The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-24
FEAR OF a JULY CORNER
WHEAT OPERATORS FRIGHTENED
AT PROSPECT OF a SQUEEZE.
Leading Cereal Closed 3-4c Higher.
with other Grain LOver--PrO-
visions Scored Advances.

CHICAGO, June 23--Wheat was nervous
to-day and closed unsettled at &c advance
The fear of July manipulation was again
very marked and was really the only fea-
ture to the market. Corn and oats were
weak, each closing at~a slight decline
Provisions, on the contrary, were very
strong and scored advances ranging from
71ac to zoe.
Wheat had strong opening. The posi-
bility of a squeeze in July had been
further stirred up since the close
yesterday by a report that in addi-
ton to the transfer of one million
bushels long July wheat which had been
explained as simply evening up transact
tons one or two houses had similarly
turned over to Armour & Co. contracts
for long July wheat of a like amount. The
trade was allowed TO draw it's own con-
illusions from such unusual proceedings
and their object was generally accepted
as boding no good to the shorts in the
July wheat; the course of the prices in the
first hour showed that very clearly July
opened at 6S7s, compared with yesterday S
closing price of 6S12c, and almost immedi-
ately sold at 691sc. Then a reaction to
6S5sc occurred There were still some
traders who were not affected by the fears
of corner" and who had the courage to
sell short on the bulge. The market, how
ever, was naturally too strong to be af-
fected very long, and as soon as the SELL
ing ceased prices rebounded to 6912c. The
weather was threatening further delay to
the winter wheat harvest from rain. That
was another item in the early bull inf1u-
enceS. The Northwestern receipts were
only l79 cars, against 81 year ago. Late
cables from Liverpool reported a recovery
of the opening Ad decline, which was
probably caused by the advance at Chicago.
IN hn nf nng hQ h0 fYHT VI ~
MIA was bearish. Cutting had commenced
there, and the yield and quality We're both
San Francisco claiming the condition to be
80 instead of 49, as given in the last gov
eminent report. Washington and Oregon
were also claimed to be giving fine promise,
owing to recent favorable weather so fine,
in fact as to indicate heavier yield than
they had ever had before. Closing cable
grams reported Paris flour and wheat each
a shade lower and Antwerp unchanged.
Export clearances of wheat and flour We're
equal to 900 bushels. The apprehension
of bull deal in July lessened toward the
end of the session, and with less fear
of that the reason for it's strength began
to disappear. The market generally worked
down to 68%c, and took a sudden squirt
before the close to 691ac. The closing price
was 6914c bid.
Corn was rather heavy to begin with,
because of the favorable weather for the
crop. Shorts, however, were not very ag-
gressve and the market was sluggish until
rumors of reductions in freight rates were
weak September liquidation was promi-
nent. Receipts amounted to 474 cars. July
opened a shade lower at 24&4c, sold a shade
higher and declined to 243sc, where it
closed.
Oats were easy with corn, with the same
sort of selling characterizing the market,
the principal buyers No Independent fea-
lures of interest developed. Local re-
ceipts were posted at 248 cars: July opened
lac higher at 177sc, advanced to 1859 and
declined to 177s01Sc. That was the closing
price.
In provisions lard led the market. The
opening was firm on the strong feeling at
the yards Small offerings served to main
tain prices until a late hour, when heavy
orders for lard, supposed to be from Cud-
Al the close July pork was 10c higher at
$780, July lard 1712Q20c higher at 1895, and
July ribs 712c higher at $4.4212.
Estimated receipts for Thursday-Wheat,
9 cars; corn, $50; oats, 24O; hogs, $4,000
head