The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-18
A NOISY SPECULATIVE MARKEr.
Wheat Goes Up and Down With All Kinds
of Rumors, and Closes Nearly the
Same as a Week Ago-Corn
More Steady.
Special to the Sentinel.

Special 10 the Sentinel.
CHICAGO, Jan. 17.-During the past week the
volume Of business in the speculative pits on
Change has again been very heavy. All interest
centers in wheat, which has ruled active and IT.
regular Each day the great crowd has sTarmed
into the pit and sent up continuous roar that
could be heard two blocks away. Prices started
out weak. owing to the free realizing by Bliss.
Davenport and other big longs Then soon
SIS the decline was started il was helped along
by the active dumping OF the many
little fellows who had taken hold at the top and
could not stand sag. Even half million BUSH
els decrease the visible supply did not appear
10 have any effect on the selling movement, prin-
cipally because the footings of the 5ecretsry's
on and they had been discounted beforehand.
Cables were weak and the Northwest said that
Exporters. too were said 10 be doing nothing aud
some lots already taken were reported resold.
than the co1nry has sny esrhS u:s
SIT bear" explained the decline.
Prices. 1t was noticed, made no bad breaks and
essed OFF steadily as il tired by having bsen
mense QUANTITIES of wheat were sold. somebody
took it ALL and the fact that il Gid not come out
again showed that il had gone into strong hands.
kers, and Baxter supposed to be acting for
ATmour) purchased number OF good sized par
GELS Hence sitter the crowd ned SOLO all IL wanted
to and worked quotations down something like
&C, those who attempted TO take profits found there
was no grain tor sale. So they bid prices up on
each other and bid them up go fast that many
sales were covered at a loss. The storm of snow
which il was anticipated would act as blan ket
for the winter wheat plant, changed
to sleet and rain. and Kansas and
Missouri reported the fields covered
with ice. The feeling at the close, however. is
feyerish Public and private cable adyices are
conflicting Minneapolis millers are said 10 have
advanced their prices in order to stop all North
western wheat there and many conservative men
believe that q combination has been formed by
strong parties here TO manipulate prices upward.
On the other hand. the number OF recent failures,
and the fact that general business Is not picking
up at all rs anticipated tends 10 shake the conh-
dence of the bulls.
Corn has responded to all the strength shown by
wheat but has been very little depressed by Its
weakness. Receipts have been about the same. as
regards quantity, but the quality las grown
steadily poorer, until now scarcely 10
per cent of the arriving grain grades No. 2.
With this exception the situation remains very
much the same ss week ago. The majority OF
traders are believers In corn, but very nervous
about loading up, lest any advance should bring
10 this market the shipments which are going
around US 10 the East and South.
Provisions sold up some at first. and have since
remained steady. Trade has not been heavy, and
has been largely confined 10 local scipers and
packers.