The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-27
SQUEEZE IN JULY WHEAT.
DAILY sCAREs AMONG THE SHORTS
LAST WEEK.

Chicago In the Centre or the Deal ana =. ID.
Armour and his Associates Arc said -
Control the Chicago Contract wheat stochs
a Heavy short interest In July Whents
Talk OF q big deal in July wheat has been the
feature Of the market at the Produce Exchange
for some days, and continued nervousness In re-
gard to the situation was ovinced yesterday.
Tho action OF prices for the various futures was
governed by the fluctuations Of July, which
were very erratic at times. The tone. however.
WINS decidedly strong. The initial transaction
In July yesterday was at 1880. a bushel, against
1880. Fridays closing quotation. There was
a further advance of isc., followed by n decline
to Tee. The close at noon, however, was attho
top price Of the day, 76lac. The September
wheat future also closed at the top. 7loec.,
against 7oioc., the closing quotation on Friday.
News from Chicago was eagerly watched Tor.
1t is in that city that the deal is understood to
centre. The July position has reached a point
where those traders who sold short are neces-
sarily very much concerned over the rumors OF
q concentrated long interest in Chicago. The
stock Of contract wheat in tho Windy City IL
only about 1000. 900 bushels. and 1t ia believed
but slight prospect exists OF this amount being
materially increased by new crop receipts be-
fore the close Of July. Dispatches from
Chicago yesterday morning, referring to the
market there on Friday, said that there
had been clearer signs or q July wheao
deal than at any time before, and that there had
been evident method for three days in the
handling of the market. The mani ulators have
been able to do as they p.essed with July prizes.
Just what their intention Is remains conce lied.
but the conservative opinion Ia that there is no
intention OF running an actual corner, the idea
being merely to squeeze the short interest. The
July wheat future In the Chicago, market on
Wednesday closed at SOC, on Thursday at
703sc., on Friday at 7l7sc, and yesterday 40
72asc., after having been as high yesterday az
73lac.
The outstanding short interest in Chicago In
July contracts WAS stimated carly In the week
at something like $4,000, 900 bushels. but It
may have been considerably reduced In the
last few days. The fet r of a decided squeeze has
vising their customers to get out Of their July
contracts. Every time a new sign of munipula.
tion has appeared or a fresh rumor in regard
to the deal becomes current, there has been q
rush OF frightened shorts to get wheat to cover
their contracts, and this has caused sharp rises
in the price. Naturally. with the short interest
so uneasy, the market has been exceedingly
erratic.
The general belief Is that P. d. Armour of
Chicago is handling the de u, AMI reports have
In this city. are associ ted with him No. one in
Chicago. advices from that city say, thinks 1t In
| strictly an Armour deal. He and his associates
are believed to own or control the Chicago con-
mou will leave tor Europe in u week or so. but
this does not count for much. as he conducted
from Carlsbad the biggest deal ne ever ran in
pork.
the local market has been affected sympathet-
ically, but 1t 10 not believed that there will DO
any New York deal, unless some outside inter
est should attempt to squeeze the shorts tempo
rarity. With the July interest out of the way,
the market is expected to return to a normal