The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-29
OPEN WORK BY THE CLIQUE
Further Buying of May and Panic of
the Shorts EIevates Wheat 81 Is.
Entire Trainload from the Northwest That Was
Expected to Grade as No. 2 Fell Short, and
the Inspector Is Being Censured.
TRADING AT CHICAGO.

Corn Forced TO Better Figures, but Provi-
sions Are Unchanged.
CHICAGO. March 2S.-May wheat was on
the bulge to-day worse than ever. Itwas q
feverish market with frequent fluctuations.
the extremes covering a range of over 2l3c.
The closing price Is 1lso higher than on the
day before. July sympathized to the ok
tent of 1kc advance Corn was helped By
the strength in wheat and closed with q
gain for the day of Sc. Provisions were
dull and did not change much. Perhaps
the most alarming incident for the shorts
was the report that tralnIoad of wheat
sent here from Minneapolis and guaranteed
to inspect No. 2. with the exception of five
cars. missed the grade. This discouraged
shorts who had relied on getting enough to
fill in their short sales here. Cables
were also reported higher. and the
Clique seemed less inclined to support the
shorts. even on the sharp bulges 1t was
the general impression that the clique was
more inclined to he aggressive now than at
any time since the deal was talked OF. The
market at the opening was weakened by
mild weather and the increase of nearly
10000 bushels in the amount on PASSAGE.
but almost Immediately began to advance.
Outside shorts were doing large amount
of buying, the Northwest and st. Louis
being in the lead. The buying by shorts
was most pronounced late III the day. In
addition to this Eggleston. one of the GEN.
trail figures in the Clique, came in at the
close as bidder. and the price left off with
q sharp snap at the very top of the day.
Northwestern houses sent vigorous kicks
here against unjust exactions in the
Chicago grading. This is very I'M
portant ut present as the outside
markets have relied on their w heat grading
here TO fill short sales. OF course it is
natural TO fly at the new grain inspector
and make charges but the trade does not
believe that there is any connection be-
tween the grading bureau and the bull
clique interested In preventing flood of
contract graGo wheat to this market
Chicago receivers were found on the floor
who acknowledged that the screws are
being turned q little tighter on the North
western wheat and that If the same wheat
had come In small lots from country point
IL would grade No. without a question.
The opening for May delivery was Los $50
lower than the closing figure of yesterday.
but prices were advanced lrreguiarly 211c.
ruled steadler, and the closing was about
1850 higher than yesterday. July varied
bur slightly. the days fluctuations being
confined to $50.
There was little doing in corn. Prices
were confined within q narrow range and
days quotations showed good profit for
the shorts and in many instances this WAS
taken and fractional recovery resulted.
There was a good trade and a tirmer feel
ing In oats. owing TO sympathy with corn,
and to buying by shorts. There was also a
liberal trade in the way of changing from
near to distant months June being bought
| and May sold. The market closed steady
at the outside with net gain of IA Sc.
In the provision pit trade was limited,
xla m q kaf hair a
part of the time. A slight temporary rally
came now and then in sympathy mainly
with May wheat. the market closing little
better than yesterday, except for pork,
which is q shade lower.
Estimated receipts for tomorrow are:
Wheat. 225 cars; corn, SO cars; oats 100
cars; hogs, 1900. The leading futures
ranged as follows: