St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-22
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 Initiation in
Corn Quotations.
Wheat, After an Attempt at Sympathy with
Corn, Declines Rapidly and Closes
One Gent Lower.
Stocks, After an Early Advance, Close
Dull and Featurless.
Stocks, After an Early Advance, Close
Dull and Featurless.
CHICAGO.
Especial Telegram to the Globe. I

recorded the remarkable advance of SC over
the closing figure of yesterday for the Sep
tember option and &c over the opening to-
day. Outside &C 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
76Hc, decline Of l Nc; corn 56s5c on the
regular board and 562lc on the curb, an adj
vance of 1&lc and 21sc respectively; oats
2575c, an advance OF Nc; pork SIT, I'M
changed; lard S7.30, an advance of sc, 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 filled
there was an absence of buying, while the
sharply. Receipts were somewhat heavier
than yesterday and for the week aggregated
S92 cars of winter and LOLA Of spring, a
'otal of 1,706. The Withdrawals for the
week were 461, 900 bushels, including $780,
coo bushels of winter and 1875, 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 IKE, but
weakened, and during the last half hour of
the session settled steadily under free offer
ings and closed weak at 76Ac. November
delivery was the most active future and
opened at 7S&c, advanced under good de-
mand to cover shorts and sold at 7914c, then
weakened and closed at 781Ec. No. spring
was weak and closed at 75@175Hc, and No.
closed at 55@56c. No. 2 red winter de-
clned nc and closed at soc, and No. 3 was
steady, closing at 63Tc. Countzman ~
Adams were the principal sellers.
''The feeling among outside operators is
generally strong" said G. s. Everingham,
''and with any aid from abroad in the way
be disposition to buy freely. While receipts
are not large, yet they are. enough to dscour-
age buyers, who know that trine advance
would add largely to the receipts. A great
many shorts have covered during the past
week, and l think the market is more even
than for some weeks. / think lower prices
viii prevail next week.
Tho IN DIN Of bor-ovor Fro,v, oDoro
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
2>sc over yesterdays close, and &c over
last sales of the previous Saturday. The de-
ferred deliveries were also stronger, but the
advance was less pronounced. There was
nothing of Legitimate character to justify au
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, white the receipts in
creased, the arrivals Of that grade agsregat-
ing $40, 900 bushels. The weather was also
fine, aud advices from the country stated
that the splendid crop prospects had induced
farmers 10 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
'ng days of the month would be rendered
iifficult 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 colsp d'etdt
as the only means of frightening the shorts
in before increased supplies of sorn 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 3ISc on
October and Ss@lc on the more distant
futures. At the close, however, there were
signs of weakness, and many shrewd oper-
ators, basiug 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 & Co. say: ''we sus-
peet the clique are quite satisfied with zoe as
the price for September shorts to settle at,
snd we doubt if 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 will likely be put
through the squeezing process the same as
September has been, and think November is
getting in shape to make short sellers much
trouble. Year is feeling the influence OF the
excitement aud is disposed to advance The
shortage in this option must be simply ter
rife"
Among the incidents of the deal developed
to-day was that the great sealpers, Jones
* Ream, were caught short to
the extent of something like 1000, 600
bushels. These gentlemen walked up and
nsusully s,lcd their deals By the payment
OF SsO9,o0o. There are, however. number