The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1886-05-19
CHICAGo's SPECULATIVE TRADE.
Wheat Weak Corn Firmer Provisions
About Steady.
Special to the Sentinel.

Special 70 the Sentinel.
CHICAGO, May I5.-Wheat on Change this week
has been q very sick deal. The market has been
weaker than at any time this season, and the
grain has sold lower than it ever sold before IN
this market during the month OF May. There
are 10 bulls left in the pit The Lester party,
Who were the only longs" Of prominence, sold
ont as soon as Woershofer's death was announced
from New York, and it was said that considerable
Of the wheat thrown over was the property of the
deceased millionaire. Cables contained no en-
eouragement for holders, and the bears de
clRred the little wheat worked for export was
reported three times over. Each day prices sank
teen touched on the crop, but this eX
cIied very little comment rs it seemed
20 be considered matter OF course that quotations
should 20 steadily downward: If they had been
higher there would probably have been some ex-
element The market mas apparently not as much
Te6ctlVe vitality now as u had SIX weeks ago,
while the surroundings are Enthusiastically more
depressing in their character, the new crop being
iIst hat much nearer and the possibility of dam
ere by cold longer existing: then, too, there is
over 100000 bushels OF old grain in sight, and
nobody seems 70 want. On every fractional rally
everybody has little wheat to sell, and while this
mania lasts il is useless 10 attempt TO predict tue
lengths 10 which il may be carried. But IL is not
difficult to see that it will carry prices down far
below their natural level. and the
most persistent selling is always done very near
tie bottom. There must come time when this
wheat viii do TO buy. although those who started
win out have long ago gone broke. The labor
troubles have quieted down so far as fear OF viO-
lenee is concerned but the whole question is still
yeTy much unsettled, fact which is as demcral-
king 10 the grain markets as TO general business
Wheat can now be raised for great deal less
money than u cOHld be a few years ago, and the
cost Of transportation has been chespened nearly
50 much that of production, but there can not
he much margin lett from selling at present
quotations. Holders have all along claimed that
Europe needed our wheat-must have it-Out a.
though grain can now be sold in competition
with the "peuper labor OF other countries. il
fails TO move. 1t Is undeniable that the present
prices 40 not yield profit, and this state OF things
can not last forever. Cudahy. Jones and the big
bears of the past year are not doing much now,
and the selling now is largely by those who have
lost buyers. These traders must be getting
short up 10 their eyes, and some shrewd ope-
TatOrs ct any time liable 10 give the deal sud
den twist. II values not low enough 10 buy
a. Trey are certainly too low to be caught short
~.
Corn is fTmer. The fear OF corn getting out OF
condition. il shipped TO New York, operates as a
cheek on the movement, but sufficient grain is
going forward to make sellers very nervous.
larger receipts are expected.
Provisions are about steady. shipments of all
kinds Of produce are LIBERAL but it looks as If
pork would have 70 go still lower.