The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-12-11
HIGHER PRICES FOR CORN
The Chicago Market Greatly Excited
and transactions Very Large.
Seventy Cents Now Predicted for May Corn
The Forebodings of the Good
Peter McGeoch.
EXCITED MARKETS.
Large Transactions in Corn, While Prices
Continue to Advance.

Continue to Advance.
Special to the Indianapolis Journal
CHICAGO, Dec. 10.-The excitement in the
markets was greater than on any day since
the up-turn commenced on corn. 1t was gem
orally expected that there would be small
break, or, at least "a wait" to-day, but the
speculative listopened with a boom, which
was kept up until o'clock, only the Deem
Der option in wheat and the January option
in corn falling below the opening figure.
Ten to fifteen millions bushels of corn
changed hands, and at one time the May op-
ton showed an advance of three cents.
There were two desperate attempts
to break the market, and an
immense quantity of |long" wheat was
realized upon; still, the market closed ON the
curb fully two cents higher for May corn
than it closed on Saturday. it is generally
supposed that Schwartz & Dupoe have I'M
loaded a considerable portion of the Deem
Der and January corn they held for New
York parties, because they delivered large
lot of Deem Der. Several other parties made
deliveries, and the gross amount equaled
nearly if not all the stock. The faith of 1.-The
for May is loudly proclaimed. From the
feeling on the curb it would seem as though
the market was top heavy. The weakness
helped the corn boom.
In wheat there was also an Improvement,
and the old story of the shortage of the
wheat crop and the increased demand for
consumption in America found some at
tentive listeners for the first time since last
summer. The transactions were the heaviest
for long time past. Despite the receipts
of 496 cars of wheat, prices advanced and the
shorts" rushed TO cover. May huctuated
between 81. O5N@1. OH, and closed at SLOTS
bid. On the call two and one-half million
bushels changed hands at lower prices and
on the curb there was a still weaker feeling,
May being quoted at S1.061s bid.
Provisions were in the wake OF cereals to-
day, and followed their lead. A very heavy
business was done in January and February
pork, and those options closed steady
at s1477H@1497H. On the call
and the curb there was de-
cided weakness, caused by the appar-
ent abandonment of the market by Armour
and the packing fraternity. Tonight, Peter
McGeoch. who has sold out his lard at $20
$50 per tierce profit, said that provisions had
got to point where conservative action
must be had to prevent loss. He was very
fearful that the speculative crowd would
seize upon wheat and boom it up, and then
it might drop 10 its proper value and swamp
nearly the whole street. A good many lead
ing operators agree with the ex-lard king,
and hence the nervousness in the wheat Pit
and the rapidity with which the ''tailers"
abandon the hog product even upon only
apparent changes of attitude of leading ope-
rators. q.
A. NJ. Wright is still preaching higher
prices for corn and wheat A leading bouse
said tonight: I'VE look upon the condition
of the corn crop as n&tional calamity, the
extent of which will not be geneI:liy believed
until next summer"