St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-26
SHORTS IN OATSCORNEREO
A Rich WHEAT SPECTATOR TU6Gs
THE SCREWS UPWARDS.
HEAVY LOSSES Foa BEARS.
Nat Jones and Old Hess Will Rake
I'm a Pot OF Money-Chfcago
Gas the Feature or the New
York Stock Exchange-insid-
ers sell Large Blocks and Buy
Back at Big Profit.

CHICAGO. April 25.-The shorts in the
oats market today on the board Of trade
realized that they were cornered for
MAY delivery. The price advanced 114c
a busbel over the close OF yesterdays
session. As oats rarely advance or de-
cline more than re to re bushel in
day when in normal conditional will
be seen that ~ cents advance is some-:
thing phenomenal. Il was all due to
the fact that an Old and exper
fenced Spectator by the name
OF Hess recently made great
deal of money selling wheat short, and
has invested the whole of it on the
long side of the oats market. He is
credited with having made anywhere
from $3.50. coo to 500. Coo OH the decline
in wheat. and has added that to a former
good-sized pile and invested it all On
the long side of oats. There are only
about 10000 bu of contract oats in
store, and there is supposed 10 be some
thing like 3,OGO, 600 or 100000 hu sold
short for May delivery. Mr.. Hess is
the owner Of $4,000 blu in store
and also owner of the contracts the
short sellers have made. He can, of
course, put his own price on the three
or four millions that cannot be bought
except from him. Nat Jones is sup
posed TO be on the same side of the
market as Mr.. Hess. and while not
credited with being the possessor Of
much wealth lie has got into deal
where little money goes long way
There was good deal of excitement
and large crowd dealing in oats. and
the chief manipulation stood in the mid
die of Tie crowd NEARLY all the time,
bidding 34c per bushel for May. while
July oats were only worth 31c. In the
end he bid May oats UP to 34Ic, while
july was only worth 2916c at the close.
An interesting hight is now on, and the
spectators say today's advance is only
the beginning of it.
Wheat closed nc higher for May and
&c lower for July. Soon after the
opening May wheat advanced easily &c
10 5St5c and July nc TO 6J5Ec. Tele-
grams were then shown about which
said it was raining in San Francisco.
A reaction followed to the lowest prices
at the opening around 5Sc. Soon the
Official weather report showed mere
trace Of rain in California, and at the
same time buying orders came in from
there. the result of which was another
advance, which did not stop until l55c
had been added. A noticeable feature
of the latter advance was the narrowing
OF the spread between May and July,
which from 215c and 211lc at the start
contracted to ne spread. The market
remained rather firm TO the end after
reacting about 1zc from the extreme
high point.
The corn market was firm, but not
very active. and its strength appeared
TO come largely from sympathy with the
advance in oats. The market held a
moment or two at the opening price.
when there was general advance 10
39c, closing at an improvement Of &c
over yesterday.
The provision market was weak for
short time near the beginning of the
session, but strengthened with the i'm
prOverDent in wheat. corn and oats.
Fo:k closed l0c higher than yeSter-
day, LAID lUc and ribs 10c. III
In freights better inquiry existed
for vessel room, bat the low rates
checks offerings. Rates on wheat to
Buffalo were / nc and corn lie.
Estimated receipts for Thursday:
Wheat, 80 cars: corn, 2l0 cars; oats, 237-
cars; hogs. $1,000.
The leading future ranged as follows: