Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-29
CORN WAS THE CHIEF FEATURE.
A G0ediy Trade Done in This Cereal
but all Others Dull.
PROVISIONS IN LIGHT DEMAND.
Some activity in Stocks in New York
The Business Situation.
CHICAGO.
Especial Telegram to the Globe. |


The market opensd 4gssc off,
but almost Immediately advanced
$5@Rc over the opening figures.
Several large operators made a charge on
the January option and drove il down
from 602s to So in about two minutes.
Operators were com pietely at sea for few
moments, as il vas supposed Schwartz &
Dupee were dumping their holdings, and
some Of the scalping fraternity were alter
nately on both sides OF the market. This
vas a local dash by the bears, and tonight
it Is reported that it was engineered by the
Fowler Bros., who ere said to be very
heavily short OF January corn. Ii is
claimed that. they told 100000 bushels to
the house at 48c. This was doubtless when
the corn upturn was commencing, their
lowest point. as they, in all probability,
followed the market up and have an aver
age price of 55@56c. It looks now as
though they we're adop ting the same tae-
tics which resulted IN the downfall of Nc
Geoch. The crowd of ..teiIorsr and some
heavy opel ators seem to be acting in con-
cert with them, and for the nonce
Schwartz q Dupee left the market to it
self. Yesterday Schwartz & Dupee, bought
100000 Jenaary and as this is
about the last of No. .
contracts whiok Will be posted or
found here in January, and as they have
an abundance of money to take care of ell
the contract corn here or likely to come
IL, they seem to have the best of the deal
Again, Fowler Bros. have control of al
most unlimited capital, are very bervy and
stubborn men, and to carry their point
would make very strenuous sxertions.
Whether they really intend to try and get
Schwartz i Dupee and the New York
clique into hole remains to be seen.
They may be seeking to simply find soft
spots in which to cover. If the latter
there will be but little excitement; if
the former there will be very few stagnant
days until the January option gives place
to the succeeding month.
Opinions vary greatly in regard to the
price of corn in the future. Lindblom
says: "rhe strength of corn is fictitious"
Winsor, Richards q Co. say: after the
markets will sell lower" A. NJ. Wright:
Schwartz d Dupee: "Corn will go to zoe
Think corn is altogether too
high. 1t must come down"
One of Armour's chief advisers and oper-
ators declared"everything in the list is too
high. Cellars are being filled with pork
and none going oat. People must have
money to buy hogs. They will have to sac
riice stuff. Corn will have to go down; 1
can't tell where it will STOP" Shepard &
Peacock: "The January deal is good
one to leave alone" Critsenden L Har-
vey: "We regard May corn as good
property, and would buy it in confidence
any where around &C.,"
In the offices and on curb corn was weak:
January 5914, May 6Oc; No. and high
mixed Iwere In fair demand and sold early
at 594 96o1z land later declinud very sud
denly to about 5S1a, and
closed about SO. Rejected
was lower and in light request, with sales
at 44@ 44115c. New mixed sold at SOC.
"Descon" Hobbs, John Lester, and
Schwartz & Dupee were heavy sellers Of
wheat to- day, and Billy Murray is reported
to have sold $4,000 bushels of May at the
very bottom. The Adams crowd and Sid
Kent and his friends were said to be buy
ers. They bought in the face of visible
supply of nearly $4,000, 900 bushels with
the ground covered with snow and with
good reports of the growing crop. They
bought simply because they thought the
market had declined enough to warrant an
Ipturn, and hence scalp.
Wheat closed steady on the curb, Janu-
2ry 96c, May $1.034.
Packers and scalpers continued to ham
mer pork products, and toward the close q
weaker feeling appeared the rule. The
pool" which was reported as operating
yesterday were comparatively quiet to-day,
although they bought few small lots
at about the weakest points. The
break in corn hslped to depress the
market, and the large amount Of
hogs in pens at the stock yards emboIden-
ed the packers, who are evidently deter
mined to get their hogs at lower prices If
possible. February pork s1415, Feb
ruary lard sS IS and short ribs $40 were
about the quotations on the cerb.
Lindblom says of wheat: sWheat has
been dull and weak ali day, and closes at
last nights prices. Some good buying By
prominent local bulls advanced prices a
half cent from the opening, but their
wants being supplied the market SAG ged
of its own weight. 1t is "a question now of
demand, and unless receipts drop of and
export demand improves, we can see moth
ing to prevent general ssg." Shepard
| and Peacock: with bat few exceptions
the market has been very steady one
In fact it showed some strength. The of.
ferings to-day were principally from
shorts, the long wheat having been pretty
well closed out on the decline. Cable:
were dull and lover, but they drew but
little attention. At times wheat was mo-
easy to buy, the sellers being closely sold
up and awaiting developments. To-day
receipts we're higher by considerable, an6
carrying charges continue to rule at ver]
profitable rates, but not nearly as profit
able to the carrier as at Toledo or in fac
almost any other market of consequence
Cioslngiprices showed a vsryssteady fsel-
ing. New York is slowly widening ava,
from Us. Firm .14e above Us they ;.aoV
rule 16c'
Hardly anything was doing or could b.
done in -four, and it was not so much tn
QUESTION of prices as it was the lack of de
mand, with home buyers msking som
contracts for future delivery, but shipper
land exporters have no orders Whatever