The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-24
GAIN in GRAIN PRICES
RECEIPTS ARE LIGHT AND NEWLY
THREsHED CROP INJURED.
Spectators Fear Manipulation by Ar
mOur, and Dealings Are Not
Heavv-PrOvisiOns Decline.

CHICAGO, June 2S.--Crop scares adj
vanced wheat to-day after a weak opening.
July left off Ac higher, and September
gained 15c. Corn closed &c better and oats
Sc On selling by packers, pork lost 715c;
lard, sc. and ribs, sc.
Continued favorable weather for harvest
ing exerted a bearish influence in wheat at
the start. During the first half hour there
was enough short selling and liquidation to
cause the market to sell off 1sc to Ac from
the close last night. But crop damage re-
ports again became very numerous and the
selling soon came to halt. Considerable
lain was reported in those sections where
harvesting is now going on, and injury to
the grain was regarded as probable. Chinch
bugs were said to be numerous in southern
Illinois and from many sections where tho
grain has been gathered the yield was said
to be disappointing. With Armour supposed
to be working to sustain the price on the flu
ture, to protect his cash property and the
trade already rather nervous, these reports
soon alarmed shorts and there was a dis
position to cover the demand gradually i'm
proving the price Some considerable lines
were covered and the bear scalpers were
eventually driven in. During the existence
of the buying fever July sold up to 75c,
September to 6SAc and December to 6Sssc.
The trading was very light after the first
hour, but exceedingly nervous. There was
a strong suspicion of manipulation and a
wholesome dread of the alleged manipula-
ton. Prices were near the highest point of
the day at the close. Domestic receipts
were extremely light, twenty-six cars at
Chicago and sixty-two at Minneapolis and
Duluth. The total at the principal Western
primary markets was only $1,000 bushels,
compared with 2770O0 the similar day last
year. Atlantic port exports were liberal,
amounting in wheat and flour to 316,000
err, at 731s@74c, sold up to 75c. then declined
to 74Ac, the closing figure. September
started ls09sc down, at 667sG6712c, declined
to 66Ac, rose to 68A 0I6Sa4c, then weakened
to 6Sd6S1sc bid at the close.
After weak opening corn turned strong
at the rally in wheat and the early decline
was more than recovered. July opened Il
USsc lower, at 32n32Ac, and rose to 329sc,
the closing figure
| Oats were weak early, but firmed up later
with the other grains. July started 1sc low
err, at 235sc; advanced to Ac, then sold CT
| to 2324@231sc at the close.
| Outside buying started provisions firm
! Toward the latter part of the session there
| was moderate packing-house selling, which
started prices downward. July pork opened
| sc higher, at $9.65. rose to 1910 fell off to
| $9.45. then firmed up to $9.5?h, the closing
! quotation. July lard began 212c down, al
500 advanced to $5.75, declined to $5.65, Their
| rallied to $5,671a at the close. July ribs
| started unchanged, at $5.45, rose to $5.471a
| sold off to $500, then firmed up to $40, the
| resting price
Estimated receipts for tomorrow: Wheat
| Is cars; corn, 400: oats, 220; hogs, 5000 head
Leading futures ranged as follows: