The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-26
SMART BULGE IN WHEAT
FEAR or JULY MANIPULATION RE-
SUITED IN A 1-2C ADVANCE.
Bearish News Items Unable to Pacify
the Short Interest-Other Mar
kets Neglected.

CHICAGO, June 25.-Wheat was again
strongly affected by the 'bogie" man of the
shorts-a fear of July manipulation The
result was a good many violent fluctuations
and closing advance of about 115c in July
options Other grain and provision markets
were neglected. Corn closed unchanged,
oats 1sc lower and provisions 21aQ5c higher.
In wheat the main question was again
the July deal and the trading in that future
soon disclosed the fact that it was alive
and stuffed with dynamite. September got
some advantage from the rapidity of the
opening bulge in July, but the former pro-
ceeded at a quite leisureIy pace while the
latter was scattering the shorts by the
force of its first explosion. Apart from the
attitude of the July future the influence
of the early items Of news was generally
bearish. Liverpool showed only 14d adj
vance in response to I'D rise here yester-
day. The most bearish feature of the situa-
ton, however, was the home harvest pros
poets. A winter wheat crop of over 800, 900, =
900 bu is generally admitted, and the news
from the Northwest that the spring
wheat in the Dakotas, Minnesota and Mani
toba was making excellent progress. On
the other hand New York reported foreign
ers buying futures and reports Of damage
Ny olOIIuS were lllCh lIOm the SOuIn ana
Southwest. Chicago receipts Of wheat were
16 cars. Minneapolis and Duluth got 267
cars against 416 the corresponding day of
the year before. July opened at from $3.50
to roc as compared with 709sQ701ac at the
close yesterday. 1t lowered tor a few min
utes between 7014c and 703sc and then shot
up to 7112c like the cork out OF champagne
bottle. There was plenty for sale at the
latter price both then anC on other occa-
sions during the forenoon, when, after
downward reactions, it came back with a
rush to that point again. of the
latter sudden recoVeries its impetus could
not be stopped until it got to Use. During
the considerable intervals when the hands
of the manipulators were idle the price was
inclined to sag and trading was very light,
but highly sensitive to an order for more
than 5000 blu or 10000 bu. The best prices
of the day were made about fifteen minutes
from the close. Several prominent houses
were heavy buyers and in the general maui
ing July shot up to nc. The closing price
was 11Bc.
Corn was firm, but much less active than
on the day before. The market for the
most part followed the course of wheat,
opening easy and advancing as wheat
jumped skyward. Shorts who were on the
run yesterday We're conspicuous by their
absence to-day. The dullneSs of trade
caused prices to sag late in the day, the
result being substantially unchanged prices
at the close. Local receipts were 526 cars.
July opened 1sc lower at 247sn25c, sold to
251sQ254c ard declined to 25425bc. That
was the closing price.
Oats started firm, but yielded with corn.
Trade was not large, in fact, at times the
market was almost at a standstill. No fea-
lures of interest were reported. Shipping
demand was poor. Local receipts were
posted at 321 cars. July opened unchanged
at 1850 sold al 1S1s01S4c and declined to
1Sc, where ii closed.
Provisions were slow but firm The open
ing was easier on the decline in prices at
the yards. This decline was soon recovered
on some short covering and outside support.
Trading at no time was lively and was
mostly limited to the early hours. At the
close July pork was 23ac higher at 1922;
HIGHER
21a05c higher at $.45Q44715.
Estimated receipts for Saturday-Wheat,
6 cars; corn, APO cars; oats, 270 cars; hogs,
1900 head.