St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-30
THE GREAT SQUEEZE.
Corn Forced up to Eighty
three Cents by the
Bull Clique.
The Iron Grip of the Manipulation
Continues Perplexingly
Firm.
Some Spectators Predict That Sep
TENDER Will Sell at a Dollar a
Bushel.
Great Interest Centering in the Wheat Pit
Again and the Amount of Trading
Increasing.
Share Speculation Light-New York Gen.
trail Gains Point-GouId's Hold
ings.
CHICAGO.
Especial Telegram to the Globe. /

to-day was the continuation of the corner in
september corn, which was advanced by the
manipulators to point Sc above the open
ing price, Axe above the close on Saturday
and &c above the highest point 1t has hereto
fore reached during the. present corner.
Fresh receipts were very heavy, but it is I'M
derstood that all the cash corn was taken care
Of by the clique. Wheat was the cereal most
largely dealt in and the course of prices was
rather disheartening to the bulls, though they
knew that the decline is but tenn porary and
healthful reaction. In the afternoon the
grain markets frmed up somewhat wheat
advancing 14@95c. Provisions were rather
tame. The closing prices for the October
options on the afternoon board were wheat
7S4c, a decline of &c as compared with
closing sales Saturday; corn 5715c, IN adj
vBnce of &c; oats 251Ic, a decline of Bc;
pork unchanged at $17. Lard 1Oc lower at
$3.50, and ribs unchanged at 5000
In the wheat market there was a sharp re-
action, but one that should not be viewed
with surprise by any class of operators, for
where there has been a steady and natural
ADVANCE of 5 or &c there are always a good
floor who are anxious to realize, and large
amount of such offerings are pretty sure to
break the market cent or two. The marke'
opened firm under favorable foreign advices
British cables are said TO be firm and higher
with showery weather, and a further advan. 0
of Cd per quarter was quoted for California
and American red winter off coast. Farm
ers' deliveries in England for the
past week were little heav-
Ter than for the previous week
New York and st. Louis were both lower and
the receipts here were quite light. There
was, however, less demand than was ex-
pected and the offerings on the part of those
who desired to realize were quite free, which
resulted in downJurn in prices that con-
tinued throughout the regular session. On
the afternoon session there was a fair de-
mand and 40935c of the decline was recov-
cred. There was fair shipping demand for
low grades, but No. was scarcely called
for except for future delivery on speculative
account. October opened at roc, sold TO
794c and then, under free offerings, down
10 77Mc, closing on the regular session at
rye, and on the afternoon board at 7SLc.
November was the favorite deal and opened
at SO5sc, sold up to Sic, then down o
D%c, and closed on the morning
board at 1899 and the afternoon at S04c.
No spring was weak aDd closed &c lower
at 7719@79Mc, and No. 8 was steady at 63c
Red winter was sparingly offered, and No. 2
rejected at SIC. Kent, Hutchiuso and the
Adams brokers were the heavy sellers,
Hutchinson alone letting go 100, 600 bushels.
Said broker on the bull side to-day; 1.-THE
general feeling is still strong concerning the fu-
ture Of wheat, both here and at other places, but
the heavy longs may take advantage OF this fact
and unload lot upon the crowd with the expec-
tation Of buying it back at lower figures Every
advancing market to be healthy and natural
should have its weak spots and days and nothing
aefnite can be predicted of the future when
these occur"
In corn, Of course, the interest conferred
in the September deal. The opening was at
75c, &c below the close of Saturday, but the
corner brokers' with McHenry at their head,
soon began their old tactics of bidding up
the price, and at the close the figures were at
S3c, with McIIenry Offering to either buy or
sell at that price. The shorts, however, didn't
seem to take hold very readily. The receivers
held out stiff for the highest price, and the
1000 cars of contract grades received were
disposed of at from Use to Soc The Septem-
Der deal will close tomorrow noon, and there
is yet another days receipts to be heard
from, it being estimated that they will
amount to between 1900 to 1000, 600
bushels. The clique had to put up 1858, 500
to take in to-day's receipts, and
from 100000 to $1,000, 600 more
will be required to carry the
deal TO a successful issue tomorrow noon.
The price is now at the highest point
reached, and the manlpulators do not seem
to lack for money. The short interest now
put must be something enormous,
or the clique could not afford TO
keep prices up. few shorts
settled this morning, but more seem deter
mined to stay out until the end. Prominent
and reputable bears are of the opinion that
to-day's operations left the bears out of
pocket and that another day will make them
"squcal," but those traders more bullishly
inclined took very different and much
more cheerful view Of the situation, at least
apparently.
October opened at SIC, sold down TO SIC.
advanced to 57S4c, and closed at 57J5c.
November ranged at 469465Ec and closed at
46}S.
'If you want TO know how the corner1s COM
Ing out can tell you; It's coming out swim. !
mingly and with good profit - said ane Of them /
Il II tell you what: Do you suppose Il specula. /
tor cares about 25c bushel on several hnnd-es /
thousand bushels OF corn when he has already 4
made more than that on several millions Of
bushels. IL don't trouble him in the least rs
part of the scheme and no more than men
ought to anticipate before he embarks In ~
corner business"
Said close observer OF the market TO-DAY (
1T Is not unlikely that the price OF September
Will touch Sic. There are some shorts left, that
Is certain, good many OF EN- Neare IL clever
man. lie has figured how much corn he has /
already paid for, how much more he VIII need TO /
pay Tor between this and Wednesday noon and |
would not be taking cash corn now at soc unless !
ne was Tecouping himself out Of somebody |
because every commission man on the floor de- |
clareS himself out OF the deal is not proof that
the shortage Is all settled and that Weare is s
speculative idiot. Commission men have
been AnoWn 70 prevaricate on occa-
sions before this. have stood in
the PIT now Tor some years and witnessed some
corners, and never knew Of successful corner
whore 1t was possible 10 find any shorts after the
price had considerably advanced. or where every /
trader, commission man and speculstor when in 1
terrogated, did not declare himself an settled m
The present corner has been pronounced cruel 4
wicked 'mereiless. Abe Poole has plsnted 4
himself in the cash crowd day after day. and ex- 1
citedly detained against the holders of corn. /
abused little McHenry, and declared that /
the penitentIary was none too good for i
McHenrys principals. Did Abe Poole 1
think or talk this way few wears ago. when he /
himself tried to engineer corner on lard for 1
Jim keene, and y. q. Miller and W. ". VII
liams, or three years ago when for Sid Kent and 4
kairbaugh and Me6eoch be helped engineer a 4
successful wheat corner. W. G. Pope hiss in 4