The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-01-07
A WEEK OF EXCITEMENT.

Wheat Has Gone Up a Few Points and
Seems to st5ck-sOme Bulls Waiting for |
sag-COrn Teaches the Lowest Point of |
the Season.
CHICAGO, Jan. 6,-It has been week OF excite
rnent and activity In the wheat pit on 'Caange
with tire bulls generally In control, The price
opened On the upgrade Influenced by light re-
csipts big flow OF outside orders and liberal
buying by Hammill & Brine. Lester, Baker and
other strong houses. Predictions were also made
thai the warm wet weather then prevailing
would be followed by freeze that would endan-
ger the winter wheat plant and as at best the
decreased acreage Is not expected to produce over
COCO, OOl bushel crop any damage to this world
be likely to cause a scramble. Cables too
were higher and although q large num-
Der of orders for cars were received
frCm the Northwest, the bulls argued that re-
eeipts eOGla not increase much in that quarter as
there was comparatively little Grain left there to
senc forward. At the top q a215c rise, however,
considerable I9aliEsng developed, ana as inc
shOr9 seemed careless shout covering, some talk
of q soda-wster bulge was INDUCED in. But the
posting OF the visible supply figures put sellers
ia , semi-paaic, and everybody tumbled over
| every BODY else in enGeayors 10 load up quickly.
AS the srain bad come In only sF&ringly it was
/ not thought that the amount III sight W0Lld foot
up q very large increase, but that II should shOwa
decrease OF very nearly 100000 bushels was some
1 Thing nobody mad thought OF, s1d values climbed
| lowed and mary of the old bulls Whc have been
| working along on The buying side for months
| could not resist taking the first decent profit
which they have seen 10 their credit this season.
| Thus the greater part OF the load was shifted
over upon weaker shoulders. and the former hold
eTs became bears for raTn in order TO freeze out
the buy ers and get back their stun Al the decline.
Il tbs weakened the deal considerably and although
there has been no considerable break, quotations
| have net advanced even when aided by heavy eX-
1 port purchases, ana the announcement that the
sem i-anDusl rercrt of stocks AZ Liverpool showed
! less than half as much wheat es was there year
4 $50. Everybody seems 10 have faith IN mucn
higher prices later on, but the general opinion is
| that strong men may get better hold. Perhaps,
| however. the very fact that so many are prepared
/ and waiting fo- sag, may prevent 10. and those
The are now expecting 20 ouy at define may De
| movement has received check, but 1t is not I'm.
likely to gather force without going lower, though
| the latter days OF the week were so
4 broken by The holiday lTolc and general evening
MP by traders for the new year, that II was dlt-
feult to tell what the local temper really was The
undeTtone OF The market is certainly strong and
the feeling, while NOT buoyant, IS far nom being
| weak
Com was held up for while by the hrmness in
wheat. but later the colder weather increased re-
| produced q DeaTish eole All year contracts were
tettled with out the least excitement, and the mar
get without special festure except the closing
out Of several big parcels of grain which had been
held In the expectation that Love ana ms cheu
/ would give the cash option twist az last. On
| Wednesday January touched the lowest point Of
| the year.
Provisions stin rule firm with an upward ten
! cency. A prOf11net broker said this morning that
| he expected to see some further advance, but be-
I soon es they Thought the top had Deen reached,
| when q break would not be unlikely.