The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-08
JULY CORN UP I CENTS
SHORTS TRY no SQUEEZE INTO A
VERY CLOSE CORNER.
This Delivery Is Controlled by a
Coterie that Has n "Cinch"-
Wheat Up a Bit.

CHICAGO, July Following early easi-
ness the grain markets rallied to-day on
reports of additional rains in the West,
September wheat closing 1ad5sc and Sep
TENDER corn 5sc Up, while September oats
closed unchanged. July corn shorts bid
the ted-up option to S4s4c. but got little
corn for their pains. Provisions closed
10c TO 221kc higher.
AT the opening wheat was sold freely on
the good weather of the days when the
board was closed. The stuff seemed TO
come from all sources, st. Louis interests
being prominent. Under this pressure the
price of September went from 73%sq7315c,
the high point at the opening, TO 7219c.
Here the pressure from sellers eased up
and the market held steady for a time.
Later reports OF general rains in the West
stirred up excitement again and shorts ran
the market up to 74c. The close was firm,
12q3sc over Thursdays close, at 73Bc. Lo-
cal receipts (three days. were IS cars, nine
Of contract; Minneapolis Qour days. and
Duluth (three days. reported 95S cars, max
ing a total for the three points of LOSS cars.
Worlds shipments were 6,560,0OO bu- Sea
board ~clearanceS in wheat and flour were
equal TO $4,000 blu for the past three days;
Primary receipts (three days. were 1888, 900
blu, against 1905, 900 for the corresponding
period a year ago.
There was a heavy selling of September
GOIA early OH the Improvement III the
weather map. While this option was weak.
however, May and December were firm.
Later September steadied on the rain re-
ports and reacted under unusually active
buying, chiefly for the short account. This
option sold between Gle and 6115c and closed
ssc up at 62Ac. July corn, which is con-
troled absolutely by a coterie of specula-
tors, had a fit of Mysteries for a very slight
cause. There was little trade in the de-
livery and such as there was was in the
smallest possible lots. The market opened
unchanged 10 21kc up at nc to 7919c and
remained neglected around the top of this
range most of the forenoon. The adviceS
OF rains. however, frightened a few shorts
with small lines TO cover, and they ran
the price up TO SAC before their wants
were satisfied. July closed &c up at SAC.
TIL incident is of importance only as fur
nishing further evidence of what the con-
trolling party can do IL IL wishes with those
who are short OF July. So far as can be
learned the big shorts nave not covered,
Ihls may have been done in individual
cases, however, without the public learning
or 1t. Meanwhile this delivery is liable 10
execute wild fluctuations every time some
belated short tries to cover a 5000 or 10000
oushel lot as was the case to-day. Local
receipts for three days were 3S5 cars.
Oats were sick early, getting 461AC
under Thursday, but recovered late in the
DAY on the corn strength and predicted
showers. July closed lie lower in SWIM
patty with a drop in cash prices. Opening
trades were over a wide range and while
the furry lasted selling was carried or
with a rush. This was chiefly due to the
improved weather Of Thursday, Friday and
Saturday. The rains to-day and yesterday,
with predictions Of more, caused buying
later and a little recovery. shorts coming
in freely. The easiness of the cash market
however, worked against such advances as
were secured in wheat and corn. Sep
TENDER sold between 34Kc and 33Isc and
closed unchanged at 341sc. Receipts were
$50 cars for three days.
Provisions opened strong and In the main
ruled that way throughout the day. AS a
sharp advance at the yards, together with
the high price of corn and wheat. were
the influences. The advance disclosed a
considerable short interest, which did most
or the bidding. September pork and Sep
TENDER ribs closed 1Oc higher. while Sep
TENDER lard, the strongest on the list
Showed a closing gain of 221kc.
Estimated receipts for tomorrow: Wheat
~ cars; corn, 200 cars; oats. $50 cars; hogs
10000 head.