The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-15
NO JULY CORNER FEARED
ALTHOUGH ARMOUR HAS TAKEN
QUANTITIES OF LETTER WHEAT.
Futures Fall Sc mt One Time, but No
Sign of N Return of the Monday
Panic-Other Markets Easy.

CHICAGO, June 1.-THE reported buying
by Armour of Letters Northwest holdings
together with the complaint of damage by
rain in Texas and Kansas, held wheat fair
ly firm to-day. July closed with loss of
1l5c and September nc Corn and oats left
off unchanged. Pork lost 1712c and ribs 212c.
Lard closed unchanged.
The furry yesterday seemed to have
cleared the atmosphere on the Board of
Trade and to-day there was little to re-
mind one of the disturbance, except lower
prices. The Letter deal was generally con-
sidered to be dead and buried, far the
trade in deferred futures was concerned,
but the obsequies. of the cash end Of that
remarkable speculation were still to be per-
formed. Wheat started not far from the
closing prices of the day before for the
bulk of the transactions, although a few
sales were made at Zee improvement in
September and December deliveries. Weak
ness very soop developed, however. and
July sold down &c and September and De-
cember about 11ac each during the following
half hours trading. 1t became rumored
during the forenoon that besides Armour
buying all the wheat here from Letter he
also bought all the cash wheat held by the
latter speculator at Minneapolis and Du-
luth. That gave little firmer tone to the
proceedings in the pit. The gathering
strength was increased when the rurnor re-
ferred to received the substantial confirma-
ton of the president of the Illinois Trust
and Savings Bank. To complete the bulsh
combination, the weather was still wet in
Texas, where much of the wheat is in
shock, and it rained heavily in Kansas and
other Western States, where wheat cutting
~
further item of bullish news by cabling that
the wheat throughout east central Russia
was threatened with total failure from
drought and that the worst was probable
unless rain relieved the situation within d
week. The Liverpool quotations, however,
were anything but bullish. giving clear in
dications of the abandonment of a threat
ened July corner in that market. July
wheat was 1Ss per cent. lower than 1t closed
by the equivalent of 1%c bushel and De-
cember 5. July, at Liverpool, had re-
covered about &c bushel of its early loss
of Wheat and Gl4i eur was equal to bu
Chicago receipts were seventy-four cars,
against fourteen cars a year ago. Mime
apols and Duluth received 131 carloads COM
pared with 305 last-year. July opened un-
changed to 1c lower at 7S@79c, declined to
76c, then rallied to TIC, the closing figure
September started from unchanged to 1ac
higher at 7O7s@7113c, sold down to $3.50, then
frmed. up to 7O5s67024c at the close.
The continued Showery weather and the
more settled feeling in the wheat pit created
a firm tone in corn. July opened &c lower
at 321s63214c. sold up to 3219c down to BIC,
then up to 32ssc asked at the close.
After weak start oats firmed up on re-
ports of wet weather and talk of rankness
Prices at one time showed a slight advance
compared with the close last night. July
started lac lower at 231sc, sold down to 1888
@2312c, rose to 237s@24c, then settled back to
237s@24c
Reports of an improvement in the yellow
fever situation in Mississippi, together with
light receipts of hogs and higher prices at
the yards had a strong influence in pro-
visions at the start. The market reacted
later on selling by English packing con-
Germs. Swift was also a seller. July pork
opened unchanged at $3.50. sold up to 1910,
declined to $40. then rose to $9.4212 at the
close. July lard started 5@714c higher at
$5.S21265.S5, declined to $5.70@57212, then
firmed up to $5.72l2q577, the closing figures
July ribs began nc better at $5.47A and
declined to $5.371a.
Estimated receipts for tomorrow are
Wheat, 20 cars; corn, 600 cars; oats, 100 cars;
hogs, q 900 head.
Leading futures ranged as follows: