Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-09
No. 2 Closing at Sc 1-2 Cents on the
Chicago Board.
THE STOCK MARKET STRONGER.
Northwestern Stocks Advance Several
POinis-N'heat in Sympathy with
Corn.
CHICAGO.
Especial Telegram to the GIObe.l

and provisions also advanced. The excite
nent. however, is confined to the corn pit
It overshadowed the election and kept
good share of traders on a dance. On the
board a strong feeling was developed IN
wheat, and very fair business was trans
acted on speculative account. Shorts
were disposed to cover their outstanding
contracts, and the offerings were only fair
Prices were advanced 3S@Bc above the
closing figures of Saturday, and closed
aboxt 15@58c higher. On call
prices were frmer and the
demand held good. Winter was in
good demand and offerings light. Spring
in moderate demand and firm. For the
week past there has been an unusual &C
tivity in this market and good deal of
buoyancy, prices advancing pretty steadily
from the opening to the end, and at the
close seller January was 214c higher than
last week, seller February &c higher, and
seller May &c higher. The feeling was
buIlish at the commencement of the week,
not only among local but in nearly all out
side speculative markets. Buying orders
came in freely from all quarters and the
brisk competition gave prices the first up
ward turn At this the shorts became alarm
ed and began to buy in very freely, giving
thereby decided impetus to the upward
course of prices. Sympathy with the
strong and buoyant feeling in corn was
another important factor in the situation
and increased the general frmness of the
market, closing at about the highest point
touched during the week.
The -four market was quiet, and, owing
to the fact that it is election day, and the
table covered with tickets or dealers work
ing for the different candidates, nothing of
account could be done. Prices were with
out change, being firm at the low rates es-
tablished week ago. During the past
week there were received here 1853 bar
rels; shipped, 1888 barrels. Trading in
our market was light for the week, and
there has been less disposition shown to
operate with the home trade, taking only
sufficient for the daily wants of the city,
and shippers and exporters were
having poor market and high
freights against them and partic-
ularly for the export trade. Millers
throughout the west have been running
nearly on full time. Still in order to market
this large quantity much has to go out on
owners account. Prices were weak, and
holders have allowed reduced prices in
order to sell with freedom in being COM
PEELED to make up part of the shrinkage
allowed on account of high freights,
although just at the close Of the week.
European markets were slightly better and
took hold more freely than for some days
past.
Corn was again active and the feeling
was decidedly stronger, accompanied with
a marked advance in prices. The receipts
were fair, 3O6 cars being inspected into
store; but out of this amount only about
twenty cars graded No. 2. The light re-
ceipts of No. 3 tends to
make shorts anxious about their
outstanding contracts, and the bull
element naturally assisted in forcing prices
to higher point The market was 1@
115c higher for the near by futures, prices
advancing later to point SO for January
and 1 q for February above the closing
figures on change Saturday, receded, and
finally closed PIC higher for January,115c
higher for February, and 10 higher for
May. No. in fair demand. Rejected in
light demand and closed firm. New mixed
in good demand.
Quite a little corn was unloaded at one
time by timid operators, who had profit
in provision purchases, and were disposed
to sell and realize. On call prices were
irregular, the last quotations for January
being 5624e. There have been exagger-
ated rumors afoat to-day con-
corning the nature Of the
manipulation of this market now
in progress, and which was noted by the
GLOBE some time ago. 1t is now believed
by some that the corner will rival the Ar
mour wheat deal of last summer or the
historical Keene operation of 1880.
To-day's version-and it really has its be-
ievers-that about sixty days age Truman
B. Handy, it is said, proposed to Mr.. P. D.
Armour that they join forces to advance
corn. The Cincinnatian offered to put up
100000 worth of securities, Mr.. Armour
to put up an equal amount of cash, and to
run deal which should net the two not
less than $1,00O,0O0 profit Mr.. Armour,
it is reported, although believing that
corn was good deal too much depressed,
told Mr.. Handy that he did not run corners
except to protect himself from wreckers,
and that, besides, his money was
tied up in pork in his
business, and in the unsettled July wheat
deal. Handy made no alliance with Mr..
Armour. He did, however, begin the forma-
tien of a pool to bull corn. He learned
that there was company of Wall street
men who we're long great deal of corn
through Robt Lindblom g. Co. He sue
ceeded in making some sort of an arrange
ment with them early in December. It did
not work we'll, though. Each party had it's
own commission men. There was mutual
distrust and some quarreling, and the mar
ket which, according to the programme,
should have advanced in December, went
to pieces in consequence. Very recently,
however, a perfect understanding was
reached. The management of the opera
70 49,