The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-22
RALLY IN WHEAT PIT
REPORTED THAT ARMOUR WILL
HANDLE ALL THE CASH HOLDINGS.
French Cables Higher and Good Ex-
port Demand-PrOyisiOnsD Declined,
Pork Losing 10 Cents.

CHICAGO, ILL.,. June DENOMINATION of
the reported settlement of the cash wheat
pool caused sharp rally near the finish in
the wheat pit to-day. July closed with an
advance of 2AG212c, and September. 1A0
nc. In provisions pork lost 15c. lard &c and
ribs TIC.
There were several causes which COM
bned to give wheat strength at the start.
The cables were decidedly stronger. Liver
pool prices ranged from 115d to 212d per
bushe higher and the continental markets
also doing better. Another reason for
strength was found in the bad news from
France, where the crop was said to have
been seriously hurt by rust. According to
authentic reports the yield there will be
10 to 20 per cent less than anticipated. Adj
vices were also received from many sections
in Missouri, Kansas and Texas, where the
grain is ripe, reporting serious loss from
rain, and these too. had a good influence
early in the day. Shorts covered freely and
there was some general buying for the long
account under which prices advanced sharp
ly. The heavy profit taking and short sell
ing which followed led to sharp reaction,
and September, which started at 6S14Gt
6S$sc, fell off to 66a4 q667sc, and July, which
sold at the start at 7312c declined to 711Rc
December lost he In the last half of the
session the market turned exceedingly
strong on the confirmation of the report
that the deal to pool the Peavy and Pills
bury wheat along with the Letter holdings
and to have Armour handle it ALL has been
ccnsummated. Together with this came still
a further claim of crop damage from ST.
Louis This bullish news brought the shorts
out in force and the decline was more than
recovered. The receipts were small and eX-
ports heavy. Chicago got Is cars; Mime
apolis and Duluth 81 cars, against 333 a year
ago. The Atlantic port clearances of wheat
and flour were equal to $50 O0O bushels. The
advance in Paris amounted to Acc bushel
in June wheat and 31sc for September and
January Liverpool closed at the following
ret gains: July, 2Ad; September, I'D and
December, Id. July wheat in Chicago opened
1411ac higher, at 7S@791ac. declined to no
7112c, rose to 743lc, then settled back to 741
Q7412c at the close. September started &c
up, at 6SA@6Sasc, sold down to 6634 @66%,
firmed up to 691sc, then declined to CSC, the
closing inquire.
After a strong opening in corn the mar
ket became quite weak after profit taxi
ing. The loss was barely recovered on the
tinal rally in wheat. July opened 1s@12c
higher, at 325s@327sc, declined to 321sc, then
rose to 325sc bid the closing price
Oats followed corn. July began unchanged
at 2414c, fell off to 29Ac, then firmed up to
24c at the close.
The appearance of two new cases of yell
low fever in Mississippi, together with the
break in corn. depressed provisions. July
pork opened 10c lower, at 500, advanced to
$9.1713, then declined to $3.50, the closing
figure. July lard started 212c down, at
$5.7711, sold up to $3.50, then weakened to
1915 at the close. July ribs began 212c off,
at $5.5212, and sold off to 5.471a, the resting
quotation.
Estimated receipts for tomorrow: Wheat,
20 cars; corn, $685. oats, 165; hogs 10000 head.
Leading futures closed as follows: