Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-17
TEE MARKET GAME.

Working the Chicago Deal by Contrarics-
Whist the Famous 'GiSolo" VIII Say in
the New York Sun" this Morning
Especial Telegram to the Globe
NEW York, Dec. 16.-The San, in its Wall
street columns, will say tomorrow:
There has been q serious tumble in the
corn and oats markets, and rise in the
wheat markets. This is just the reverse
of what should have occurred, but Chicago
is often just as energetic az Wall street,
and the leading manipulators in both cases
frequently make money by working prices
in direct opposition to all die
tates of facts, figures and
common sense. The small fry, who al.
ways think they have sure thing, are
thus taken by surprise, and scared out of
what they have won for the last four Or
five weeks. Everybody from the bucket
shop gambler to the millionaire speculs-
tor, has been buying corn right and left.
As the actual condition Of the crop became
better known they went into oats, which
looked very Cheap in comparison with
corn, and which they knsw would have to
take it's place as horse feed. In
parts of Illinois, farmers are said to be
compelled to feed their hogs on cats. The
speculative purchase of both OF these ce-
reals was therefore fully justified. But
the long headed men who went into the
deal at the start saw last week big profits
and began to realize them, and thus put
ting prices down by their large offerings
frightened the petty spectators who
came in at the eleventh hour. The Down
ward movement will thus prove to be
nothing more than the old dodge of
soaring out timid outsiders.
Il Guss be said, however, the movement
has been considerably assisted by the sud
den change in the weather. The sharp
frost has Improved the country roads,
helped the drying of corn and thus in
creased the roceiPss Of marketable grain
1T the principal centers. The general
situation remains, nevertheless, the same,
zig: There ia too much wheat everywhere
and It's price here is far above
The exporting point while there
Is NOT corn enough to satisfy
the usual demand at home and abroad and
oats will have to take the place of corn
wherever the substitution is practicable.
Corn has touched 500 a bushel with the
large crops Of 1881 and 1882 and there
seems to be no reason why it should sell
at below 80 cents with g crop VIGOROUSLY
poor both in quantity and quality. The
uniform character of the advance and fall
of the different articles of trade
in Chicago has seen its day,
and wheat, corn, oats ana provisions
viii break loose from each other just as
the different stocks did in Wall street.
Here we have wheat and provisions going
up without the slightest reason and CORN
and oats going down in spite Q? tb3 best
evidence that they are selling under their
intrinsic value. 1t would not be surpris-
ing to see in q short time another Cir.
Gus In Chicago. Schwartz and Dupee, who
have recently coma to the
front in the corn deal, and who
are credited with having cleared over
100000 appear to be very ehrswd nanip-
ulators. They are supposed to be selling
corn now fer realization, but well-informed
traders suspect they are merely encourag-
ing the development OF good-sizeq short
interest, and that they hold more corn OF
January and February options than can
possibly be found for delivery. If this be
SO the shorts will probably have to squea
again.