The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1884-10-01

chief interest has conferred in the corn pit
For months experienced traders, IN view OF
the fast decreasing stocks, have declared that
only small capital would be required to cover
the market. and that a deal was TO be ex.
pected in the last options of the crop year.
This prediction was repeated so often that ii
became an old story, and the crowd who at
first were easily frightened and eagerly COW
cred on the slightest provocation grew holder.
and. encouraged by a few big traders sold
freely. Then the manipulators put on the
screws, and prices which had before crept
along suddenly scared with a rush, register
ing the extraordinary advance of ten cents
in one day and touching eighty cents for the
present months options. From this point,
although there was still large short inter
est out, and the clique unquestionably had
complete control of the deal, values were
allowed to ease off for the purpose-know-
ing ones had it-of more easily taking care
OF the nearly quarter million bushels of
cash corn which arrived daily from the
country and surrounding markets. 1t was
also said that there were more contracts out
for October than September delivery, and
that in that month, after farmers bins had
been swept clean at present prices, the real
squeeze would be inaugurated. The regu-
larity with which, each morning, little Nc
Henry made his appearance In the cash
crowd and smilingly entered on the buying
side of his trading card all the grain which
receivers bad to sell seemed to denote some
thing of that sort was in the wind. Values,
however, went down steadily, and few
venturesome traders concluded it was a good
time to go short, on the theory that the deal
was at an end, the cash stuff left in the
hands of the manipulators and they liable
TO dump 1t al any moment. Seventy cents
was touched, but that was the bottom.
Under active bidding by CLIQUE brokers
quotations went up much faster than they
came down, and now some big bears are
wishing they had settled when they had q
chance.
Weare is known to DE heavily long on
corn, but it is thought only as a taller, and
there has been no end of guessing as to who
the real hacker OF the corner is. At first
when only bulge of 3 to &c were expected
"Old Hutch" and W. 7. Baker was talked
OF as the men who were working TIE thing
After the size of the deal became more appar-
ent the crowd concluded bigger men were
under the market, and suddenly everybody
was certain Phil Armour and Sid Kent had
Joined forces and were the parties response
bic. A boom OF nearly SOC in eight days,
however, was more than the boys could
give even Armour credit for and: Simmons.
of Kenosha, the great telegraph man, was
declared the engineer of the squeeze. Now
as $780, 900 or so is seen paid out each morn
ing to take care of the arriving cash stuff
gossips shake their heads and whisper, Sim
mons is only acting as an agent for Jay
Gould.
Some stories have been circulated By shorts
to the effect that certain railroad officials
were interested in the corn market and as
sisting the manipuiators by delaying the ar
rival of shipments until after delivery day,
but this is probably only talk. 1t is wonder
full what good causes of complaint a man
who is on the wrong side of the market al
ways finds. Besides, if, as everybody sup
poses, the corner is to extend into october,
the end anyhow.
shown no sympathy with corn. During the
early days when the latter was
soaring, wheat eased off on big receipts
and free unloading by longs. Later, when
corn weakened, wheat irmed up on better
foreign advices, the purchase of 100000
bushels for export and the idea that the
extraordinarily high prices commanded by
corn would induce farmers to give
all their attention to getting it 10 market,
thus reducing the volume of wheat ship
ments. Now traders are living in hopes
that when the corn excitement shall have
passed and that market sinks into neglect,
as is always the case after deal, the specu-
lative tide will be turned into the wheat pit.
Pork is slumpy, and day by day has con.
tinUed to settle back until traders predict it
is slowly getting down to its proper range.
Ribs are still firmly held, aud far above
their relative value, but it is said the market
is heavily oversold, and the figures will be
kept up until contracts are settled.
Lard is cheap. $50 cheap" a broker re-
marked this morning. las to make it I'M
profitable to manufacture or adulterate ii. +"