St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-21
THE CORN SQUEEZE.
The September Option Scores
an Advance of Five Cents
for the Day.
The Price Now Stands Sixteen
Cents Higher than a
Week Ago.
The Attention of the Chicago Board
All Turned to the Imitation in
Corn Quotations. Il
Wheat, After an Attempt at Sympathy with
Corn, Declines Rapidly and Closes
One Cent Lower.
Stocks, After an Early Advance, Close
Dull and Featurless.
Stocks, After an Early Advance, Close
Dull and Featurless.
CHICAGO.
Especial Telegram % the Globe. 4


day. Outside of this cereal there was only
fair activity, there being the usual DISPOSE
ton to even up deals rather than carry them
over Sunday. Provisions were stronger,
with rather more doing. The closing quo
tations for October options were: Wheat
761Ic, decline of &c; corn $500 on the
regular board and 563lc on the curb, an adj
vance of 1Slc and 215c respectively; oats
251sc, an advance of Nc; pork ST, un-
changed; lard $3.50, an advance of &c, and
ribs $40, an advance Of 40c.
Wheat sympathized with the strength of
corn at the opening and early in the day
there was some buying on the supposition
that prices would follow corn
in its upward movement. But
when the timid shorts had covered and
those who had bought for a scalp had filed
there was an absence of buying, while the
offerings continued free and prices receded
sharply. Receipts were somewhat heavier
than yesterday and for the week aggregated
692 cars of winter and LOLA of spring, a
total of 1,706. The Withdrawals for the
week were 461, 900 bushels, including 1885,
600 bushels of winter and 135, 900 bushels
of spring, mostly of low grades. There was
nothing of an encouraging nature in the
reports from the east or from Europe, Liver
| pool cables quoting the British and CONT
mental markets dull and there was an alb
sence Of local support in the way of liberal
shipping orders, the main demand being for
the shorts, and early in the day October
opened at nc and sold up to 771Sc, but
weakened, and during the last half hour of
the session settled steadily under free offer
ings and closed weak at 7614c. November
delivery was the most active future and
opened at 7Ss4c, advanced under good de-
mand to cover shorts and sold at 791lc, then
weakened and closed at 7S15c. No. spring
was weak and closed at 75@7514c, and No.
closed at 55@56c. No. 2 red winter de-
clined &c and closed at soc, and No. was
steady, closing at 6315c. Countzman g.
Adams we're the principal sellers.
'The feeling among outside operators is
generally strong" said G.. S. Everingham,
''and with any aid from abroad in the way
of larger demand or higher cables there would
, be disposition to buy freely. While receipts
are not large, yet they are enough to discour-
age buyers, who know that tri1e advance
would add largely to the receipts. A great
many shorts have covered during the past
week, and think the market is more even
than for some weeks. / think lower prices
viii prevail next week.
The main attention, however, from opera
tors and observers, was given to corn. The
excitement noted yesterday was greatly in
creased, and a still further advance was Sc
cured for September and October delivery,
the closing price of the former being sc over
the highest figures yesterday, and 16c over
the close of week ago. October sold up
25sc over yesterdays close, and 61lc over
last sales of the previous Saturday. The de-
ferred deliveries we're also stronger, but the
advance was less pronounced. There was
nothing of legitimate character to justify an
advance in this and next months delivery, the
previous improvement having checked the
shipments to such an extent that only 40. 769
| bushels of contract corn was withdrawn dur
/ ing the entire week, while the receipts In
creased, the arrivals of that grade aggregat-
! ing $40, 600 bushels. The weather was also
! fine, and advices from the country stated
| that the splendid crop prospects had induced
/ farmers TO part with the remainder of their
old corn, hence free receipts were predicted
for the remainder Of this month. The
latter feature, however, induced the
/ bulls to push the shorts to a settlement,
knowing that an advance during the remain
| ing days of the month would be rendered
difficult should the predictions of increased
arrivals be realized. They also saw that, in
order to carry their point, they would be
compelled to take a large amount of the cash
corn at high price. To avoid that contin-
gency they decided on a sudden coup d'etat
as the only means of frightening the shorts
In before increased supplies Of corn came
forward, and at once bid up the price on
September and cash, and the futures fol
lowed them in a measure out Of sympathy.
The shorts fearing squeeze on ali contracts
for this year were not disposed to
stand on their deals, but covered
at once, causing an advance Of SIC on
October and 5s@1c on the more distant
futures. At the close, however, there were
signs of weakness, and many shrewd oper-
ators, basing their opinion on the conditions
noted above, thought the corner in septem-
Der had eliminated. That they were not all
of this opinion is shown by the talk Of a
prominent operator. who said: at is quite
evident that instead OF the squeeze being
over it is extending in proportions and
reaching forward into other months All
talk about manipulating being over until the
new crop becomes available, is idle The
opportunity for mischief is too good to be
missed"
Milmine, Bodman 6 Co. say: eve sus-
pect the clique are quite satisfied with zoe as
the price for September shorts to settle at,
aud we doubt If it is put higher, and that
now the September deal is likely to settle
rapidly. There is no doubt heavy shortage
in the October deal, which win likely be put
through the squeezing process the same a:
September has been, and think November i:
getting in shape to make short sellers much
trouble. Year is feeling the influence Of the
excitement and is disposed to advance. The
shortage in this option must be simply ter
rihc.n
Among the incidents Of the deal developed
to-day was that the great scalpers, Jone.
6 Ream, were caught short t.
the extent Of something like 1000, OOC
bushels. These gentlemen walked up anC
manfully settled their deals By the paymeu
Of $500, 600. There are, however, q numbe
Of other large shorts who stin defy the pO~e
Of the clique, and there is some talk that
number Of them win form pool and defaul
on their contracts and carry the matter be
fore the board Of directors Corn is nov
selling within Toe Of the price Of wheat, an'
the prospect seems to be remarkably goo
for corn TO advance to point where it VII