The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-10-25
TRE GRAIN MARKET.

A Large Increase in the Business-Why
Young Men Seek the Produce Exchange.
| Special to the Indianapolis journal.
NEW YORK, Oct 24-This has been q week of
boom in the Produce Exchange. Grain specula-
ton is increasing in interest for some of the big
| Wall street operators. Farmers deliveries in
the West, the visible supply in the principal
storage elevators. the shipments from the sea
| board, and the demand from across the water
enter into the calculation of spectators and in
~vesters, as the bonds, mortgages and stock divi.
dends of railroads did almost exclusively here
twenty, and even ten, years ago. Nowadays no
first class brokers' Office in the neighborhood of
The Stock Exchange is without its hourly quota
lions of the grain market and its representative
in the Produce Exchange. During the summer
the grain business was very dull, but early in
September some strong hands took hold of the
market, and the amount of business has been
pleasing to the brokers. The possibilities of the
grain market here seem to have been fully ap-
p~reciated only recently. The trouble between
England and Russia, that had a threatening look
toward India, gave an impetus to grain specula-
ton that was unexpected. and for a time il
overshadowed stocks. At about that time Dea-
NNA "hAoN3 IL uCaic Al SOdl w udO COEl-
| PEELED the admiration of the old stagers. dropped
into the Produce Exchange and looked over the
ground. He bought a big load of wheat, and.
although the market went against him for a
while. he held on and came out a long wav
ahead. Recently he astonished the boys. MANY
of whom did not know he was a member. bv an
pearing in the wheat pit and selling puts on
wheat.
More recently the Woerishoffer party, SO called
in the Stock Exchange. a group of spectators
who are supposed to act in concert, with Woeris-
hotter as the leading spirit, entered the grain
market, and the party is credited with having
carried big loads of wheat UP through a subsran.
tial rise. Woerishoffer asserted, six months
ago, that he knew. nothing about the grain bust
ness, but he doesn't take pains to deny it now.
He is right in his prime, and not having his
money tied up in railroads, as Jay Gould has. be
can cut a big swath if he has a mind TO. Gopld
sticks to stocks, but Cyrus w. Field takes a
handful of wheat now and then. Fields not
bank is across the way from the Proauce Ex-
change, and he is a special partner in the firm
headed by one of his sons. Henry Clews ON
crates largely and frequently for Wall-street
parties.
A noticeable popularity in the grain nit is
that the business is done by young men, some of
them boys. AT one side of the pit are comfort
aole arm-chalrs, occupied during business hours
by rheumatic and portly heads of firms. The
brokers' and younger partners consult with
them, read kilograms to them, and execute their
orders. Only during excited times do they
oeem IL necessary to stand in the pit and take
their chances Of being showed about and stepped
on. When the market is booming a young
broker has no more respect for a millionaire
than he does for a bag of -four. The youngsters
who are anxious to get rich quickly are attracted
to tho grain market through one very good rea-