Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-15
CHICAGO MARKETS.
Corn Still the Leading Feature and under
Control of the Bears-An Early Frost the
Only Salvation for the Bulls-The Iniunc-
ton Suits on the July Deal.


CHICAGO, Sept. IA. = The corn market
continues to overshadow all others on
change, and will during the days that yet
remain while the extent of the crop is in
uncertainty. To-day all the leading
markets were weaker and lower, the con-
t1nuance of the fine weather, causing
another break in value of corn, which had
the effect OF producing a shrinkage in
prices of wheat, oats and hog products.
On the regular board No. 2 or regular wheat
was e to l &c lower than yesterday. The
corn market was as excited and unsteady
as 1t has been for some days, and at the
close of the month, cash was nearly PIC
lower. than at one o'clock yesterday October
about 21ac lower, November SIC lower,
and year &c lower. The market
opened at a decline of 1@115c from
the closing figures at 1 o'clock yesterday,
but the bear feeling was in the ascendancy,
caused by the warm weather so favorable
for the maturity of the growing crop, and
there was gradual rush to sell, and finally
fell, though with many fluctuations, 1Ac
@27sc Though there was slight reaction
afterwards the markets closed at near the
lowest prices of the day.1 Isttsss1- ~ ~
The transactions were very heavy at the
start. There seemed to be little local de-
mand, but considerable inquiry developed
especially for the January options, heavy
purchases for this month by leading firm
lending some probability to the rumor
that corner was being started. A big per
centage of the deals are yet in October
corn with November just behind and gain
ing, but the longer options are now receiv-
ing more attention.
The flour market was quiet, and trading
has been next to nothing for some time,
with the demand light from all points. The
feeling IN one of weakness land tendency
lower than heretofore for all but the better
qualities. The finer Minnesotas were quoted
quiet and firm, but with the only fair to
poorer stock very dull, and going out on
forced sales. The home trade werg. takinc
only small and broken lots, while shippers
were out of the trade almost entirely.
Rye -four was dull. Bran, and .-all mill
stufs, were SLOW
steady until nearly noon, when it weakened
badly and dropped nearly Coo, recovering
somewhat before the close. Lard followed
closely, dropping 15c. On call, however,
there was another strong tendency to rally,
all the markets improving in tone.
Henceforth provisions break loose. in a
measure, from corn. A large yield of the
latter does not necessarily mean a large
hog crop. This years hog products
are oyersold to such an extent that the re-
ceipts can't begin to glut the market A
late corn crop, too, means later hog crop.
This tendency is seen to-day in the fact
that pork did not begin to follow corn
down, although, like wheat, weakening out
of sympathy.
Corn, however, is at the mercy of the
bears, iwho use every opportunity to force it
down. Only frost, and one very soon.
can let the bears out. 1t was noted that
OF the men who are appealing for protec-
tion on the July wheat deal, scarcely any
sold below $1.25, and that the difference
between that and $1.35 is not very much
of squeeze. They are losing chiefly what
they expected to get, having counted their
chickens before Matching time.
There was quite an array of legal tai
ent in Judge Gardeners court this morning,
the lawyers of the various shorts who had
obtained injunctions against the board of
trade on account Of the July wheat corner
settlement price, having been notified by
the counsel of the board to appear in this
court at ten o'clock to argue the motion to
dissolve the injunction. The iniunctions
were granted by Judge Jamison. but Judge
| Lawrence and the other solicitors of the
board represented to the judge that he
had, while On the bench at the criminal
court, expressed opinions directly an
tagonistic to the board, and sug-
gested that he had better
turn the cases over to another Judge. He
at once consented to have Judge Gardner
take charge of the cases. When the court
opened, Judge Hale, one of the numerous
counsel forathe defense, asked that the
arguments be postponed for time as
prior engagements would prevent him
from preparing his arguments as carefully
as was necessary. After some desultory
talk between Judge Gardner and the
counsel, the time for argument was set fol
one week from next Tuesday.
1t now appears that the Kicker corn is
not to come on the market after all-tha1
is, not at present.
Some of it has already been delivered ant
paid for, and the rest is now understood
to have been taken hold of by McGeogl
and Wells, of Milwaukee and Kent of thi
city and will be cared for by them as if i
were their own, which means that it won
) be dumped or the market at the risk O
producing big decline. The learning 0
this as fact had good deal more to d,
with the stifening of the market yesterda!
, than the reported victory of the Englis
in Egypt, which was men
toned as the reason 70
: higher prices. All the British grain deal
ers have LOST money at fearful rate thi
year. They bought immense quantities @
American wheat some two months ago O.
) the basis of Abs per quarter. The marke
. there is down to 41sm4ls Sd. and wbea