The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-19
WILD SESSION in CORN
EXTREME RANGE 5-sc. WITH A NET
Loss OF &c FLAT.
ner-Whcat and Provisions High
er, Oats a Little Down.

CHICAGO, June I.-COrn executed a
high and lofty tumbling feat to-day. Nerve
racking excitement over the corner in July
options ruled the day From the opening,
the Wall-street clique shuhled prices in
such astonishing manner that the
gyrations exhibited were such as made yes
terday's erratic ups and downs look like
ordinary smoking room day" Every nat
ural condition inherent 10 the pits
ignored. 1t was a battle for millions with
crafty men on each side To-day it suited
the big manipulators to allow prices TO
jump skywards for a time and then il as
oddly suited them to push them down with
remarkable rapidity. The range OF July
corn-and that was all that was OF i'm
portance on Change to-day-consisted of an
upturn of l1sc at the opening; slump of
59sc from the top price and slight recov-
cry from the bottom figure. Other pits
naturally felt the influence of such pranks.
but most spectators in other commodities
did not allow their judgment to be marred.
and In the end July corn closed &c down,
wheat CSC higher and oats 1ac lower Pro-
visions closed DC to 7lze higher.
Al the start the corn shorts fearful of
repetition of yesterdays rocket-like ad-
vance, bid wildly for corn to cover their
accounts. The big bulls came openly in
the pit and bid against them. In trice
July. which closed yesterday at 671kc
MADE simultaneous sales at Csc and 69c
Ihls was too good a price for longs to
Withstand. Men who had loaded up with
stun around oZc or under let the crowd have
IL In plentiful lots. The Gates clique tried to
hlde Its hand but the crowd soon learned
that II was unloading large quantities for
prohts The little shorts were content to
I n hn -s4l
a declining market. 1t seemed to be the
intention Of the big bulls then TO squeeze
out the small bulls who had tailed after
In order 10 do this stuff was thrown on the
market in big lots Several million bushels
We're loaded on the shorts at fancy prices
ana considerable amount of long stuff
u! that was sod near top figures was taken
In by influential parties on the slump. Pur-
suing such antics IL took the bull contingent
comparatively short time to push prices
Gown Gown $Ssc from the top. until July sold at
o09sc. Fluctuations of ordinary magnitude
We're considered ridiculously small to-day.
All traders were nervous and excited. The
PIT had practically all the interest on the
board AT the close July was still congested.
put comparatively weak, &c under yester-
! DAY, at 6512c. September was strong early
! on the July bulge, but sold off on general
| liquidation. There has been talk of 75c corn.
! put against this is arrayed the possibili-
| Ties or large contract grading by private
! elevators In three days 10000 bu of con-
J tract stun have been made. Weather re-
/ ports were not good, and bad crop news
was coming in. Receipts to-day were pa
| cars, Il OF contract grade.
Wheat had fairly active day with lib-
efal trade, but the feeling was nervous and
tense IN sympathy with the congested con-
! dltlon or the corn pit. The advance in corn
| az the opening had something of a re1ec-
/ ton In an advance in wheat, and the later
/ slump was accompanied also by following
! weakness in wheat In the end, however
natural conditions prevailed to some ex-
] tent. The impression gained ground that
! weather conditions abroad have been very
wet and cool. and crops as a result have
suffered. There was also more wet weather
in the domestic winter belt. These influ-
! ences, IN spite OF liberal receipts, helped
| July wheat in opening advance Of IA
! sc, at 723sc, and pushed il to 721sc. Septem-
! Der wheat. which had been bought rather
! freely by influential interests, was un-
| loaded to the extent of about 2.00000 BUSH
els and broke 1c. This depressed July to
| 17sc. Late in the session 100000 bushels of
! cash wheat were worked here for export
| loads taken. This caused talk of bad
weather in France and England again and
improved the demand. July closed firm and
| sc up, at l2ssQ PIC. Local receipts were
! thirty seven cars, five of contract grade
Minneapolis and Duluth reported pa cars,
| total of 81, against 1SS last week and 81
| a year ago. Primary receipts were 900
bushels, compared with 1920 last year.
/ Seaboard clearances in wheat and -four
| equaled III 900 bushels.
Trade in oats was small and unimportant.
! Natural conditions were somewhat bullish,
! but the slump in corn took oats down a
little way with it, and there was very little
| recovery. Cash business continued good.
| and wet weather was reported working
against crop conditions. Receipts were lib
! eral at 113 cars but the contract grade was
small July sold from 3912c to 3S24c and
closed 12c down, at 39c.
/ Provisions were very dull, but showed
/ good strength. Manipulation continued at
! the hands of packers, but the manipula tors
| put out good argument for the advance in
| that the cash stuff was being taken by the
| seaboard as fast as manufactured. July
pork sold at S17.6719 and closed DC higher, at
! ST. lard closed 5Q71zc up. at $10OQl0221a,
| and ribs 71ac higher. at $lO4l12.
| Estimated receipts for to-morrow-N heat,
% cars; corn, 200; oats, 12O; hogs, $1,000 head.
| Leading futures ranged as follows