The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-18
CORN SCARS 3 l.S CENTS
LONG-ExPECTED SQUEEZE IN JULY
OPTIONS AT HAND.
shorts in Scmi-Panic i'm Their Haste
to Coyer-Other Grains and Pro-
visions Are Lower.

CHICAGO, June I.-COrn went on the
rampage to-day and, headed by the bull
crowd that has cornered July options. led
the unfortunate shorts a rapid and excit-
ing chase. Early in the day the word
went around that the screws were to be
put on the shorts long before the settling
day. Nervousness pervaded the pit. and
soon the shorts began to accept the in
evitable. and got out of their deals with
little loss as possible. A tight hand
held on much of the corn
early. but soon the market ran
away. The bulls did not seem to care
to keep it in check, and the day closed with
a net gain of S1s in July corn. Other pits
were neglected in the interest that cen
tered in corn and July wheat, and oats
closed only a shade down. Provisions
closed 21zc to 71kc lower.
The corn pit was in a constant boil from
start to finish. 1t was day for covering.
and practically everything else was lost
sight Of Pit conditions were mixed. There
is little doubt that the principals back of
the corner in July. which is credited to the
Gates and Wall-street crowd are trying
to move out all contract stuff The coun-
try probably could furnish plenty of stuff
with which to supply the shorts. but the
wet weather has worked against the grad
ing. OF to-day's receipts only 10 out of
S7S cars graded No. .. Primary receipts
were increased at 477,OOO bu, and private ell
evatOrs were making good increases in
stocks. But, all told, there was cause for
fear among the shorts tor it was thought
by old SPECTATORS that the iong-expec
squeeze is at hand. otherwise the bulls
would not allow the price to run away as
OF -fNnrr
little over 100000 bu. The bull crowd
is credited with having 100000 bu of July
predictions are for Toe corn as a result OF
this situation, and fluctuations to-day war
ranted such predictions. July opened un-
changed TO 1sc up, at 64%c to 641sc after
having sold yesterday low "a &c A
sharp ten-mindtes' buying sent the price
TO 663sc. The bulls supplied enough long
stuff on profit taking TO let the price slip
back to 65lac, but then the shorts became
panic stricken, the market turned cratic
again. and July shot to size where it
closed very strong 3lsc higher than yes
terday's close. The Gates crowd was on
both sides OF the market but sold more
than 1t bought. Deferred futures were
traded in lightly. but were influenced some
what by the advance in July. Cash bust
ness was not SO good as recently and
country offerings were small. Cash stuff
was selling SC to Sc under July prices
wheat ruled steady. 1t was strongest
early ON higher Paris cables and showers
Southwest. Traders said the wet weather
was interfering with harvesting, and for
this reason would sell little. The absence
of any heavy trading worked against
prices, and although July corn strength
helped wheat somewhat fluctuations were
very narrow. July opened unchanged TO
sc down. at &c to 72Sc and sold to 72Ssc
Light selling caused dip to 717s072c, and
July closed steady and a shade lower at
72Q72Bc. The chief bearish influence seems
to be the scattered fresh arrivals of new
wheat here and in the Southwestern mar
kets, although good premiums are reported
on sales of new wheat. Local receipts were
fOrty-eight cars, thirteen Of contract
grade; Minneapolis and Duluth reported
ninety-eight cars, a total of 146, against $50
last week and 437 year ago. Primary re-
cepts were $4,000 bushels, against 1850
last week Seaboard cleaFances I'm wheat
and flour equaled $4,000 bushels. The sea-
board reported thirty-one loads taken for
export.
Oats were dull and steady, fiuctuating
within a range of only 2zc. There was not
much stuff offered, although receipts were
liberal at 225 cars. Trade paid more atten-
dipped to 1880 and closed a shade lower
and steady at 391zc-
Provision trade was almost nil Hogs
were easy at the yards. and after a little
early support prices in the pit slid back
slightly. July pork sold at $17.65 and closed
71kc down, at Sl7.55 lard closed &c down, at
S1O15, and ribs 215c lower. at 5000
Estimated receipts for o-mOrrow-Wheat
30 cars; corn, 10; oats, 10; hogs, $4,000 head.
Leading futures ranged as follows: