The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-29
SOME ONE TO BE SQUEEZED
May Corn Touched SIC, Closing at SOC,
While Pork Closed % Cents Up.
Nay Wheat Closed at a Premium of e Cent
Over the July Future, Being On Advance Of
1oc on the Day-Oats Firmer with Corn.
Gains Were Noted in Both the Grain and
Provision Pits.


Gains Were Noted in Both the Grain and
Provision Pits.
CHICAGO. May 2S.-A big jump in May
corn to-day caused great interest. but ap-
parently no excitement, The advance
amounted to 15c a bushel. The deal was
difficult to follow. Not from the amount OF
trading, however, but rather from the lack
of it. To lind out how it was going the car
lot crowd had to be consulted. These cara
of contract grade were being sold at 100
early. and later SOC was freely paid. and
even Sic was paid for q car or NO.. Buyers
were punching the carloads into 5000
bushel lots and selling them for May in tho
pitat between 500 and SIC. Theday's receipts
were Ala cars. eighty-one of which were OF
the contract grade. and the estimated re-
ceipts for Monday. $50 cars. are heavy.
Rumor points to Pardridge. COngdOn. Ar
mour and Counselman as the shorts. and to
Coster-Martin. Bartlett-Frazier and r. L.
Pratt as the holders of the deal, not for
any New York clique. but for their W
individual profit or loss. IS the case may
be. The close was at soc, or &c from the
top of the day, against 67o last night.
Other months than May were fairly active
and made moderate gains. Opening trades
were ut 1204c advance on the weather.
and on continued buying the market adj
vanced 50 "a more; reacted Is O1c, ruled
steady and closed with July u "a sc higher.
Wheat opened 19c higher. and Drices were
further advanced 4sc. then settled back 7s0
1c. held steady, and the closing was about
d &c higher than yesterday. Trade was
mostly local, with some little outside buy
ing. The principal influence was the
weather, reports being received of rain in
the West and Northwest. The advance in
corn aud provisions helped the early adj
vance. and then Monday being q holiday
induced "ShOrts" to cover. Severns aud
other elevatOr-owners bidding for May
caused q premium of nearly 20 over July.
Later. as thomost urgent demand got filled
up. there was a general easing up. The
export clearances tor the week were also
less satisfactory. With smaller exports
and larger receipts, the visible supply, it 10
said, is likely to show somewhere about
two million bushels decrease. thcre being.
however, considerable uncertainty, as q
number of operators look for q reappear-
ance of some of the wheat which dropped
ont of the visible supply last week, and
others do not.
Oats ruled tirmer with corn, the market
being moderately active. and closing at an
u Of Ac to $40 on recent figures. A
good many OF the traders who sold freely
yesterday bought to-day.
1t was an active day In provisions. The
market showed evidence of manipulation
in connection with the remarkable upturn
IN corn early In the cay. The scalplng
trade sold out very largely yesterday on
the declining market, and not q few went
short in An anticipation of q further decline.
This morning it appeared that it was only
q shake-out yesterday and that the Cudahy
people were not only holding on to prod
ucts, but ready to run the mar
ket mp again. With light offerings
early and corn higher the shorts took
alarm and with the aid of the local bull
and packing lnterests there was n big up
turn In prices. Pork was advanced 40c over
last night; ribs. zoe. and lard .10c. and all In
the first hour. Brokers claimed that the
Cudahy people and others, said to be work
ing with them. were sellers on the advance.
Late in the day the market held more
steady, about halt of the early advance
lost.
Lake frelehts were steady with a modeF-
ate demand at 1lsc for wheat and lac for
corn Co Buffalo. Estimated receipts for
Monday are: Wheat, $50 cars: corn. $50;
oats, 800; hogs. $1,000. The leading futures
ranged as follows: