The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-04
WHEAT WAS STRONGER
SENSATIONAL ADVANCE AT LIVER
POOL CAUSED A FRIGHT.
Corn and Oats Received the Benefit
of Small sympathetic Rise and
Pork Scored IA SC Gain.

CHICAGO June 3.-Wheat closed to-day
at 681sc for the July option, substantially
the price it opened at, an advance of AQ2sc.
It's lowest price was 6Sc and it sold as
high as 6S34c. The immediate cause Of the
strength was a sensational advance at Liv-
erpool, but there was too much realizing
for all the advance to be maintained. Corn
was strong and advanced. Oats closed A4
sc higher, and provisions were from 212c
lower to sc higher.
In wheat the bulls had several good rea-
sons for maintaining their leading position
in the market. Yesterdays largo cash bust
ness-over 100000 bu-was in itself a sufti-
cient reason for the strength with which
the market opened. But there was an open
ing advance at Liverpool of AQ12d, which
market, in fact, supplied the bulls with
all the ammunition they needed. The initial
rise there kept piling up until at the close
2Ad advance had been established for July
delivery The opening for July wheat here
was from Csc to 6S14c, against yesterdays
close of 67344677sc, and so little was for
sale that in about twenty minutes after
the opening 6S1ac was being freely bid and
some changed hands at 6S9sc. The bears,
at this advance, sold enough to knock 1t
down to 6S1sc again, where the pulls once
more got their horns under it and tossed 1t
up to 6S34c. Chicago receipts were elght
cars, and the quantity inspected out OF
store was 4,562 blu. Minneapolis and Du-
luth receipts were 1858 cars, against 401 the
corresponding day of the week before and
AT year ago. The clearances from the
Atlantic Seaboard were equal in wheat and
flour to $50 900 blu. Continental cables
showed none of the snap which prevailed In
Liverpool and this gave rise to the sus-
picion that the latter market was being
manipulated from here. The cash demand
was reported good, but business small, be-
cause of difficulty in getting spot wheat.
New York wired that Liverpool houses
were sellers there. The unsympathetic char
acter of the continental markets embold-
ened the short sellers near the end of the
session and caused July to sell down again
to 6S1sc which was its closing price.
A heavy business was done in corn, large
ly in the way of buying by shorts, but also
to some extent for the 4ong account. There
was crop scare on the market the recent
cold weather having caused all sorts of un-
favorable reports to pour in and a decided
decrease in country offerings. Receipts were
94t cars. July opened a shade higher, at
24c, advanced to 24a4c and reacted TO 2412c,
where it closed
The market for oats was firm and quite
a good business was transacted. Shorts
covered freely and assisted materially in
the advance. Sympathy with wheat and
corn were also conspicuous factors, but
the main influence was the urgent cash
demand with light Offering. July opened a
shade higher, at 18c, advanced to 1870 and
closed at, 1880.
Provisions opened easy and ruled weak
and lower during a great part OF the SEES
sion. Packers were generally sellers, lard
and ribs being especially pressed. In the
last few minutes shorts covering and sym
pathy with corn caused nearly all of the
decline to be recovered. AT the close July
pork sc higher at $7.S5; July lard un-
changed, at $3.5714; July ribs, 212c lower,
at $4.2712.
Estimated receipts ridsy-Wreat, 8 cars;
corn, 7O5 cars; oats, 440 cars; nogs, $4,000
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