St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-05
BIG BULL CORNER IN OATS.
SHORTS BADLY SQUEEZED ON LEAP
or THREE cEHTS.
HESS ENGINEERS THE DEAL.

May Oats Are Very Scarce In Chi
caGo, Milwaukee and st. Louis
small Gold shipments Ac-
cepted by Wall Street Gam
blers as q Bull Sixn-Stocks
Go Up.
CHICAGO. May 4.-The price Of oats
made sensational advance today. The
corner in May, which has recently been
dormant. woke up aud surprised the
shorts. The price, which for some days
has been lowering around 33c per bu.
took leap to 35Tc. Yesterdays close
showed the price at SAC. and the al
vance of l3sc per Blu IN one day in an
article which does not usually move
more than l-16c in twenty.fGur hours
was rather remarkable occurrence.
The chief engineer of the deal is Hess,
who is seconded by Noble Jones. These
two parties are supposed to own all the
cash oats in store and the great bulk
of the contract of the shorts for May
delivery. The manipulators were not
pushing matters; the shorts in their
anxiety to get out Of the hole they
find themselves In were themselves re-
sponsiUle for tOday'S advance. The
con gested condition of the May delivery
of oats is not confined to Chicago alone.
May oats is a scarce article ut MtWau.
kee and st. Louis. and something ike
corner III May prevails i'll those markets
also While May oats were selling
here at 3514c per bu. they could be
bought for July delivery at 30Ssc.
The position of the shorts i'll May Is
to be Judged from the fact that there
are only about 69l.O0O Ou Of contract
oats in store, and there are supposed to
be about Z. O00 600 bu short. The manip-
ulators relaxed their screws a little, ut
the close, and let the price drop back 10
S45sc.
Inc weather today was no bar to a
fairly active demand fol wheat. 1t had
bulge of &c in the first forty-five min
uIes of the session, and after a slight
reaction it had an additional jump OF
&c. The trading was quite animated
during the latter part of the advance.
The opening prices for July were $3.50
bid. with only sale or two at that, and
much more generally at 591ac. 1t
worked gradually up until 1t had struck
601sc. There was then a reaction TO
5yjsc, followed by a speedy bulge 10
6O12c, from which latter point there was
another reaction of &c, closing 1c above
Thursdays last quotation. The pros.
pective decrease in the visible was the
sole cause of the bullish feeling.
The corn market was fairly active
during the first half hour, when it re.
lapsed into quiet state. The market
was firm, apparently Influenced by the
strength of wheat. On limited amount
of trading the price worked up &c from
the opening and reacted only &c. clos
ing &c higher than ON Thursday.
The provision market was strong.
without much activity. The scarcity of
the offerings more than the extent of
the buying was the principal feature OF
the days trade. The Cudahy Packing
company was the chief buyer of pork.
Swift d. Co., Embossed some of the stuff
they had bought yes erday. The hog
receipts were only $4,000, compared with
10000 estimated. Receipts in the West
were also light. The quality of the hogs
received here was SAID 10 be poor, whit n
was another cause OF uneasinesS 10 the
shorts. July pork gained 25c. closing
within SC of the high point OF the day.
July lard was 71sc higher at the close
than OH Thursday, and ribs 10c higher.
Freights were steady. with fair de-
mand at nc for wheat and nc for
corn and l4@15sc for oats to Buffalo.
Estimated receipts for Saturday:
Wheat. 50 cars; corn, 205 cars; oats, 100
cars; hogs. 12,UUU..