The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-04
WHEAT CORNER RUMORS
THEY RESULT IN RISE OF OVER
TWO CENTS A BUsHEL.
Effect of the Bulge Felt i'm All the
Markets-0ther Grains and Provi-
siOns Lower, but Firm.

CHICAGO June 3.-Rumors of manipula-
ton involving corner in the wheat mar
ket caused a sharp advance to-day, during
an exceedingly active session, the July de-
livery closing 2l4123sc higher. July corn
closed sc lower. July oats a shade lower
and July provisions from unchanged to 10c
lower.
Disappointing cables, an increasing guam
tity on passage and reported rains exerted
an unfavorabe influence al the opening of
the wheat market. Under liberal offer
ings the July delivery opened 12Q34c lower
at 743.G75c Nearly all the wheat put out
was taken quickly by few commission
houses. which apparently had instructions
to buy irrespective of crop conditions, and
thenceforth the weather ceased TO be a
factor. The crowd having learned where
their wheat was going, clamored to buy it
back at the Improvement. 1t was rumored
that a large commission house. said TO
have bought 100000 bu of July last week.
was preparing to execute a squeeze. This
became the ruling influence, and July adj
vanced sharply to 76S4c. The temptation
TO take profits resulted in a reaction TO
761sc but under bull support and an un-
expectedly big increase in the visible, the
was reached. Here the leader credited
with building the corner put out $4,000 blu,
and for a moment the market declined
&c. Holders of long lines were obstinate,
however. and again the price advanced,
shorts bidding to 7Slsc. At this price there
was considerable liquidation. causing
slight decline. The close strong and
214@2ssc higher. at 77S4Q777sc. The visible
supply decreased 3,1S2O0O bu; worlds ship
ments were $4,000. and the quantity on
passage increased $4,000. Primary receipts
were 2221 bu. against 100000 bu last year.
Seaboard clearances of wheat and flour
were equal to 1,1S5.000 blu. Fifteen loads
were reported taken for export. Minneap-
oils and Duluth reported COZ cars, against
40 last week and 529 a year ago. Local
receipts were SO cars, none of contract
grade.
The corn market was as dull wheat
was active, but secured considerable bene-
fit from the strength in wheat July opened
unchanged TO sc higher at 45fsM454c, on
small receipts of contract corn. and adj
vanced TO i514G45ssc on covering by shorts
Later it broke under selling by the bull
leader TO 4ls4c. Helped by wheat, there
was subsequent rally, and the close was
steady and sc lower at 45c. Local receipts
were 577 cars, 81 of contract grade.
The oats market was fairly active and
firm. with a narrow range of values. July
sold between 2Slz62S3sc and 2Sssu2S34c. and
closed a shade lower at 2S12c. Local re-
ceipts were 42S cars.
Provisions were dull but the dragging
market was helped by the strength in
wheat Pork and ribs were in good sup
ply. and there was some demand for lard
early but that commodity was easier to-
ward the close. on selling by commission
houses July pork sold between Sl4.5212 and
sl4 62lL closing easy and 10c lower at S14.55;
July lard between SS.121sdS.15 and SS.171zD
SO closing at SS.11lA; July ribs between
e. S21L and 81 sly. and closed &c lower at
$3.50.
ESTIMATED receipts for to-morrow-Wheat
16O cars; corn. $50 cars; oats. $50 cars; hogs,
26OC0 head.