crowd have contrived to secure number of good
sized scaips along the way by springing "hOt''
wheat scaTeS and cholera reports ON the boys, but
these have been without foundation.
Holders now act tired, and when they say they
would not be surprised 10 see september wheat
selling at ST. it is about as far the most
radical bulls dare venture in their predic-
tons. The bull argument that is needed now,
and that has been needed for months. is a good
brisk export demand and until prices reach u
point where this appears no one can take hold
with much confidence The bears agree that prices
OF bread stus still very high compared with
other staple articlesand that the 4000O0O0 bushels
OF old wheat 'in sight can not be disposed of at
The feeling tonight is nervous and none care
| to offer an opinion on tomorrow. All operators
have made up their minds how the market viii
stand three months or six months from now and
can give abundant arguments for their belief. but
as to the near future nearly everyone confesses
himself at sea.
Corn has kept up its reputation for stability and
continued to hug the figure AZ. At times ii moved
Ea1kc away, but soon got back into its old, well
worn Tut. Trade continues light account
of the anomalous position which the grain
occupies rs compared with other articles. From
1 1.6J0 reports just received by prominent house
here the amount OF corn in crib and warehouses
along lines of railway tributary ia this city is re-
ported at 1000 900 bushels, against 666OO0 bushels
at this time last year shortage OF 2.J00O00 bush
els. Reports OF the growing crop are favorable,
except those from Kansas, where the crop has been
put back by excessive wet and cold All accounts
agree too that the oat crop will be very large
| and this will have weakening influence on corn
| Product is now relatively lower than hogs, and
packers are fair buyers: Thereare some signs that
the immense run of hogs is nearing an end, and
4 should this be so prices would seem to have gone
low enough. The present promise, however. Is for
i a fair supply during the mOnth-enough To- pre-
| vent much OF a rise in product-and several deal
4 ers who believed that the market would turn al
$40 for pork have now placed their limit at S.. p
The stocks of meats on hand are simply oppressive
and the quantity of other product Is too large t.
1 invite Investment.