The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-08-26
CHICAGO SPECULATION.
The Markets Depressed and Boosted With
All Kinds of Rumors, as Usual.
Special to the Sentinel.

Special to the Sentinel.
CHICAGO August 22-The fact that the amount
of wheat in sight at the present time is over A.
100000 bushels, against 600 bushels at this
date year ago, while values now range consider
ably higher, seems to have dawned upon the
speculative trade with overwhelming force, and
big Inble has been the result. During the early
days of the week values fell as though the whole
100000 bushels in store here had been thrown
into the pit and bottom appeared as far off as
when October left 94c. Since the big holders
here and at New York let go, the buying has been
scattered and not of a character to afford much
support so that it was well toward the finish be-
fore the market made any pretense of righting
itself. Then il became known that exporters
were taking hold fairly WELL several gcod-sized
here, at Duluth, and at the seaboard.
This, coupled with a decrease in the
amount on passage and the fact that cables con-
tinued firm in the face of such decided weakness
on this side frightened some of the big sellers
who bad been riding the market so gleefully, and
Lester AZ Co Schwartzle Dupee s.taekn Cudahy
and others were moved to take in their lines,
that the finish is fairly strong. However, with
the exception OF the support given by country
spectators, who not having been badly caught
on the break, are now buying on the natural re
wholly to cover shorts" The bulls lack leaders
Its strong backing seems entirely gone. Two
months ago September wheat sold at CSC, and,
counting carrying charges II has fallen about Ice
This has terribly demoralized the majority of
holders, although one or TWO strong men still
cling to their grain-Fairbanks, who declares that
he will stay until the 900 loss his trades
show is wiped out being prominent example.
That the market is short one Is
evident from the readiness with which it responds
to even moderate buying, but an impending early
and heavy movement from the spring wheat belt
takes the starch out of those who are inclined TO
favor the long side. Already dealers talk of co..
OOO, 600 bushels likely TO be reached by the vis
BILE supply within the next three months. To this
is added talk OF wheat out OF conditiod and OF
tOttering credits.
On the other hand the market is now on an ex-
port basis. Europe will undoubtedly want large
quantities OF American wheat and should values
remain steady for few days exporters may make
quite hole in our stocks. On this theory many
conservative brokers' while bearish the long
run. are inclined TO favor temporary rally, espe-
cially latest reports say the Dakota crop is not
coming up 10 the estimate.
phil Armour" said the representative of Nc
Cormick, Kernnet x Co. tonight, lis not inter
has large amount OF pork which he would like
to sell.at.h CHER figures. Now would anything be
more natural than to suppose he may make use of
his old trick OF buying few blocks OF grain and
under cover of this market his productT'
Oats are the rampage and the little crowd
who deal in them is ali torn up. Ii was supposed
that when McGeOrch sold out his oats in July he
had abandoned the deal. but Ii now develops
cash oats kere besides some 45O0UO bushels OF
August which unwary shorts have sold him.
Lively times are exrected during the next ten
days as the corner develops and farmers must
forward their grain TO take advantage of il.
Corn rules steady and firm without new features.
Receipts are fair and shipments good. Traders
are watching this market narrowly but trade is
light
s'Pork ought 10 be a purchase now If there is
any good in il at ALL remarked provision dealer
this morning. Indeed the market does look cheap,
now that IL has broke successfully on big stocks,
big receipts OF hogs big corn crop and reports of
cholera.