Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-18
CHICAGO.
Especial Telegram to the Globe. I

CHICAGO, Dec. 17.--"May wheat will go to
$1.10 tomorrow" said gentle
man connected with large
commission house after hours
to-day. He based his prediction upon the
attitude of the bulls during the session of
the regular and call board. The parties
who believe in higher prices for wheat were
encouraged to-day by more wintry weather,
com paratively light receipts, unusually free
shipments, and heavy buying by commits
sion houses on orders from New York and
the north or winter wheat belt. The shorts
became alarmed and proceeded to cover
with as much rapidity as possible. Lead
ing this class we're N. B. Ream and A. II.
Bliss. The heaviest and most persistent
buyers we're Schwartz & Dupes, John Les
Ser 81 Co., and W. T. Baker & Co. These
three houses are generally supposed to re-
present New York parties. Later in the
day decline in French rentes and more
favorable adyices from Liverpool added
strength to the market. Tenn
pleton was conspicuous as a
buyer of February wheat and at going
prices he took all offerings. For whom he
was operating I could not learn, and he
declined TO make known the name Of his
principal. While the January and Febru-
ary options were active at 9875 Isl for the
former and 992a@$1 for the latter, the
chief Interest and trading was in May,
which sold from 81 O656 CLOS. It opened
very unsettled, aud sales we're made st the
same time al $1.OG55, $1.O624 $10678 and
$L07, in different parts of the
crowd. There was only trade
oft@o at $1.0655. It stood for a while
$1.062I, END after some fnctuation went
to $1.O8, back to @1O72s,to $1,o71s and aft
or charging back and forward closed at
p. m. at $1071a bid. On the call 1,O50,OOO
bushels changed hands at slightly lower
prices, but the undertone of the market
was decidedly firm. Half million bush
els of May sold at $1.0715.
Despite all the bull arguments there are
some of the bears left. One of them saio
tonight: "All the shorts we know have Gov
cred. Just now perhaps, there is no danger
of any big decline, but it will como
when least expected" Another said: 'sBe-
fore you talk of light receipts give the in
spectors another extra hour. They
haven't had time to get around through
the snow to all Che cars" Another said:
"This war strength is fictitious one. It
has been discounted over and over again"
The New York speculators are also
charged with bulling wheat so as to sell
their January corn.
II may DO that the top has
been reached for the pres
ent, for much of to-6ays
strength should be asoribed to carrying
out selling or iers which have been on
hand for some time and evidently fixed at
$1.00 for January, $l01 for February and
$10S foc May. When these prices were
reached there was a rush to sell, and the
market went down so. AS soon as it re-
covered there was another flood of offer
ings anu another depre. sion. This hap
pensd three or four times. One operator
told your correspondent that he had an
order for three months to sell out lot of
January wheat at 81. On the
curb the feeling was little fruer, trace
able almost directly to the pointer with
which this dispatch is headed, and which
can be taken for what each enc may con-
slider it worth to himself individuality
Corn was exceedingly dali, owing large
ly to the dssertion of leading bulls for the
more active exercises in the wheat pit,
leaving the courssr cereal to the local
scalpers. Prices were advanced 1hG1Xc
above the opening fgures, in
sympathy with wheat, and some
active covering by Ream i
other shorts later in the day Nat Jones
was heavy buyer. Among the sellers was
A. M. Wright, who sold out "jag" and
pocketed loss of about 1s bushel. This
had very dispirlting effect upon the
crowd, as My. Wright has been bold and
shrewd believer in 70s corn on the crop
The situation in corn is wholly in tbs
hands of the spectators, and the improve.
ment in the weather, its being colder
warns even them that the condition of the
crop is improving and that more No. 4:
will be received than has been estimated
Holders of Janunry corn could not sell il
they wanted to, and their pelicy seems tc
be to keep prices down. Robert Lindblon
says of this option: ''We would not trade
in ii, as the manipulators will, if neces-
sary, do the reverse of what outsiders do
The greatest weakness in the corn pi
arises from the pressure which has beer
brought upon the inspectors, and to which
it is feared they are yielding, as thirty pc
cent. OF the last two days receipts hav,
graded No. 2. The corn froze,
or chilled will rattle, and hence aid then
in increasing the quantity of contrac
corn. However, If the snow which is nov
falling SO rapidly should change into rain
the condition of the corn would be mad