The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-04-16
a Spectator Thinks Chicago and New
York Syndicate Is Preparing Cor
ner in July.
The United States and the Spanish
Claims Commission.
The Condition of the Foreign CrOps-Record
of the Guiteau Trial-InternaI Rev
enue- Notes, Etc.
THE SUPPLY OF CORN.
An Unexplained Decline in Prices-The
Future of the Market.

An Unexplained Decline in Prices-The
Future of the Market.
Special to the Indianapolis Journal
WASHINGTON, April 15.-The Department
of Agriculture is beseged with inquiries
about the corn supply, In the face of
big demand for corn and rapidly diminish
ing supply, the market has been going down,
down, down, for weeks, and spectators can
not understand it. On the 1st of March the
quantity on hand in the seven States which
produce nineteen-twentieths of the corn that
goes on the market of the world was 800 000,
900 bushels, against 200, ,000 600 at the same
time last year, and 413, ,000, 600 in 1881. Since
March 1 the consumption has been not less
than 125, 000,0 900, leaving a stock on hand at
the present writing of less than
200,000,OOO to supply the demands
for home consumption and foreign shipment
from now up to the coming in of the new
crop, nearly seven months hence. The crop
of 1880 was enormous, and it has been stated
that on the 1st of November, 1881, there was
on hand, of old corn, about 400, 000, 900 bush
els, This is an exaggeration. The quantity
did not exceed 2O0,0O000o. The surplus of
old corn on hand Nov. 1, 1882, is estimated
to have been less than so, 000, 900 bushels and
Statistcian Dodge, OF the Agricultural Bu-
reau, does not believe the surplus will be
much, if any, beyond that figure on the 1st
of November, 1888. The South will consume
agreat quantity between this time and the
1st of August, and the West as well.
A prominent New York speculator, whose
observations must be taken with due allow
ance, for the reason that he is speculator,
summed up his conclusions in a conversa-
tion with the Journal correspondent recently
as follows:
ut is quite possible the corn market has
been held up too high for the past few
months, but l see no reason why prices
should shrink to an abnormally low level on
that account 1t is my belief that strong
Chicago and New York syndicate is pushing
down prices preparatory to loading
up and running corner to
culminate in July, August or
September, and possibly extending through
the three months. The late decision of the
Illinois Supreme Court in the last July
wheat-corner cases has given the heavy
operators courage and l have little doubt
they will organize another monster deal, not
in wheat as last year, but in corn, which is
easier to handle. The amendment to the
rules of the Chicago Board of Trade making
winter as well as sping wheat regular" will
probably save the wheat market from
long continued artificial strain. As
long as the spectators only had to take care
of spring wheat, which was about one-ffth
the entire crop, they had no special fear; but
when it comes to taking hold of the whole
crop they hesitate. Everything is favorable
for corn corner, although may be clear
off in my apprehensions that there may be
an organized deal in that cereal during the
present summer"