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
BuShel.
Great Interest Centering in the Wheat Pit
Again and the Amount of Trading
Increasing.
Share Speculation Light-New York Cen
trail Gains a Point-GOuld's Hold
ings.
CHICAGO.
[specinl 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, 41lc above the ~close on Saturday
and &c above the highest point it 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 temporary and
healthful reaction. In the afternoon the
grain markets firmed up somewhat, wheat
advancing A@35c. Provisions were rather
tame. The closing prices for the October
options on the afternoon board were wheat
78Hc, decline Of &c as compared with
closing saleo Saturday; corn 5715c, an adj
vBnce of &c; oats 251lc, decline of ne;
pork unchanged at sly. Lard 10c 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 steady and natural
advance of 5 or &c there are always good
many operators who got in on the ground
door who are anxious to realize, and a large
amount Of such offerings are pretty sure to
break the market.a cent or two The marke'
opened firm under favorable foreign advces.
British cables are said to be firm and higher,
with showery weather, and further advance
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
New York and st. Louis were both lower aud
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 q down turn in prices that con-
tinued throughout the regular session. On
the afternoon session there was fair de-
mand ard 14@35c of the decline was recov-
cred. There was fair shipping demand for
low grades, but No. 2 was scarcely called
for except for future delivery on speculative
account. October opened at zoe, sold to
794c, and then, under free offerings, down
10 77$4c, closing on the regular session at
TTc, and on the afternoon board at 7S4c.
November was the favorite deal and opened
at S05Sc, sold up to Sic, then down o
TXc, and closed on the morning
board at 1899 and the afternoon at SOLc
No. spring was weak and closed &c lower
at 77l547934c, and No. 3 was steady at 63c
Red winter was sparingly offered, and No. 2
rejected at 54c. Kent, Hutchinson and the
Adams brokers were the heavy sellers,
Hut oIp 1of
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
definite 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 bead,
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 7Sc to soc. The septem-
Der deal will close tomorrow noon, and there
is yet another days receipts to be heard
from, 1t being estimated that they will
amount to between $50, 900 to 1000, 600
bushels. The clique had to put up 1855, 500
to take in to-day's receipts, and
from 100000 to $1,000, 600 more
L..
deal to a successful issue tomorrow noon.
The price is now at the highest point
reached and the manipulators 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. A 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
''squeal," 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 561Sc
advanced to 573lc, and closed at 571Sc. |
November ranged at 46@465sc and closed at
46i5.
'lf you want to know how the corneris COM
Ing out, can tell you; il is coming out swim
minsy and with good profit said one OF them.
'Ill tell you what: Do you suppose a specula- |
tor cares about 25c a bushel on several hundred !
thousand bushels OF corn when be has already /
made more than that on several millions OF !
bushels Ii don't trouble him in the least. rs /
part Of the scheme and no more than man
ought 10 anticipate before he embarks in the
corner business"
Said a close observer Of the market TO-DAY:
at Is not unlikely that the price Of Septenhsr I
will touch Sic. There are some shorts left that /
IL certain, good many OF EN-. Weare Is clever
man. lie has figured how much corn he has /
already paid for, how much more he WIZ need TO /
pay Tor between this and Wednesday noon. and |
would not be taking cash corn now at soc unless /
he was recouping himself out of somebody /
Because every commission mSn on the floor de- /
clares himself out of the deal is not proof that I
the shortage is all settled and that weare is s /
speculative idiot. Commission men have /
beNn known TO prevarcate on occa-
81, Is before this. have stood in
thu pit now for some years and witnessed some /
corners, and never knew OF s successful corner /
where it was possible to fluid any shorts after the
price had considerably advanced. or where every l
trader,commission man and speculStor. when in I
tertegated did not declare himself all settled Up
The present corner has been pronounced cruel /
wicked 'merciless. Abe Poole has planted /
himself In the cash crowd day after day. and ex- /
eitedly declaimed against the holders OF corn.
abused bitle Mclienry, and declared that /
the penitentlary was none too good for 4
MeHeury's principals. Did Abe Poole
think or talk this way = few years ago. when h /
himself tried 70 engineer corner on lard for
Jim heene Snd y. q. Miller and W. ". VII
haus, or three years ago when for Sid Kent and i
fsirbaugh and AcGeOeh he helped engineer
q II " ea " - D.