Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-22
CORNERS DEsILoPIsG ALL AROUND
kershaW HOistiBg Corn and AsGeOeh
Taking i'm the Boys on Wheat.
TIGHT HONEY MARKET IN NEW YORK.
G0ald Bearing the Market-Seme Pcs
sibilities of the Situation.
Especial Telegram to the Globe. !

CHICAGO, Sept. 21.-The struggle be-
tween the bulls and bears to-day was an
herculean one. The battles of Thor and
has fellow-deities and demigods of Viking
mythology are but petty misunderstand-
ings in comparison with the warfare being
waged on change. The shorts are max
ing brave but unayailing fight. To-day
they had their plans laid for a concerted
attack on the bulls all along the line. They
prophesied break of not less than three
cents in corn to-day. They stormed Tel
el Kebir gallantly enough and made some
little breaches in the enemy's outer
defense but the bulls carried too many guns
retreat.
The shorts have been permitted to do
one thing. They have been allowed to
cover their contract for September corn,
but at price that means tens of thous-
ands of dollars profit to the longs. The
operation has been one of the most gil
gantic scalps perpetrated on the board for
months. The bulls are now boldly man
ipulatingithe larger options regardless of
the promise of a bounteous harvest, which
at first thought would appear to make
this q dangerous operation. The
more conservative members of the board
think and state their opinions, that al
though the crop of corn raised is very
large, and should nothing happen to kill it
will be larger than for some time, still
there Will be a great deal less corn in the
country in January than last year at that
time. The reason for this is that for sew
eral years farmers had held back sur
plus or reserve, but this has greatly de-
creased this fall, and they are shipping
and feeding it all up. Farmers are antici-
pating a big crop, and as prices of
corn all summer have been so
alluring have sold most of the reserve, and
expectation has sent it out of reach. Should
the frost seriously blight corn, there would
be little, if any, to speak of in the country
by January. This is, however, only the
opinion of the more conservative men
among both bulls and bears,
The corn market is enormously oversold
here, though the cash corn does not seem
to go into pocket" There has been a
mighty big squeeze in September corn,
but the fact that the shorts have been al
lowed to cover at any price gives weight
to the assertion of one of the
wheat crowd that the whole thing
was but mighty feint to distract atten-
ton from an attempt to capture November
corn. That this future is already badly
cornered is evident. To-day many of the
largest holders of September have quietly
closed outfheir surplus and absorbed No
vember. Kershaw, however, who made the
market tremble yesterday by the quantity
he unloaded,, has been a heavy buyer to-
day at the easier quotation. Green and
and the Adams have also been tire
mendous operators, although buying
and selling as the market
huctuated, but all the time keeping it a.
their mercy and carrying gigantic lines
These soalpers have reaped fortunes an6
hid their greater aim. To-day it developed
and the rush for November corn was wild
The bulk of the operations were in thi'
future. Of the million and a quarter
bushels of corn sold on call an even hal
was for the month and the proportion viii
hold good of the ten or twelve million sold
on the regular board. The extent of tn
dealing was almost unprecedented.
By reason of the desperate resist
ance of the bears and the lessene,
demand from the September shorts an un
settled and nervous feeling was develops
in the market and the course of prices TO
the various futures was variable. ruin!
weaker for some than for others. TIL
offerings to realize were quite liberaha
times, and strong effort was made t
break prices with a bull element workini
equally as hard to sustain values. Tn
market opened about three per cent. lowe
than closing figures yesterday and 500
fell off an additional half cent per bushe
then became stronger,a and after some Sigh
fluctuations pricesiwere advanced3 a lie fo
September, 1G11sc. for October, 1l4@
1850 for November and 1c. for year.
this advance the offerings to sell wer
largely increased, and as the most. urgen
demand was supplied, prices took dow
turn and declined about &c for Septembe
and HGMc for the more deferred futures
Toward the close of the session the mari
ct advanced again irregularly AG1H
aud finally closed about "a lower for casl
&c lower for October and 1 ID lower fo
the year than the closing furss on chang
yesterday.
No 2 corn was in some demand.and sol
early at 69l4 @691@c, but before many pul
chases had been made prices broke O
rapidly, with scarcely any transaction
until 68@6Sl 4c was reached, then sold i;
( 6S}Sc and closed at about 6S15c. On ca
a still further rally was forced by til
I bulls upon the unwilling bears, cash clio
ing firm at 6996sAc. and September
the same price. On the curb later, 691.
was reached. On the board the fuctuatiol