The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-03-01
THE BREAK In WHEAT.
1t Has Caused Great Excitement In the
Chicago Market, Which Has Be
come Very Active-Corn
and Provisions
Quiet.

CHICAGO. Feb. 2s-The past week on Change
has been one OF great excitement and activity.
A big break has livened up the wheat deal amaz-
ingly. The down turn is peculiar, too. in that it
was not caused by any raiding OF the bears but
Dy "longs" themselves. For month past the
market had been in the hands of the crowd.
There was a wonderful amount of grain owned
here and in the country, but it was in little jags
and much scattered. Holders chung on week after
week hoping somehow to get out with profit.
They told and retold all possible bull ar
guments from ruined crops to bloody
wars between all the great European
powers. The short interest. however,
wouldn't scare, and to raise the market by sheer
force OF buying. with such stocks as are now In
sight, 10 well-nfgn impossible. Scalpers. at the
start boosted prices up about nc, May touching
S41sc. The best efforts, however. could get it no
further and the impression seemed to become
general among the longs that there never would
Commenced to realize ali at once This started the
break, which the enormous amounts forced on the
market by stop orders and exhausted margins
soon caused to develop into q panic. OF course
Nat. Jones' George Eldridge and the Adamses, who
are always on hand when decline is under way,
sold heavily ana helped on the weakness, but they
took advantage OF the drop rather than engineered
Whether there has been break enough yet is. OF
course, question: but prominent conservative
brokers with whom the writer has talked say that
they would not at least not advise further short
saitss rs tuel fegtIu the Chances Oh &c furtner
decline and &c bulge as about equal now. 1t is
~ Just such times this when the little bulls
have all been shaken out even to the second crop,
and when success has made the bears willing to
sell any amount at any figures. that some strong
man or com binaton quietly puts in brokers TO
take al offerings, and when the market is given
little twist the shorts" seeing the tables turned,
will do the rest In their efforts TO get out OF
danger
Then, too. although crop scare stories appear
pretty fimsey nov, the time for the breaking up
of the ice and snow can't be tar of. and at that
season the cold nights and warm days have al
ways on paper at least, caused & great deal of
damage 20 winter wheat, which has served to give
the market q good many sharp upturns, and there
seems no reason why this year should be an ex-
ception. On tue other hand. enormous stocks,
lack of export demand and the alleged duties to
be imposed upon American wheat by France and
Germany don't make the outlook any too encour-
aging.
Com has been very quiet. There are not many
who care TO 90 short al present prices, while the
number of those who would like to buy May
around 4e1sc is large. This state of things keeps
the market pretty well pegged. The fact that
prices have withst0od the panic In wheat so stub
oornly, too. is regarded As evidence OF an i'm
mense amount OF Inherent strength. and holders
believe that when the latter market turns on, the
up grade corn Will 60 With il
PROVISIONS are about steady. The excitement
III wheat and the Absence Of Mr. Armour have
placed this market somewhat under neglect Re-
ceipts OF hogs this week have been about double
what they were last, but they have sold well and
nave not had much influence on product. - the
packing season ends with this week. May pork
around So Is looks cheap and viii doubtless sell
much higher before delivery day. In the mean
time there may b half dozen bulaes to scare
rhorss' and ratos 20 shake out tatloEs.