Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-21
BOOMING CORN.
Another Jump in the Price Of Corn in
the Chicago Market.
SHORTS IN DESPERATE STRAITS.
Favorable Adyices and Heavy Demand
Cause the Trouble.
VERY HEAVY SALES RECORDED.
Pork Takes & Downward Turn. but
Receivers Later in the Day.
WHEAT AND FLOUR IN DEMAND.
Operators Generally at Sea Regarding
the Future.
VERY HEAVY SALES RECORDED.
Pork Takes & Downward Turn. but
Receivers Later in the Day.
WHEAT AND FLOUR IN DEMAND
Operators Generally at Sea Regarding
the Future.
LSnecial Telegram to the Globe. ]

If 1t was going up into the clouds. The
shorts themselves were largely to blame for
this but outside influences were the prin-
clpal causes. News came from New York
that prices were booming, having climbed
up cents, and the demand was extraor-
binary. This put shippers at work buy
ing, good profit being assured at pre-
vailing prices. The st. Louis folks were
short and being squeezed, also focked in
to buy. This started the upward turn, and
the local shorts becoming panicky,
all rushed in to buy on the rising market.
Of course this settled matters. There was
no stop to the advance. The long crowd
took all they could get, and chuckled at
the condition Of affairs. On the regular
board prices went up, ard on the call
board l4@4 more. The market opened
shade frmer, but under free offerings
prices declined about 20 %c from early
quotations, and then rallied PIC for No
vember, only &c for seller the year, and
about &c for next years deliveries, finally
closing about &c higher for
seller November, &c higher for
seller the year, while January and
May closed about the same as yesterday.
10 this is to be added the gain on in the
afternoon. The transactions on call were
enormous, aggregating four and quar-
ter millions bushels. of which one million,
was for November and two millions the
year futures. One house alone took an
even million. On the curb later but little
business was done, the offerings being less
and buyers getting tired of bidding up
prices. This market was greatly excited
throughout the day. The old crowd
of longs have taken any amount
of corn lately, and if the proportion of
shipments to receipts continues many
days, will have it in their power to engi-
neer pretty squeeze this month if they
wish. 1t is thought they do. ~
Wheat was fairly active and generally
strong, with only moderate fluctuations,
and at the close October was about the
same as it closed at 1 O'Clock yesterday.
November 4c higher, December &c higher
and year was unchanged. Early sales were
at trifing advance on the closing figures
at O'Clock yesterday, sold up I@5sc,
then became easy and declined about 3sc
afterwards improved some, then fluctuated
within a moderate range, and closed toler-
ably steady. On call the demand was
active and prices 1a@ &c higher. October
wheat will sell at better figures before the
month is out. Both winter and spring
were quiet and easier.
An important decision was made by the
arbitration committee of the board of
trade to the effect that the proffer of
5000 bushel lot was good. It is believed
that 100000 bushels are governed by
this decision, and the shorts who
made the tenders are saved about
13c on every bushel. Meg eoch, who man.
aged the September operations believed
that after Judge Gardeners decision irethe
Armour matter all the shorts who were
behindhand would settle without any
trouble. There was complication, how
ever, in McGeoch's case, as many of the
shorts rendered him wheat made up partly
of spring and partly of winter grades.
The buyers claimed that each 5000 bushel
lot should be of the same grade, but, much
to the surprise of many, the
arbitration committee did not sustain
their position.
A committee has been called for in the
case of the September defaults on wheat.
Thus far the president has been unable to
find anybody who was willing to serve.
Previous committees on similar questions
have received such severe drubbings that
no one seems to want the job.
Flour was in good demand and firm, the
better grades being readily taken. Home
dealers were fair purchasers, and shippers
took whatever was offered at prices within
their limits. The export demand was par
ticularly good.
Oats were dull and lower. Rye and bar
ley were firm and active.
The provision market was speculatively
active at generally lower range of prices.
The near options (November and year)
being the weakest; offerings of leading
speculative articles on the part of promi-
nent operators were quite free. and this
caused weakness and very fair decline in
prices, especially of pork. Receipts of
hogs are quite fair, the quality is improv
ing, and this caused some operators to be-
lieve that the hog crop had been under
estimated. Shipping demand for product
fair. Pork was active and weak
at an irregular range of
prices, but closed at liberal reduction on
yesterdays closing figures, offerings were
rather more liberal than the demand.
Prices declined 45@55c on November and
1O@15 on the more deferred deliveries
and closed steady at medium
figures. On call the demand became much
more active, and prices were decidedly
higher. October sold up 2o@ 22sc higher
than it closed on the regular board reach
ing $23.221a, which is 721lc above the
lowest price of the day. November regained
171sc of its loss, and year 21Sc. Lard
was quiet, active and rather weak,
though the decline was a
small one, the longer options