Daily globe., 1882-09-23
Especial Telegram to the Globe. I

Special Telegram to the Globe
CHICAGO, Sept. 22.-The bears are jubi-
liant tonight. They have scored a victory
and broken the market. The bottom has
fallen out of September corn, and every
thing else has been more or less affected.
It is doubtful, however, whether in reality
the bears can take all the credit for the
break. The bulls must share the respon-
sibility to a greater or less extent, for they
have aided in it. When on yesterday there
appeared to be good prospect for warm
er weather again, and the frost scare
proved to be greatly exaggerated, the
heaviest and most knowing longs, who all
along have been manipulating the mar
ket, came TO the conclusion that corn
was about as high as it was
advisable to try to put it, and quietly
turned around and began to close out their
deals. So generous were the offerings that
the market showed a perceptible effect,
and began to decline. A iudicious nursing,
however, STAYED off the break until to-day,
when so much was thrown on that, com
bining with other causes, it could not
stand it. The September shorts had by
this time very nearly protected their deals,
and the demand was not percentage of
what it had been. News came in that the
frosts that had kept prices up yesterday
had done little damage; the sun ahone and
bulled the thermometer, and foreign ad-
vices were unfavorable A steady
stream of corn poured in from
the country. ALI these things were ad-
monitions to the bulls that their raid had
been carried as far as it was safe to carry
it. 1t came their turn to
SOUND RETREAT.
On Thursday when the first scare was at
its height, September closed ON call at
70c. To-day it closes 81 cents lower. Oc-
tober then was first at 66Mc; to-day it was
weak at 31ac lower. November suffers
less, closing a cent and half lower than
on Thursday, but "a 4c off from the highest
price touched by ityesterday. Early sales
of September were at 661ac and afterward
sold up cent, but under press of offerings
and other cause mentioned it rapidly de-
clined to 641s@64a4c, where it clos
ed on call. October sold between 64I@
6555sc, closing at s314 14@s63sc on call. No
vember fuctuated between 61ss@62Ac,
closing on call at 13s@11sc better. Year
closed at 531a q 635sc, January at 1870
1895 and May at 513s@51Zc. The sales
in near by options were very heavy, largely
on country orders. Brokers were flooded
with orders to sell from all over the
country. Country spectators banked on
the effect of the first, already anticipated,
however, by the market, and thought to
realize at top figures to-day. They were
disappointed, and partially by their own
greediness. The sharper dealers had al
ready taken care of themselves, and they
had to stand the loss. On call alone over
a million and half bushels were sold.
Later on the curb the small dealer worked
| up
QUITE PANIC,
and sold way down. The sanguine bears,
flushed with victory, prophesied that corn
would be down out of sight tomorrow.
There is no doubt but there will be anoth-
erbig drop then, but how far it will go is
hard to- say. Some of the wise ones
whose sympathies were bulliest, pretend
to believe that that side was merely un-
loading to depress the market so as to
"catch on " again with bigger loads. The
more general opinion, however, was
that the longs were satisfied
to close out and take in the profits already
accumulated. The unwise ones who have
held on too late will be badly nipped, and
small crop of suspensions may be calcu-
lated on. Some New York bears who were
dealing heavily on the strength of the local
raid In that direction are heavy losers, and
the tailers generally are the ones who will
| suffer.
suffered perceptibly by the unsettled con-
ditien of corn, and prices ruled lower all
around, although good speculation bust
ness was transacted in this market.
The receipts continue fair, and foreign
advlces were of decidedly unfavorable
tenor. Speculative operators manifested
more desire to sell, and prices declined to
point &c lower for September, and 13s@
| 1I8c lower for the more deferred futures
than the highest point reached yesterday,
and finally closed about 1 &c lower for
September, 1 &c lower for October, 1sSc
lower for seller the year than the closing
figures on change yesterday Winter
wheat was in good demand at a decline of
| IL &c per bushel for No. 2, and about lie
for the lower grades, compared with yes
terday's closing prices. Receipts contin-
| ued only fair, but the decline in the specu-
lative market caused weakness in cash.
| Spring was weak and inactive at S1.O2;
year closed at 93c.
McGeoch found it impossible to keep
September wheat up to-day, al
though easing it somewhat
and staying the break threatened.
Flour is quiet and slow. Shippers still
manifest but little desire to trade, and
only take an occasional lot, and local job
bers are also doing but little. What little
inquiry exists is chiefly for choice winter
wheat fours. New spring wheat fours
are arriving but sparingly as yet, and old
in is light supply;
Oats are very dull and weak. 1t is
dragging market, and prices react a good