St. Paul daily globe., 1884-09-08
CORNERING CORN.
Sid Kent Engineering a
Gigantic Squeeze in the
Corn Market.
Some Spectators Predict as High
as Seventy Cents for
September.
Traders in the Wheat Pit Weary,
and Prices Sag Nearly Round
Cent for the Day.
The Provision Crowd Complain Of Pos-
[plexing Degree of Stagna N In
Their Business
Stocks Weak and Unsettled Throughout
the Session, the Market Going to
Pieces at the Gloss.
CHICAGO.
Especial Telegram to the Globe.l


lures, and the interest shown in corn for the
preceding days of the week was still more
marked this morning, and prices touched
higher range than at any time for weeks.
AS previously stated in these dispatches the
small stocks at all leading markets, and the
fact that the consumptions equals the deliv-
cries from farmers, whose meager supplies
are rapidly becoming exhausted, not only
strengthen the confidence of holders, but
daily add new converts to the bull party,
while the bears, who were recently climbing
over each other in their anxiety to sell, are
now even more eager to provide for their
contracts by buying, and while large and
rapid fluctuations are likely to follow the
situation now points strongly to favorable re-
suits on purchases made on sharp breaks.
Although the growing crop is promising and
no damage by frost is now expected, those
who wish TO sell for any time this year should
not forget that sharp appreciation in values
for this aud next months deliveries will in
material degree affect November and year.
In view of this, short sales should only be
made for these options on sharp upward
bulges. Wheat continues weak. There is
still little in the surroundings to encourage
buying for future delivery. The fine weather
of the past week has permitted farmers to
thresh freely In the spring wheat sections,
and an early and liberal increase in the va
riety is looked for The entire absence of
shipping demand for spring is also a weak
factor. Oats are quiet and weak, but the low
price and belief, which seems well founded,
that the crop has been overestimated. pre-
vent free selling for future delivery. Pro-
visions continue flat and lifeless, the pit
being vacated most Of the time. Prices were
irregular throughout the day and at the close
there was less firmncss and activity all
around. Closing quotations for October op-
tions were: Wheat, 754c, decline from
yesterdays close of sc; corn, 54c, an ad-
vance Of 12c; cats, 25Mc, a decline of 4c;
pork, $1S, drop of soc; lard, s7.37, a
decline of 71Ic, and ribs, 1896, loss of
2l5c.
The wheat crowd were lifeless, and prices
were barely steady during most of the day,
with occasional fluctuations upward and
finally weakness and decline. There was
an absence of legitimate support of futures in
!he market throughout the day,
and it was weak, with speculative trading
confined to the unloading of long stuff held
by strong parties, who have finally become
dsgusted with a deal which, despite the
present low prices, offered little encourage
ment to those who have hoped for
higher prices. There were no outside
orders and no disposition to trade until near
the close, when Carr & Co. gave the crowd
what they wanted. Clifford was also a free
seller 81 day at any price and Eldredge sold
October and bought November. Scott Lynn
was also in the market doing some buying
and Counselman bought good deal of wheat
at nominal figures. The receipts and ship
ments are less than last week: yet the So
called visible supply was made to show a
slight increase. The unreliability of these
returns has now become the laughing stock
of the trade and change in their manner
of compilation is urgently needed. 1t is all
nonsense to suppose our visible supply would
show Il gain OF =, 900, 600 bushels in one week
and decrease of 100000 the next, yet
that is what we are asked to believe. The
fact is our visible supply has at no time
shown an increase since we began to move
ments, which are counted in the stock as lin
transit leads to this error. The amount of
wheat on passage to Great Britain shows no
change from last week, but to the continent
there is an increase of nearly 1000, 600
bushels, which Is principally American wheat.
Not only have foreign buyers continued
steady buyers at all seaboard cities, but they
also continue to buy freely cargoes off coast
out of the 107 cargoes arrived at ports of
call last month, the continent took 37-thus
confirming reports that their home crops
are not turning out equal to their expecta-
tions, and they are willing to make good at
least part of their requirements at present
low prices. October opened at soc, or &c
under yesterdays last sales, on the after
noon session, and notwithstanding the
liberal buying by shorts, who were anxious
to close up their weeks trade, and the eff
forts OF one or two strong operators who
were temporarily on the bull sde prices lost
steadily, settled to zoe and closed at 791Ic. be-
ing the lowest price of the year for that
future. November opened at S14c, declined
to S0&c and closed at S0Tc. September
closed at T53sc.
j. II. Milne saws: ''The wheat market Sc
far. as English buying is concerned will be a
waiting one. Foreign buyers never come
into the market when prices are down, but
wait for bulge, and when
prices advance or cents there
will likely be much better export demand
The millers of this country" said he, ''are
simply re-enacting the farce which five year.
ago broke John Lyon and half dozen Other
Chicago houses. They are sending foul
over to England to supply demand thai
does not exist instead of waiting for the for
eigu importer to come into our market and
purchase what he wants. This policy glut.
the market, and can not help but result il
loss.n
The corn pit was the scene OF the wildes
excitement this morning Everybody, i
seemed, had suddenly become aware of tn
existence of corner, and there was gen
eral rush to get from under thestalling struc
ture Early in the day few sca1pers, anon.
whom were George c. Eldredge, Charley Sin
ger and Counselman, had the temerity to sci
short at about 52]s The folly of thi
course soon became apparent, for, instead O
dropping, the market steadily telescope,
upward in the face OF heavy selling order
until it reached 543sc for October
and cash was quoted above SIC
,,-ara VOW