Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-09-25
PITILESS SQUEEZE IN CURH.
Exciting Times In the Chicago Board ol
Trade.


4 Chicago sp-cial says: The ex.rlordi-
nary excitement In the corn market vester-
day (Monday) has not ceased to be n topic
OF the llyelIest interest in business circles.
For the third time in the history oi the
market here corn sold yesterday AZ a higher
price per bushel than The corresponding
price for No. wheat-tilat is. 80 cents for
corn, with wheat at about 10 cents. The
average price for corn during the last
twenty-five years, according TO the ri
June'S annual review, was Al cents, while
that Of wheat vas 81 cents: so tO-day's
situation can be realized. AT the begin
ming of the month corn was qro'cd at little
more than 30 cents SO the aGtinCe III three
weeks has been about GO per cent. and one
hall Of that advance occurred Yesterday.
The lorg-wa,ched-foF corner arrived
just as every one had given 1t up. The
crowd had sold itself short to an enormous
extent, estimated a; not less than %, 900. 900
bushels for this month and next, while a
still greater quantity had been sold short
for delivery at the close Of the year, next
January, and IN May. II Is impossible 10
figure up the total quantity sold for the
latter. but it would probably amount to
a very respectable percentage OF the
whole crop II the figures could be
masscd together. though that crop is e'ii-
mated 10y the latest Government report q.
l.s00,000,000 bushels. The market yester-
day opened at about II cents. One or two
lots OF 1000 bushels each changed hands at
that figure. but the demand was so mucn
greater than the supply that within hall an
hour one Individual bid ~ and It wa,
taken. and the next rising bid heard amid
4 70 Il lin. gr4Fu Of .af.t .tehA G.IT
who was ropuIarly supposed to ne the
leading banker for the clique. sold a mode
rate quantity; then, within two minutes,
the prlce jumped TO IS cents.
Men who had been called for margins
they could not pat up were frantic. Up
went the price to 50 cents. Still there VA,
10 selling. The swearing then began in
earnest, and the operators Of the corner
GeTe Toundly scored. Presently Nciienry
BEGAN 10 sell. rs nobody thought OF bidding
any more, and the market ruled steady NJ
50 cents. large quantities changing hands.
II scCmcd aS il probably two thirds Of she
shorts in the pit were filled. The opinion
Is freely expressed that this deal i the most
cruel one ever run in Chicago. and The poor
shorts threaten to take the matter into the
courts and prove conspiracy against the
operators Of u.
There was some ten or twslve minutes Of
suspense on Change this morning before n
hid for September corn was recorded. ana
when the first quotation was marked, being
seyenty-nine cents, exactly the closing
figure last night. there was feeling Of re-.
lief among the shorts, who had apparently
feared big bulge at the start. Early ap-
UeaTanccs in the coTn-pit seemed 10 indi-
cate that tic large receipts were acting as Z
sort OF dampCr on the manipulatOrs. There
were sCj cars Of good average grade. There
was q good deal said TO the effect
that the local shorts were about all flied,
:ud also the "scared shorts" elsewhere
wherever they Lad existed. 1t is now b.
lieyed by many that the present care OF the
corner managers is 10 direct their attention
to a crowd of stif-necked and obstinate
shorts in Baltimore. Locally speaking. the
mauipulators were given n resting spell.
The demand was so light in the ceriv part
u the session that the price dropped from
20 10 7it cents. Toward the close the
price was put up TO 7G cent, through tue
purchase OF car-lots.
A. to the identity Of the corner managers
speculation Is as active and uuSatisfied "a
ever. Mr.. i. ID. Armour say : that he " has
not dollar in anything that grows out Of
the ground" and il is generally believed
that II he was in the corner he would have
sold ieioTe this. as he il slways ready to
accept proposition. =. Il. Wearc, large
ranch owner and rork.packer, is looked
upon as having engineered the deal. Corn
closed at 7G cents in the afternoon after
dropping 10 73. The worst OF the squeeze
l. dOnbtless over with. and it is not prob
allie that the corner viii run over into o.
tobCr. \ futile attempt was made 10 have
the directors tx a marginal price Tor Sep
tOmlcr corn. aud threats of iniunctions by
the shorts izZled ont in like manner.