The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-02
He Pays Cash for 2.G0O,OO0 Bushels of
May and Forces the Price TO n New
Record of Fifty Cents.
OATS MARKET IN HIS HANDS
He TAKES 100000 BUSHELS AND
SETS a HIGH COST MARK.
wheat Is Strong I'm sympathy and All
Classes of Hog Products Take
"a Higher Turn.

CHICAGO, May 1-To-day's session In
the grain pits was a strenuous one. Sharp
advances were scored for delivery the pres
ent month. while July options showed mod
crate sympathetic strength. May corn and
cats were said to be cornered and showed
at'the close gains OF Tic and lie, respective
". May wheat rose sc, and July hQ4c.
July corr closed 3sdIkc and July oats 40
&c improved. The provision market was
from 7z@10c to 55c improved in prices.
The movement of prices and the char
acter of trade practically confirmed the
previously existing belief that May corn
Lad been cornered. George G. Phillips, who
has engineered the deal, paid cash for
$4,000 bU, which were delivered to him on
May contracts. Prices at the opening
ranged from f9c to 1850, and in a few
minutes touched 4S15c. Phillips bid actively
TO check the decline reaction which seemed
imminent. Scattered shorts, alarmed by
this and further worried by strong cables.
sought to cover and bid the market up TO
soc, high price for this delivery of the 1900
crop. by. IL o'clock. The bull leader sold
moderately at this price. and a sharp break
TO 49c followed, although actual transac-
lions were few. The remainder of the ses-
sion May held steady a fraction over 4yc,
and closed 1G1Ac higher at 491sc. The May
DEAF is said by no means TO be over,
although to-day's deliveries nearly wiped
out the quantity in store. 1t is believed by
many that the manipulation will be con-
tinued to control corn prices up to and
during July. The bull party has been a
heavy buyer of July options, and did much
in advancing that delivery to-day. In this
connection it was noted that No. 2 corn
for bona fde delivery under guarantee of
not being rendered again on speculative
contracts. was purchasable at July price
in store. and No. 3 corn at lac under July
prices in store. There appeared to be no
shipping demand at these figures, however,
and the seaboard reported only III loads
taken for foreign shipment. Estimates On
the line OF long corn held by Phillips and
his following varied from seventeen TO
sixteen million bushels. Whether there are
important short lines still out is d profit
less conjecture. So much depends on this
that those who know are naturally silent
about 1t July corn sold between S14G45ssc
and 46c, and closed |GLac higher at $40
1850. Receipts were 25S cars, 50 of contract
grade.
An undertone of considerable strength
was observable in the wheat market, al
though the best prices were not held to the
end OF the session. The fact that only
1,O1.UO0 or there's bouts were delivered on
May contracts out of 1900, 900 bu in store
liz the intrinsic value OF this cereal. Added
&c this consideration were a sharp advance
at Liverpool in the face OF a decline here
yesterday, light Western receipts. heavy
fclearances and the strength of the coarse
grains. May was sold literally by longs.
but their holdings went TO strong hands.
The dvances tempted realizing, which
accounted for the reactions. July opened at
1oss0 1312c 10 73Ac, touched 73Bc, rallied to
74lsc, and then declined to 7314c. closing
h4Ac higher at 73AQ a5&sc. May opened at
I2+c TO 7Zl4c, sold between the latter price
and 75sd7SAc, and closed sc higher at 725sc
Primary receipts were 39S. 900 blu. compared
with $4,000 for two days last year. Mime
apolis and Duluth reported la cars, against
z35 last week and 35 a year ago. Local
receipts were rs cars. one of contract grade.
Exporters reported only 6 loads TAKEN, but
seaboard c~learances, in wheat and flour.
were equal TO sol, 200 blu.
In oats, manipulation-or the fear of it
was just as potent as in corn. Deliveries
or May contracts were fully 10000 bu
out of a total contract stock of 1851, 900.
and of the quantity delivered Phillips. who
has been an aggressive bull in the market,
took 100000 bu. The corn strength and
the continued demand from elevator in
terests were additional factors. Trade was
active throughout the day. May opened at
267sc TO &c. and under the frightened bid
ding of shorts advanced to 2Sssc, high
price for the crop. Proht-taking caused "A
fractional reaction. but the close was
strong. 1c over yesterday. at 27Bc. July
sold between 26c and 26lzc, and closed isn4c
higher, at 26isc. Receipts were loo cars.
Provisions were quiet but strong I'm SYM
pathy with the corn strength and firmness
CT the cash market. Offerings were light
and local people bid the market up. July
pork sold between $l465 and S15.021a, and
closed S5c higher at SIS; July lard between
$1.921@ and $S.071z, closing 10c up at sS.071k.
and July ribs between $7.S7l2 and $S.O2ta.
with the close 4l2Tl0c improved at sass .021e
Estimated receipts tomorrow: Wheat. 80
cars; corn. go cars; oats, $50 cars; hogs,
20.0O0 head.