Daily globe., 1883-09-11
CORN COMES Up.
The Principal Interest in the Chicago
Market Centers in Maize.
THE PIT WILD WITH EXCITEMENT
Prices Forced Up, but Eventually
Brought to Level.
A GOOD DAY ON WALL STREET.
All the Western Properties in Demand
at Steady Prices.
THE PIT WILD WITH EXCITEMENT
GOOD DAY ON WALL STREET.
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, sept. 1O.-1O-Qay has been
one of the liveliest. days! experienced on
'change for many weeks, and centered in
the corn market. The frost of Saturday
night and the additional nip last night
threw traders in little panic. Prices
were very materially enhanced by the rush
to buy. The reports so far give the dam
ages to the crops as bad in the northwest
north of the fortY-sixth parallel. Illinois
corn or grain was not materially affected.
Reports from parts of Iowa set the damage
to corn as considerable, though it is near
ly certain the majority of the crop of that
state is unaffected. The frost in Wiscon-
sin was very general ana severe. The
low lands were caught by black frost,
and corn was ruined. The corn crop in
Northern Indiana and Northern Michigan
was pretty effectuallY killed by frost.
In Ohio, reports say that the
frost did not seriously damage
corn. The country affected is not an i'm
portant part of the wheat belt, yet the
yield will be notieeably reduced. That the
first reports as published are exaggerated
there is little doubt, but much harm has
already been done and more is threat
ened.
The opinions of some of the leading
commission men here at the extent and in
fuence of the damage may be of interest
In response to inquiry of your correspon-
dent Robt. Lindblom said: 81 am not
prepared to say what think will be the
effect of these bad crop reports. I do not
believe, however, they are rs bad as re-
ported in the papers. Many country
orders seem to be of buying tene'
Mr.. Blair, of Blair & Blair: 81 am not
as yet posted on the outlook, but think
that even with the heavy frost the corn
that stood only on low lands was killed.
The crop on the high grounds was not af-
fected."
Thomas Allison: "The history of the
corn deal Will now come out, and you will
find these crop reports were a great help
for certain long houses that had been
steadily taking all the corn offered in the
past few days. They were shrewd, and
will now come as near cornering the mar
ket as you could ask. look to see sharp
advances, and this week show a very heavy
advance in prices all around. The selling
has mainly been done by spectators, and
am told Wall street parties had consider
able corn sold short. They will lose
heavily"
The receipts Of grain to-day were very
large, aggregating about 875 cars of corn,
365 cars of wheat and 185 cars of oats.
The shipments were 147,O0O bushels of
wheat, $1,000 bushels of corn and $4,000
bushels of oats, while the charters
were for 125,O00 bushels of wheat, 4O5,00
bushels of corn and $1,000 bushels of oats.
Hutchinson has been an enormous buy
or of October lard to-day, spreading the
premium over November from 10 to 2215c.
The November options have gone to
pr emium over October.
The call board resumed its afternoon
session to-day after a vacation of two
months, with large attendance and good
spirited trading.
One of the widest markets was wit
messed in corn to-day experienced for
many days. The excitement was great dur
ing most of the day, and at the opening
and during the first half hour it was be-
yond description. Buying orders poured
in from all sections. 1t fact almost every
body wanted to buy at the opening, and the
offerings to sell were rather small in
proportion to the demand. Under the
circumstances it was impossible for mer-
chants to execute their orders
with any degree of satisfaction,
discretionary orders above all others, as
operators could hardly determine what to
do. Prices during the first few moments
at the opening varied anywhere from ia
1c per bushel in different parts of the
crowd, and the market opened anywhere
from 192c higher than the closing figures
on change Saturday. When the excite
ment had subsidized somewhat the market
began to ease of, and with free offerings
prices rallied 1@11sc, ruled unsettled and
finally closed 1sc higher for October, 1 &c
higher for November, 1880 higher for the
year, and 3 higher for May than the
closing figures Saturday. The receipts
were liberal, some 1882 cars and $4,000
bushels being inspected into store, against
783 cars and 10000 bushels Saturday.
Market sdvices from other points all
quoted frmer and higher markets.
The shipping demand was fair
and speculative trading unusually
active. Shorts covered freely
Year corn, which closed on the board at
1870, was quotable at 49B@5Oc at the
close of the afternoon call. October corr
opened at 51@52c, 5215Sc being the highest
point touched during the day. November
closed on the board 5000, and on the call
at 511ac.
Wheat was only moderately active. and
November was 3sc lower and December
about &c lower than Saturday. At the
opening prices were shade higher, ruled
tolerably firm for a time, Influenced some
by the excited feeling in corn, but later
under the influence of heavy receipts and
heavy offerings the market soon broke and
fell 72c, afterwards improved some, ther
ductuated within a moderate range, and
closed as above noted
Oats we're quite firm. The speculative
market was stronger but very