The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-12-29
LOWER PRICES FOR CORN
The Bears Filled with Delight Be-
cause of a Drop in Prices.
The Decline Caused by a Falling or in the
Demand-Wheat and Provisions
Slightly Lower.
speeial to the Indiananona Journal.

Speclal TO the Indianapolis Journal.
CHICAGO, Dec. 23.-The bears in the
corn pit on Change today Rugged them
selves in delight, and the expansive smiles
which illuminated their faces were remarked
by the crowd gathered in the gallery to see
the fun, and were the occasion of general
comment. Corn was 'sick.' 1t suffered
all day from a severe attack Of nausea conse-
quent on. too much systematic booming.
January corn was especially affected
by the general decline. Opening Mc under
yesterdays close, it declined steadily until
the middle of the session, when it reached
its lowest point for to-day, 5SLc, closing
steady at $3.50, Until to-day January corn
has ruled as high, or higher than May, and
the expense of carrying corn to May is not
much short of six cents. The immediate
cause of the reaction, it is rumored, is due
to a clique who simply stopped buying, and
they being the only heavy buyers, it was
only necessary for them to cease purchasing
for corn to drop of itself. 1t is rumored
that Schwartz q Dupee alone hold upward
of 5000, 900 bushels of January corn, and
their influence on the present break is I'M
QOuDtGu. 1uGT0 IL dHOblICI IuluOI SOibS
the rounds, which is that Fowler Bros.
are short a very large line
of corn, and that they are
adopting the same tactics on Schwartz &
Dupee, and the New Workers behind them,
that they played with McGeoch & Co. How
ever, as Messrs. Fowler Brothers commenced
selling short at 4Sc., it does not look as
though they had a very easy job, especially
when the parties under January corn are
willing to drop their burden at any prices
which are made from day to day. Yesterday
Schwartz & Dupee bought 600, 900 bushels
of January, which will cover about all the
No. 2 which will be found here during that
month.
"Would the possessions of a large load of
January corn cause you much anxiety?' was
asked of the head of another heavy firm.
ut would indeed" was the reply. II
should certainly feel very anxious if 1 had
5000, 600 or 6,0OO,O 600 bushels of corn for
January delivery. When January is up
even with May, as it has been for some time,
1 don't want any more than 1 know what 1
am going to do with"
IL is generally SalQ ABOUT Ine aLl6y llaI
there has been a great deal of over-trading in
corn in proportion to the supply. The
crop is miserable" said a dealer who owns a
farm in the southern part OF the State. 1T
was hardly ever worse, and will undoubtedly
be a good purchase later" A good many
small SPECTATORS are loading up heavily on
May corn on the strength OF the anticipated
scarcity as the season advances.
Hobbs and John Lester sold and pounded
wheat to-day, and Murray sold 5000 BUSH
els at the lowest point, still the market only
yielded &c on January and Econ February,
and May options were lower than yesterday.
Pork weakened again to-day. The packers
have not yet lost their grip, and virtually
mean to continue the siege until they re-
gain control; but there is said to be a scarcity
OF hogs, which is becoming more apparent
every day, and which may prolong the efforts
of the packers uncomfortably before they
succeed in forcing down the price to suit
their convenience. They are certainly max
ing nothing now on their products, nor have
they for several months.