The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-27
HIGH-WATER MARK In PORK
Jump of 81 in About Five Minutes, the
Price Reaching S23 Barrel.
The Product Believed to Be Securely COrnered
and None for Sale for Love or Money in
the Chicago Tit Yesterday.
rRADING Az CHICAGO.

Wheat Slumped and Talk 70 a Co Cent Quo.
tation INDUCED Tn.
CHICAGO. May %. - September pork
opened to-day at s2O.s5. 1t was two hours
slowly getting mp l5c to S21. Then. with
out particle of warning. it was less than
five minutes getting to s23-a phenomenal
jump of 81 barrel. A selling of about one
thousand barrels at that figure stopped the
runaway market. and in fifteen minutes
the price as back to $3.50. The close was
at s22 IS or s1.50 up from the opening. This
remark bic action Is but fash in the deal
which has quietly tied mp ell the contract
pork in sight and will release nothing ex-
cept at great punishment TO the shorts.
The manipulation, which is credited to the
Cudahys. Charley Wright and some say n.
X. Fairbanks. has been the scarecrow in
the provision trade for weeks. The
country got frightened out long
ago. The scalpers have been filling
the chairs. but fighting shy of the
pit ever since May /. To venture In on
either the buying or the selling side has
been 10 get nipped sooner or later. Prices
have been so fancy that the temptation
was great to sell short and place stop loss
orders 81 or more above the market. Those
who were led into temptation were wi id to
be delivered to-day when shorts BID for
pork. No one without it dare sell IT, Those
with the pork, the clique, would not sell il.
Prices went Is to 500 at "a jump between
trades. One stop order placed at S2l.S0
was tiIled at S23 and this was but q sample.
Only small lots were wanted and tie trade
WAS not heavy. Steever sold 100 barrels for
the clique and eased the pressure. The
nAt,rf flu
well for it seems TO be cornered for all i: Is
worth. 1t was said that in ten years the
market had not gone up so rapidly on so
little buying. There was nothing doing In
other hog products. Lard and ribs closed
nOminally .2212c higher than last night.
Conditions seemed TO strongly favor the
selling side of the wheat market and much
OF the local talent W as engaged III the effort
to force decline. Brosseau, Poole. Lester.
Murly, Nelson and COngdOn sold generous
ly from tho start and when a downward
movement was started Charles Wrigats
brokers Joined vigorously in the assault
and during the first hour break of lc
from Yesterdays close was made. Gables
were weaker and failed TO bring any crop
calamity news. Domestic markets were all
on the down grade while primary receipts
were heavy. local arrivals being beyond ex-
pectatlons. generous rains reported IN the
dryt districts IN the Southwest and
generally magnificent wheat weather
gave the bears a whole magazine full OF
ammunition, which they used for time
with good effect. Wright talked Csc wheat.
There was also good deal of apprehension
growing out of the uncertainties of the
monetary situation. The Australian fall
ure and the assignment of ex-Secretary
Foster increased the apprehension, but
active covering by Wright on the decline.
and the excitement in pork sent wheat up
during the last hour. The opening was
about the same as yesterdays closing to $50
lower. and with some slight fluctuations.
prices declined lc for July and 80 for Sep
TENDER. then rallied $50, eased off some
what and closing was about l7o lower for
j uly and for September than yesterday.
In corn brokers supposed TO be acting IN
the interest of large local longs sold free
", and. wheat declining. the price worked
down $50. but rallied 40 later. owing to
the strength in provisions. ruled easier.
and at the close had lost i4Glac. The lib
erel receipts and the still larger estimate
for tomorrow had weakening tendency.
Oats early were shade better. advano-
ing Is a. 4c. but later declined h05sc with
wheat and corn. and the closing was quiet
at about inside prices.
Vessel room was in fair demand at 1l90
1850 for W heat and Use for corn to Buffalo.
Estimated receipts for tomorrow are:
Wheat leo cars; corn. 500 cars: oats. SO
cars; hogs. $500. Tho leading futures
ranged as follows: