St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-12-17
CHICAGO.
Especial Telegram to the Globe

fraternity Of spectators, for, whereas they
said wheat would go down, it went up, and,
whereas they prophesied that corn would go
up it went down. The former cereal was
bulled &c above yesterdays close, and the
last figures were &c above, while year corn,
on the other hand, went down nearly &C, and
and at the close was 2ISc lower. Deferred
options were steady, January closing sc
lower, and May &c higher. Oats were
stronger and &c higher. Provisions were
stronger and higher, and at the close pork
stood 10c above yesterdays last figures, lard
DC above and ribs 71Ec above. The closing
quotations on the afternoon board were:
January wheat 71Sc, year corn 39c, January
$3.50, May oats 2sc, January pork SO. 721z
January lard SO. 80, January ribs $685.
The wheat crowd was considerably torn
up to-day on account of the conflicting emo
. tons which agitated bullish and bearish
breasts by turns and opened old wounds
afresh. They say that "old Hutch'' gets up
every morning at o'clock to concoct
schemes for the discontinue of whoever is
ham and eggs at $3.50 every morning with
opposed to him in speculative
way, aud it goes without saying
that when Mr.. Hutchinson eats his
this object in view, that part of the menagerie
which is accustomed to court the drowsy god
until well on toward midday frequently does
it at its peril. During the somnolent
condition of affairs in the wheat pit last week
the early rising capitalist and bae 'loir of the
alley is said to have INDUCED largely in priv
ilege Transactions, to have found it advisable
yesterday to sell considerable wheat TO pro-
tect such transactions, and to have to-day
decided upon a system of wholesale pur-
chases as further extension
or protection of his put and
call operations. It was freely talked on
'change to-day that his purchases since the
opening would not aggregate less
than 100000 bushels. Among those
operators whose large purchases
were believed TO be for Hutchinson were
Rumsey and Hough. The selling was
almost too general to reveal any instances
were individuals were in any way prominent.
In all probability Hobbs sold as much or
more than any other operator. The opening
was shade higher, but liberal receipts here
and at Milwaukee and other spring wheat
points, together with an increase of over
100000 in the visible supply, caused
weak feeling, and the January option, which
opened at Tic, dropped TO 70%c. About this
time Hutchinson began to show his hand, and
prices went up until ne was reached, the
close an the morning board being 71Tc. In
the afternoon the market was unsettled and
lower, and under free realizing by holders
wheat declined sS@1lc, and January closed
at 711Ec and May at 7s1Ic. Cables quoted
Liverpool steady and Mark Lane quiet and
slow. A further decline of pence per
quarter was posted for red winter and
American spring off coast, and also for Cali
fornia on passage and for red winter and
American spring for prompt shipment.
Year corn was at one time this morning up
to 4119c, but Jim Love began settlements at
40c, and, as he is considered the doctor, his
suggestions are just now pretty closely fol
lowed. Jim, it is pretty certain, is not going
to fall into the error of the September clique.
Love is not hog. If he had been one con-
stitutionally his experience when in the Sep
TENDER corn crowd would have cured him.
He did not hang on for such unearthly high
prices probably as they did. His settlements
at 40c when the market could just as easily
be put to soc is indicative of a conservative
course.
slim as good thing" said friendly
trader this morning, land he is discreet
enough not to spoil it. have no doubt, but
under delicate handling all the shorts can
be bought in to pay a penalty of 5(910c on
their December sales, while, if they were
charged20c, they'd all kick.''
There was no dearth of gossip on the floor
to-day. The thing that caused the most talk
was the giving up about noon of the name of
W. E. McHenry by Jim Love in the corn
pit.
'I've had an idea all along" said proba-
bly, the best posted corn broker in the pit,
''that the old September crowd was in the
December option, and nov Pm satisfied of 1t.
It's not great deal, however, only little,
but very pretty one. The number of shorts
out is probably large, but the holdings of the
individuals are small. / believe, too, that
the January option is oversold, and, if the
squeeze is not too violent this month, it may
last over into the next month";
Love sold about $50, 900 bushels of corn
for year in the forenoon. 1t was in settle
ments. He bought little cash, but there
really was not much to buy, $50, 900 bushels
being all the No. Q that came in.
''Of course, where there is such sharp
rise, there must be a corresponding decline"
said an operator this morning, sunless the
market is under the whip and spur of some
iehu driving clique as ours may be before
the month expires. There is the widest dis
crepancy of opinion respecting the present
corn crop. Some believe it to be unpre-
cedently and others deceivingly short, and
so the market is aternatively swayed by
these conflicting opinions. 1t would be a
good thing if the exact truth in regard to the
matter could be known, and publicly pro-
claimed"
"There was no attempt to corner year
corn" said another "The shorts put up
the price on themselves, and gave the longs
just the chance they wanted to unload. and
they're doing it, too, and making money by
itr
Jones was buyer to-day to fill New York
orders, and Raymond was also purchaser
of small amounts. The trade, however, was
dull, with the opening &c off, at 4116c for
wear, and a slow decline the order of the day.
The year option opened at 411lc, declined to
1890, rallied to 4O1Ec, and, after repeated
fluctuations between these two figures, closed
on the forenoon board at 401<c. In the
afternoon the feeling was weaker, and there
was a sharp break from 40c to 3sc, but at the
close there was a reaction TO 39c. January
and the more deferred options were quite
strong early, but closed easier at $3.50 for
Januarv and 271/c for NAV.
e..