The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-28
ALL AGAINST THE CLIQUE
And the Jump TO soc in Wheat Ypster-
day Attributed to T1at One Influence.
Partridge Makes the Assertion that There Is
Plenty OF Time to Swamp the Would-Bs
Corners Before the LIST Of June.
TRADING AT CHICAGO.
Corn and Oats Closed Weak with Provisions
about Firm.

Corn and Oats Closed Weak with Provisions
About Firm.
CHICAGO. March 27.-May wheat jumped
60 SOC q bushel to-day, a two-cent advance
over Saturdays high mark. closing at 7g34 G.
The advance of 10 Saturday scared the.
shorts, and they started In at the opening
TO cover part of their lines. The market
was wild, and the opening quotations
ranged from 7Sao to 7Sa4c. The heavy buy
ing sent the market to 79lsc with a rush.
Then the clique came in by selling some of
Its holdings; the price dropped 20 the open
ing figure. The shorts then began to buy
again. and the market went up 10 soc. the
clique aiding In the advance by taking
back part OF their original offerings. The
traders became nervous. and from this
point until the close the market seesawed
between 79asc and s97sc, closing nearer
the top. July wheat was firm. but
closed without material change in its
value. Corn opened firm. but closed very
weak at l1c under Saturdays latest quota
tions. Oats were weak from start TO finish
and closed. after an active days business,
at sc below the prices ruling on Saturday
afternoon. Provisions were dull. but firm.
decreased s12. 600 bushels. compared with an
increase of 154 600 bushels the correspond
ing week last year, but the figures had no
appreciable effect on the market. The In
serest In the May deal dominates the mar
ket TO the exclusion of every thing else.
Tho clique brokers were being closely
watched and although they must have dis
posed OF n considerable quantity OF May
wheat on the hard spots. the traders could
see that there must be heavy buying orders
In the market from shorts. which enabled
realizing to be done without breaking the
prices. kaufman. of st. Louis, was one OF
the heavy shorts who faced the music" to-
day. The whole trade w as restless. Outside
shorts were very ANXIOUS. Straddlere at
st. Louis, Duluth Milwaukee and Chicago
all bad trades outstanding that were get
ting very Improbable. This forced con-
siderable buying for May. Aside from the
question of what the big Northwestern
shorts may have covered, it is claimed in
some quarters that the bull CLIQUE houses
| in wheat have, of late. been spending their
| energies TO hold the market within bounds.
A break would be quite disastrous to them.
An advance at this time would but attract
more wheat from other centers TO Chicago.
This might prove disastrous. When MAY
wheat got twist of lc over Saturday. to
| TSc. the move was first charged TO the
| clique. Later. according TO these theorists.
| IL was the opinion that shorts were largely
responsible, and that the CLIQUE did as much
II
| This morning they had the same task on
hand in an aggravated form. Partridge
| says of wheat:
The clique poses as q target for the entire
| grain trade of the country. While not
| having the broad sides OF a barn. this tar
| get Is Of sufficient size to be muchly rid
| died before June I. Probably the capital
| of the clique is opposed by equally large
amounts and the tactics arrayed against 10
| are as shrewd as its own. The contract
| stocks of wheat have lately Increased
| about four hundred thousand bushels
| weekly. There yet remain nine weeks to
| fill sales of May wheat We think the
| least the clique can expect TO receive in
| that time will be five hundred thousand
bushels week. which would raise
the total contract stocks By June to over
| IL, 500, 900 bushels. Car lots of No. wheat
are selling SO under the May price. and only
| thirty-slx days to May l. By looking at
| the daily out-inspection of wheat, mono
| of the carl0ts of No. 2 red. or No. 2 wheat
| are found, but the shipments all consist of
| grades selling S015c less. A fair price for
| no. red In this market to-day would be
| Co. and No. spring 65c. Either New York
1 must advance from T5c to S5c and Toledo
| and Detroit from $40 to 7Sc, or Chicago
! must sooner or later fall into line, and we
| shall not incline TO the bull side until
| values all around are adjusted in their
usual positions"
| operators to-day TO such an extent tb at
| other pits were neglected. The feature IN
| corn aud oats the seeming desire OF
| country longs TO get out of their holdings.
| Tonight, compared with Saturday night,
| pork is up &c and lard 7l9c. Ribs are aboui
| unchanged. The leading futures ranged az
| follows