The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-06-24
SPECULATIVE MARKETS.
The Week characterized by a Nervous Feel
-Fluetuating in Narrow Limits.
Special to the Sentinel.

Special TO the Sentinel
CnIcaGO. June 2O.-The range OF prices in the
wheat pit on Change during the week has been
unusually narrow, though the tendency has been
steadily skyward. A very nervous feeling has
characterized trade and in an effort to respond TO
all the gossip and rumOrs floating around the floor
quotations have followed decidedly zigzag course
As has been the each OF the past half-dozen
weeks the posting of the visible supply figures
proved a surprise partly for both sides. All that
the bulls had dared hope was that the increase
would be small and when they found that there
had actually been heavy decrease they were wild.
in vain the bears tried to explain that Secretary
Stone had made mistake that the grain in transit
on the lakes had not all been counted,
that the figures OF Secretary Walker at New
York. we're the correct ones. II wouldn't
work The boys bought, and helped by decreased
receipts and the covering OF shorts they have pre-
vented any set-backs "WhO owns the wheat?' is
1he question that Is often asked. Tom. Dick
and Harry own good deal, but that there is a
strong bull party in the market as well everybody
knows. Nat Jones is the broker OF the clique. and
say he j aided by the Linns. At first Cudahy
did considerable buying also, and this gave rise to
the report that Phil Armour was the power be
hind the throne. Now the latest gossip to their
employers Is that they are party OF Wall street
brokers. who, disguised with the uninteresting
condition of the stock market have turned their
attention to wheat for quicker action. WOereshaf-
fer. the big stock bear. and Osborne given a
The heads OF the combination, and are said 10 be
acting through HerklOtz Karn K Co. for whom
Jones does grain business Norm Ream Is just
now talking very bearish and pretending sell.
hut il i noticed he lets go only little jags and
many shreWd dealers believe he is the cliques
stOOl-pigeOn- whose duty il l. to keep the market
down until they are loaded up
The majority OF operators are Of the opinion that
values are going much higher IN the near future.
and the fear OF being left Is great that at
cry signal Of strength they all rush in body to
get some wheat. This action causes the market 10
advance great deal easier than il breaks and also
rauses very unsettled state OF things in all the
and New York reports pretty fair exports. No ress-
son can be assigned for the sudden change, unless
it be the discovery that the amount on passage Is
1l1Oo00 bushels less than week ago. In any case
holders are encouraged 10 believe this may be the
entering wedge Of a liberal movement. Private
cables Say the English markets are widening. and
that there T. more OF a disposition manifested 10
Speculate in wheat, a. foreign merchants always
speculate by buying this i a favorable feature
Then. too, as a leading exporter. J. n. Milne.
marked. In twenty years England has never
been known 10 take our grain except on boune-
ing market. II we have confidence in the stuff
We can't expect foreigners 20 have any"
Reports from the growing crops in the great
NoTthwt stern belt and in California come in favor
able bus sfatistieans are gradually reducing their
estimates OF the total crop owing 10 damage since
june /.
A prominent trader says: "The wheat crops OF
ESQ and 1881 offer parallel case with those OF 1851
and lsSj That OF $50 was heavy 500 100000 bush
els but was followed By a short crop. $50 000O00
bushels In the sprnr Of ISL, after the damage by
winter-killing known, prices hung along
and July. and il not until August OF 1881 that
the market recognized the damage of that year,
when the price advanced to Sl.38. and thereafter
sold above 81 30 for eleven consecutive months. IL
Is but just. however, TO say that the foreign de-
lslaDd was better then than now
Corn has been strong, but trade has gradually
decreased, and there Is a suspicion that the ma
jOrify Of the more timid shorts have settled with
lester & co. BY paying over about 2@jc per bushei
on the grain which they had contracted TO deliver
for June and July. OF course few OF the more
stubborn are still holding out believing that
soon farmers get through cultiyating shipments
will increase, Buyers are not very ambitious. but
sellers especially Of the near options, are almost
out Of the market. while cash stuff commands
premium OF &c over July.
Provisions are Is near RIIeg s!sgnatiea as posi-