The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-05

Two Traders Now Own All the
Oats inf Store at Chicago.
The Market Largely Oversold and a Big
Squeeze Coming-Wheat Scores an
Advance as Well as Pork.

CHICAGO, May 4-The price of oats
made a sensational advance to-day. The
corner in May which has recently been
dormant woke up and surprised the shorts.
The price. which for some days has been
lowering around 33c, took a leap TO 35%c.
Yesterdays close showed the price at 34c.
and the advance of 1Rc in one day In an
article which does not usually move more
than 1-16c In twenty-four hours was rather
a remarkable occurrence. The chief en-
gineer of the deal is E. Hess, who is sec
onded by Noble Jones. These two parties
are supposed TO own all the cash oats in
store and the great bulk of the contracts
Of the shorts for May delivery. The ma
nipulators were not pushing matters, the
shorts In their anxiety to get out Of the
hole they find themselves. were themselves
responsible for to-day's advance. The con-
gested condition Of the May delivery of oats
is not confined to Chicago alone. May oats
is a scarce article at Milwaukee and st.
Louis. and something like a corner in May
prevails in those markets also. While May
oats were selling here at 35ssc, they could
be bought for July delivery at 30sc. The
position Of shorts in May is to be judged
from the fact that there are only about
$751; 900 bu of contract oats in store, and
: there are supposed to be about 100000 blu
sold short; TIL manipulators relaxed the
screws a little at the close and let the price
drop back TO 34Ac.
The fine weather was no bar to-day to a
fairly active demand for wheat. 1t had a
bulge of &c in the first forty-five minutes
OF the session. and after a slight reaction
II had an additional jump OF &c. The trad
ing was quite minated during the latter
part of the advance. The opening price for
July was $3.50 bid, with only a sale or two
at that, and much more generally at seize.
1t worked gradually up until 1t struck 60hc.
There was a reaction then to $3.50, followed
by a speedy bulge to 601zc. from which lat
ter point there was another reaction or &c,
closing 1c above Thursdays last quota
ton. The prospective decrease in the WIS.,
ible supply was the sole cause Of the bullish
feeling.
The corn market was fairly active during
the first half hour, when IL relapsed into a
entity influenced only by the strength in
wheat. On a limited amount of trading
the price worked up i2c from the opening
and reacted only 1sc, closing sc higher than
The provision market was strong without
much activity. The scarcity of the offer
ings more than the. extent OF the buying
| trade. The Cudahy Packing Company was
the chief buyer of pork. Swift & Co. un-
loosed some of the stuff they had bought
600. compared with 10000 estimated. Re-
ceipts in the West were also light. The
quality of the hogs received here was said
10 be poor, which was another cause Of un-
Csc. closing within &c of the high point of
the day. July lard was .07hc higher at the
close than on Thursday and ribs Ice higher.
w Estima 60 ca reseip corn. f9 a5 earsFd oats. ar To
cars; hogs, 1900 head. Freights were
steady with d fair demand at 11gc for
wheat and 1Ac for corn, and 1AQ12sc for
oats to Buffalo. Leading futures ranged as
| follows: