The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-01
PATTEN'S DEAL in OATS
BROUGHT TO A SUCCESSFUL CLOSE
FOR HEAVY PROFITS.
Record Price for May-Other Options
and Other Grains Lower-Provi-
siOns Make Small Advances.

CHICAGO, May 31.-Aside from the ter
mination of the successful corner in May
oats and the accompanying furry and
higher prices in that pit speculation in
grains to-day was again under bear domi-
nance. For the third successive day corn
showed marked weakness and influenced
the other markets. July wheat closed &c
lower. corn %Q7sc down and oats 14c down.
May oats closed 57sc higher than on Thurs
day and at. the top price on record. Pro-
visions closed firm and sc to 71zQ1Oc up.
Wheat for some time fairly held its own.
The opening influences were of a strength
ening nature and prices made some fair
advances. Gables were firm and Argen-
tine shipments showed markedly bullish
decrease at $4,000 bushels compared with
100000 a year ago. The prospects are that
Mondays worlds shipments win be small.
These incentives started July wheat shade
to 14@$sc up. az 72Ac to 7212c, and it sold
at 721kQ725sc. The buying that resulted in
this firmness soon gave way, however, to a
dull scalping market, and a gradual decline
ensued. Crop prospects and weather were
favorable, counteracting the bullish news
and inducing the local crowd to sell short.
Advices from the Southwest however, told
Of too much rain. AS corn broke there was
further selling, and July, breaking to 71Ac,
closed easy and sc down. at 72Q721sc. Lo-
cal receipts were twenty-one cars one of
contract grade; Minneapolis and Duluth re-
ported 81 cars for the two days, total Of
992 against 192 one day last week and AS
for two days year ago. Primary receipts
were $4,000 bushels compared with 476, 900
last year. Seaboard clearances in wheat
and flour equaIed $751; 900 bushels.
Corn continued in its down turn to-day
and completed a slump Of csc since the
first of the week. The opening trades were
at fair advance on firm cables and small
country acceptances Receipts were heavy
at 412 cars for two days, and the estimate
for Monday was especially bearish at 500
| cars. There was some short selling on
crop prospects and the generally bearish
sentiment, but the decline came mainly
| from the absence OF support. Most of the
| session business was active, but Of a local
| nature. July opened a shade higher to a
| shade lower at 62Ac to 621sc and sold up on
| little support by the leading bull house
TO 6212c. Persistent bear argument brought
slump to 6114G6lssc. and July closed weak
| and %4lJ7sc down, at 61$c.
| The termination of James A. Patterns sue
| cessful corner in May oats brought a pic
| turesque close to the business Of the week
| and the month. For several months the
| May deal has dominated the oats pit to
/ the exclusion or any very active business
| in other futures. Exceptionally clever
manipulation by Mr.. Patten secured for
| him a line Of long stuff at about sc
| amounting to between 100000 and u 200, 900
| bu. Prices were pushed up methodically
from week to week on the corn scarcity,
| and held at uniformly high price until
| May l, when Mr.. Patten began buying the
| cash stuff and selling IL out to a good adj
| vantage, but at tempting figures. Local
stocks were practically depleted, deliveries
| were taken I'm by the shorts who wanted
| TO deliver, but the price hardly wavered
| from its strong position. Many shorts set
| tied personally with the big bull without
| going into the pit. To-day Patten himself
| bid prices up; nobody dared to sell what
| they would have to buy from him, and the
| result was an advance to-day of 55sc over
| yesterday and a tightly cornered close al
| the top price on record for May-491kc
| Profits to the leader are estimated at lit
| tie short of $1,000 Trade in other oats
| options was dull and uneventful. Crop
| ing oats sold off, July closing weak and nc
down at $3.50. Receipts were liberal at 29l
| cars.
Provisions again felt the serious aspect
| of the strike of the packing house team
| sters at the YARDS. Curtailments OF ship
| ments of live stock has kept hog prices uI
| fairly well, but the crowd was afraid &c
| do much business. The firm hog situation
| was augmented By little packers support
| and prices closed firm, July pork &c up al
| S1710, lard sc higher at 5000 and ribs ia
l0c higher at $9.721zd975
| Estimated receipts for Monday: Wheat
| 90 cars; corn, 500 cars; oats, $50 cars; hogs
80 900 head; hogs for the week, 10000 head