The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-05
BULLS CHANGE GROUND
SHIFT THEIR HOLDINGS FROM JULY
TO SEPTEMBER.
Result Is Sharp Upturn in Grains,
Aided by Crop Reports-PrOvisions
Unchanged TO Higher.

CHICAGO, June 4-Bulls switched with
surprising rapidity in the corn pit to-day
and set all traders to guessing what the
next bit of manipulation by the New York
crowd would be. Bears changed front I'M
der the action of the bull leaders, and al
though natural reaction might have been
expected after four days of almost con-
slant declines, yet the action was remark
ably cratic. July corn closed ssG1kc high
er, wheat sc up and oats 1ssc higher. Pro-
visions closed unchanged to 271sc higher.
Corn led the action of all pits and was
the center of more interest than all the
other pits combined The feature OF the
days trading was the clever switching or
the big bull leaders from bulling July OPP
tions TO the support of September. This
crowd, with its Wan-street Affiliations. is
supposed to be long more than twice the
amount of July stun obtainable. 1t has
been the talk of the floor that July was TO
see a rabd bull market, and several times
adventurous shorts have been pinched by
this contingent. At the outset to-day many
of the bears who had been selling short
for the last four days became aware that
they were a little overeonfdent, and on
fairly steady cables, lighter receipts, bull
ish government crop reports and re-
stricted interior movement covered freely.
putting the prices up somewhat. The bull
crowd led in this movement by support
ing July well for time. This option
started lsc higher to 1sc lower. at 6llsc to
61Ac, and i'm a few moments jumped boldly
TO 623sc When the market had fairly
firm basis the bull leaders dumped large
quantities and began taking on September.
September sold from 5T%4c TO 5sS4e before
the crowd realized what was being done.
Then July dipped and fiuctuated erratically.
At the close the pit feeling was tense and
the tone strong. July closed ssql5e up, at
6l% M6l7sc, and September Hulc up, at $3.50
5S24C Receipts were l93 cars.
Wheat displayed considerable strength
regardless of the stubborn manner In which
the advance was fought by the bears The
local crowd started the upturn by covering
the large number of short accounts that
resulted from recent bearish markets. La
ter the corn bull crowd and elevator in
terests were good buyers. Receipts were
small, elearances large, the cash demand
good and the seaboard reported export
business better. The government report
of crop conditions was bullish. Lower
cables were not considered bearish be-
cause they We're not as weak as expected
The local crowd, however, put on a bear
pressure all day and although natural
reaction came after the several days de-
cline, it was only after hard work by the
bulls with the assistance of the corn pit
July opened a shade to sNAc up at 1880
ilEC, sold TO &c ana cloSeu lItl. sc up
at 1sd72e. Local receipts were only
seven cars, three of contract grade; Min
neapolis and Duluth reported l4S cars, a
total of 155 against LAG last week and 4s9
a year ago Primary receipts were 271 900
on, compared with $4,000 bu last year.
Seaboard clearanees in wheat and flour
equaled 5000 bu.
Oats were strong, but the market was
far from active, except in July, which
commanded the bulk of attention. Re-
ceipts were very small al 90 cars. and the
leading bull who has been buying daily
of late was in the market again. Shorts
covered freely in July. influenced largely
by the action in corn. The crowd was not
inclined to sell shorts and on restricted
offerings the price of July jumped from
363sc TO a strong close, 13sc up at SSlse. The
government report stated that oats were
not progressing as well as OF late. The
weather however, was good. The harvest
in Texas is over The Ohio June crop re-
port makes a condition of sic.
Provisions were dull and listless early,
but late in the day, influenced by the grain
strength and a continuation of the recent
buying by brokers, strong advances were
made. 1t is now generally conceded by
all traders that the packers are supporting
| the pit. Ribs were in excellent demand.
| Trade in lard was lightest. The hog sit
uatiOn was bearish on liberal receipts and
caused an early weakness in products.
| The close was strong with July pork l5c
up at $l7.S5, lard unchanged at sl025 and
| ribs 2Tl2c higher at SlO.l5.
Estimated receipts for tomorrow:
! Wheat, 10 cars: corn, 225 cars; oats, 80
! cars; hogs, 81, 900 head.
cd oil