The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-12-01
WIND-UP OF THE CORN DEAL
Top Figures of S1.10 Touched in New
York, but Only 20 Cents in Chicago.
Facts About the Quiet and Successfully Ma
nipulated November COrner-"Bears" Had
Everything Their Own Way in Wheat.
TRADING AT CHICAGO.

Rumored that Several Operators on the
Wrong Side of Corn Have Defauited.
CHICAGO, Nov. 30.-The wind-up of the
November corn deal would seem TO prove
the assertion that tho Chicago end was
nothing but a side-show to q big corner in
New York. There were some who favored
the belief that Cudahy's heavy shipments
of corn to New York. TO cover his contracts
there, caused the pinch here. The advance
in the price to S1.10 in New York. against
75c in Chicago, is also evidence that some
persons were having the screws turned on
them in the former city to-day rather
mercllessly. and speculation was rife
as to the fortunate and unfortunate
subjects. The receipts to-day were 761
cars, mostly new corn, only 1S5 cars in
sDecting as contract grade. The cash grain
was in splendid demand to fill contracts.
The ~manipulators of the corner" had to be
hustiing. too, in order TO keep the price up,
72074c being the range. Taken in ali it has
been q very quiet. but strong corner"
shrewdly manipulated by parties hereto
fore ususpected of ability to successfully
carry out a pinching scheme, but that they
were favored by circumstances every one
acknowledges. 1t is not improbable that
the courts may be called upon to adJudl-
cate the differences of some parties to the
deal, as il is rumored that several operators
on the wrong side have defaulted on their
contracts.
Wheat was dull and weak during most of
the session to-day. The 'bulls' were timid,
while the bears" having the best of it In
the news, were confident and inclined to be
aggressive. Gables were weak and lower,
with domestic market also tending down.
ward. Indications pointed to a large in
crease in the visible supply, while the local
receipts were largely in excess of the esti-
mate anu the North western deliveries also
liberal. Considerable long" wheat came
out on the market, and this. with the
short sales, caused q lower range in
prices during the forenoon. May started
at 9S4c. and December at 9l4c. But
free sellers. and there was a gradual de-
cline to 9S2S O for May and DISC for Decem-
Der. Pardrldge was II liberal seller. and
the other brokers who usually act for
Hutchinson, also had large selling orders,
supposed TO be for Hutchinson, who, it was
inferred, was throwing overheard his long
wheat. There was q moderate reaction on
some covering by Cndahy.. who was
thought to be taking In profits, and by O
rumor that the foreigners had begun buy
ing at the sea-board. May sold back to
9S&c and December to 914c. Near the close
there was renewed weakness, Der
selling to $3.50 and May to $3.50.
Corn was something of a surprise to those
VIZ udu o. pcCbtu d COlidpso ia INC NONtIn-
Der squeeze. The weakness which was
such q prominent feature Saturday had en-
tirely disappeared. Transactions in this
month, however. continued very limited.
The closing price on Saturday was Csc. The
first sale to-day was at zoe. Then there
was a long wait without any trading, and
finally 74c was paid; then 75o was secured
for some. and that was the closing price.
The identity of the leading Shorts" If
there were any, was not disclosed. Decem-
Der opened at 46c. against $3.50 at the close
on Saturday. sold at 464s C. touched $3.50, and
closed at 1880. May tluctuated within q
range of lac.
Oats were quiet and featureless till late
in the session, when covering by 'shorrs"
sent November from 324o to $3.50. closing
ut 34034l3c- May was steady at 1925 0329sc.
There was q heavy run of hogs at the
s~tOckyards this morning. and prices were
lower. Hog products were. consequently,
lower, in sympathy at the opening. but
shorts" covered rather freely, causing q
recovery. and the close was at %unimportant
changes from the last prices of Saturday.
The leading futures ranged as follows: