The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-25
FEARED A JULY CORNER
RESULT OF TRADING IN WHEAT
WAS AN ADVANCE OF L 1-4C.
Strength Extended to Other Markets,
Corn and Oats Gaining Fractions
Provisions Were Easy.

CHICAGO, June 24.-Fear of a July cor
ner hung like a stormcloud over the wheat
market to-day and drove the shorts to COW
er. The result of the days trading was
an advance of 11sq114c in the July option.
Corn and oats were strong, gaining about
12c and &c, respectively. Provisions were
rather easy, closing 212c higher to &c lower
In wheat the terror of a July corner
which became very acute on the curb yes
terday afternoon had not subsidized when
business opened to-day and kept breaking
out in fresh spots every once in a while
during the forenoon. 1t was the only mat
ter of absorbing interest in the markAt the
usual routine statistical and crop news be-
ing almost entirely ignored. Very little
news of a reliable character could be
learned in regard to the threatened corner
and this perhaps made it all the more for
midable Business for an hour was confined
chiefly to July, but September began to at
tract more attention later in the day and
in fact became more active Of the two OPP
tons. July which closed yesterday at 69Ac,
commenced to-day at 7O1sQ7OAc and edged
its way up to 701ac before people who needed
it had become satisfied. 1t got down to 69S4c
very quickly after the first rush of buying
orders had been filled, but was so nervous
~ jealous of any attempt to buy 100000
to make it rise in little spurts on any at
tempt. Chicago received 13 carloads and 1885,
0O0 bushels were withdrawn from store.
Minneapolis and Duluth reported 231 cars
against 449 bushels the corresponding day
Of the year before. The exports of wheat
and -four from the principal Atlantic ports
were equal to only 10000 bushels. The pro-
duction of flour for the week at the chief
milling centerS of the West was 407 900 bar
rels, against 424, 900 the week before and
354, 600 the similar week of last year. The
market continued to show nervousness to
the end. The efforts of shorts to cover kept
prices webbing between 69$4c and 7012D705sc
and when the closing bell rang July was
selling al 70$sQ7012ce
Corn was strong and during the latter
part of the session displayed considerable
activity. Crop reports were for the most
part unfavorable, it being claimed that an
excess OF rain had seriously interfered with
cultivation Railroads denied the rumors of
Receipts were posted at 536 cars. July
opened unchanged at 245sc and advanced to
25Mc, closing al 25Q251sc.
Oats dragged along in featureleSs man
place. Then shorts woke up and made the
market a lively one for a time. Outside of
this little burst of activity there was not
much of interest to the market. Local re-
ceipts were 292 cars. July opened a shade
lower at 177sc and advanced to 1870, where
it closed.
Provisions started strong and higher on
the hog market and covering by shorts sus-
tanned the advance for some time. Then
realizing set in, all the packers and many
the advance gradually melted away. The
market was easy at the end July pork
closed 212c higher at $7.5212; July lard &C
lower at $3.50; July ribs unchanged at &.4213
Estimated receipts for F'riday--W heat, 3
cars; corn 600; oats, 337; hogs, $4,000 head
leading futures ranged 6 follows: