Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-22
CORNERS DEVELOPING ALL AROUND.
kershaw Hosting Corn and MsGeOeh
Taking i'm the Boys on Wheat.
TIGHT MONEY MARKET IN NEW YORK.
Gould Bearing the Market-SOme Pos
sibiIities 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 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 enemys 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 gi-
gantic scalps perpetrated on the board for
months. The bulls are now boldly man
ipulaUlng,the larger options regardless OF
the promise of bounteous harvest, which
at first thought would appear to make
this a 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 If
will be larger than for some time. still
there will be 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 a 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
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
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-
tion 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 uttheir surplus and absorbed No
yember. Kershaw, however who made the
market tremble yesterday by the quantity
he unloaded., has. been heavy buyer to-
day at the easier quotation. Green and
Davis, Dwight & Gillette, B. P. Hutchinson
and the Adams have also been tre-
mendous operators, although buying
and selling as the market
fuctxiated, but all the time keeping it at
their mercy and carrying gigantic lines.
These scalpers have reaped fortunes and
hid their greater aim. To-day it developed
and the rush for November corn was wild.
The bulk of the operations were in this
Future. Of the million and a quarter
bushels of corn sold on call an even half
was for the month and the proportion will
hold good of the ten or twelve million sold
dealing was almost unprecedented.
By reason of the desperate resist
ance of the bears and the lessened
demand from the September shorts an un-
settled and nervous feeling was developed
in the market and the course of prices for
the various futures was variable, ruling
weaker for some than for others. The
offerings to realize were quite liberal at
times, and strong effort was made to
break prices with bull element working
equally as hard to sustain values. The
market opened about three per cent. lower
than closing figures yesterday and soon
fell off an additional half cent per bushel,
then became stronger, and after some slight
fluctuations pricesiwere advancedS4 q 1c for
September, 1611Gc. for October, 1LG
15sc for November and 1c. for year. At
this advance the offerings 20 sci were
demand was supplied. prices took & down
tarn and declined about &c for September
and HGAc for the more deferred futures.
Toward the close of the session the mark
ct advanced again irregularly 4@115c.
and finally closed about d lower for cash,
&c lower for October and 1 d lower for
the year than the closing fiures on change
yesterday.
No. corn was in some demand, and sold
early at 691l4 6915c, but before many pur-
chases had been made prices broke off
rapidly, with scarcely any transactions
until esq 6S1 4c was reached, then sold at
6s1ac and closed at about 6S1ac. On call
still further rally was forced by the
bulls upon the unwilling bears, cash clos
ing firm at 6s96s14c, and September al
the same price. On the curb later, 691be
was reached. On the board the fluctuations