The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-03
CORN Up FOUR CENTS
CLOSES ABOVE FIFTY-THREE. AFT
Err TOUCHING FIFTY-FIvE.
Phillips Holds His Grip on the May
Product and Predicts n straight
Price of Sixty-Five Cents.
BUT LITTLE CORN FOR SALE
FRANTIC SHORTS UNABLE TO COVER
THEIR CONTRACTS.
BUT LITTLE CORN FOR SALE
Oats Also Cornered by the Young Bull
Leuder-Wheat and Pork Higher,
Lard and Ribs Lower.

CHICAGO, May MAY corn scared TO
SOC to-day and closed 4c over yesterday, at
5Slsc. July closed lac higher. Wheat was
moderately active and firm on cables. the
weather and in sympathy with the coarse
grain. July closing 12@5sc higher. July oats
closed with an advance of lac and May
with a gain of 1l2c. July pork closed S2lHc
UP. lard and ribs practically unchanged.
In com the tight grip of the leading bull
OF the May delivery was more than ever ap-
parent. Prices fiuctuated violently within
a range of &c. but actual transactions in
the pit were very small. Phillips, who
has the market c%ornered, refused 10 sell.
Aside from the manipulation small receipts
of contract grade corn and a report that
Argentina's exportable surplus had been
reduced 80 per cent. were strengthening
factors. The manipulation was, of course.
most apparent in May, although the July
delivery profited somewhat by it and en-
jOyed a more general trade. May opened
&c TO 112c higher, at 50d5lc. and was bill
UP I'm &c and &c jumps 10 SOC. This brought
only very small offerings from scattered
scalping longs. 1t was reported that some
large short lines had been settled 1T the
market price with Phillips in a private
conference. but no authority for the asser-
ton could be found. From soc May dropped
back to SIC, not from any increase in offer
ings, but because the bidding stopped.
Later sic was bid, and at the close shorts
were Offering 531ac, &c more than yester-
days close. July sold between Acc and 471sc,
and closed lac higher, at 47@47lsc. Re-
ceipts were 21S cars. 10 of contract grade.
The weather was said TO be highly favor
able for the crop.
To-day's high point. soc. was the high
est since August. 1894. when the market
touched SIC. Shorts had been rendered the
privilege of covering their contracts when
the market was at 4Sc. Many did so. Those
who did not improve their opportunity
sought to buy to-day. but bid higher and
higher. only to find scarcely any for sale.
Phillips predicted that the price would be
CSC before the end of the month. This
prediction said he. 'is not based on the
fact that the short interest is in a tight
tox. but on the fact that the legitimate
demand has reached the limit of produc-
ton. For years the bears have kept prices
unnaturally low; now the bulls are having
their innings and the farmer is getting
what his corn Is worth
While trade in wheat was on a liberal
scale, business appeared to be mostly for
the professional element. who were look
ing for scalps in the way of quick profits.
The markets undertone was firm, how
ever, under the influence of steady cables,
hot dry weather. under which insects thrive,
and in sympathy with the neighborinS
strength in corn and oats. From Mime
apolis came the doleful word that Kansas
complaints of the work of insects in the
fields were more gloomy than ever. From
this source was also recorded a fear that
weather is forthcoming. There was, how
ever, no lacking of reports OF the usual
optimistic character in regard to crop PROF.
poets. July opened Ac higher, at 1870
7SSSc. and advanced early to age. This
was followed by a reaction on profit-takins
to 735sd73s4c. but bulls bought at the de-
cline and the market again reacted 10 74a
&c, and closed firm, 1z4ssc higher, at
7J7sc. Seaboard c~learances in wheat and
flour were equal TO $4,000 bu. Primary re-
ceipts aggregated only $4,000 blu, against
reported 247 cars, against 25 last week and
43J a year ago. Local receipts were "a
cars. one of contract grade.
The oats market was active and strong.
May advanced sharply because it was
thought the bull crowd in corn had also
cornered the supply of oats. July was more
amenable to legitimate market influences
and advanced on the weather as well as
il. sympathy with May, in the face of lib
eral cOmmission-house selling at times.
The demand for May came mostly from pit
shorts. who got but little. May sold be-
tween 2Ssc and 29i2c. and closed ll2c higher,
at 292sc; July ranged between 26sc and &c,
and closed with a gain of &c. at &c. Re
ceipts were 16 cars.
The only redeeming feature of the provi-
SION market was the advance in July pork
on buying thought to be for packers. Lard
and ribs were neglected and infatuated
within a narrow range. July pork sold from
Sl5 to $15.3212 and closed at the top. 3213c
over yesterday July lard closed 212c lower,
at $S.6. and July ribs a shade down, at s..
Estimated receipts tomorrow: Wheat, 50
cars: corn. 81 cars; oats, 25 cars; hogs,
$1,000 head.