Omaha daily bee., 1902-06-05
COMMERCIAL AND FINANCIAL
New York Crowd Leads Chicago Corn Bears
Lively Session.
SWITCH JULY TO SEPTEMBER OPTION
slight Reaction Follows Four Dnys of
Bear Supremacy, but Bulls Are
Forced to Fight for
Every Point.

CHICAGO. June 4-Bulls switched with
surprising rapidly I'm the corn pit TO-DAY
and set all traders to guessing what Ine
next bit Of manipulation by the New 1ork
crowd would be. Bears changed front
under the action OF the bull leaders, and
although a natural reaction might nave
been expected after four days Of almost
constant declines, yet the action WasiS-
markedly .erratic. July corn closed 7s~2c
Corn. OF all the pits, was the greatest
attraction of the combination. The feature
big bull leaders from bulling July options
TO active support OF september. rms
crowd, YIN It's M Mpg r9 9JTeet than twice. the
amount Of July stun obtainable: IL has
been the talk OF the floor that July was
to see a rabid bull market ana seVendi
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 over-con1dent ana
on fairly steady cables. lighter receipts
bullish government crop reports ana a re-
stricted interior movement covered Freely;
putting the prices UP somewhat. The pun
July well for a time. This option started
&c highter to NC lower, at 6l4n6lAc, ana
in a few moments Jumped boldly to S2ssc:
When the market had a fairly firm pasls
the bull leaders dumped large quantities.
and began taking over September rapidly.
the crowd realized what was being done.
Then July dipped and nuctuated erraucaiiy.
AT the close the feeling was tense anu the
si%dsl7sc. and September Aafc up, at
5S%d5Sac. Receipts were 1876 cars.
regardless OF the stubborn manner in
which the advance was tought by the
bears. The local crowd started the upturn
by covering OF the large number OF short
accounts that resulted from recent bear
ish markets. Later the corn bull CROWD
Receipts were small. c~learances large, the
cash demand good and the seaboard re-
ported the export business better. The
zovqrnmput TpnOrt of CTOD conditions was
bullish. Lower cables were not considered
bearish. because they were not as weak
put on a bear pressure all day and although
a natural reaction came after the sew,
work by the bulls. with the assistance Of
the corn pit: July opened a shade to hg
&c up, at n%@7i'se; Fold to 72e and closed
were only seven cars, three of contract
grade. Minneapolis and Duluth reported
points OF I55 cars, against lls last week
and 4S9 a year ago. Primary receipts were
2Il0g bushels compSTed with SIS,TOC sush IN
wheat and flour equaled $4,000 bushels.
oats were strong, but the market was
commanded the bulk of attention. Receipts
were very small, at ,ninety-two cars. and
the IN , seadi wss pun ~ Ttbn s m msS Dsen again gfs hortss
covered freely In July, Influenced largely
by the action of corn. The crowd was not
offerings the price of July jumped from
361sc 10 a strong close. 1%c up, at SShc.
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 report makes a condition of 81.
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 IL now generally conceded
by all traders that the packers are sup.
porting the pit. Ribs were In excellent
demand. Trade in lard was lightest. tt
hog situation was bearish on liberal re-
ceipts and caused an early weakness In
product. July pork closed 1bc up, at H1.3S
July lard unchanged, at Sl0.25, and july
ribs ZINC higher, at $O.lb,
IS cars; corn, 236 cars: oats, so cars; hogs
81 900 head.
The reading futures ranged as follows:
...- o.. u,t0h Tou Close yea,v