Omaha daily bee., 1902-06-19
COMMERCIAL AND FINANCIAL
BkJrockst Speculation in Corn Pit is Para
mount Feature Of Market.
CEREAL SHOOTS UP, BREAKS AND TUM8LES
wheat After Liberal Trade Closes
Higher, but oats Unimportnnt
and values Recede-ProvisIOns
Dull, but Absorb Gains.

CHICAGO, June 1S.-Corn executed a high
and lofty tumbling feat today. Nerve
racking excitement over the corner in
opening of the Dit the wall street clique
showed prices I'm such an astonishing man
ner that the CITATIONS exhibited were such
as made yesterdays erratic ups and downs
look like any ordinary smoking room
day" Every natural condition inherent to
the pits was ignored 1t was a battle Tor
millions, with crafty men on each side.
Today IL suited the big manipulators 10
allow prices to jump skywaras Tor a tims
them down with remarkable rapidity. The
range of Jlly corn-and that was. all that
sisted of an upturn of nc at the opening,
q slump of 3%c from the top price and a
slight recovery from IN me ,b 6ot iog,,en mgur Of
such pranks, but most spectators IN other
commodities did not allow their judgment
closed &c down, July wheat &C higher and
July oats Nc lower. Provisions closed 0g
nc higher.
a repetition Of yesterdays rocket-like .ad-
vance, bid wildly for corn to cover their
account. The big bulls came openly In
the pit and bid against them. In a trice
July, which closed yesterday at 6I12c, made
Simultaneous sales at CSC and sc. This
stand. Men who had loaded up with stuff
around &c or under let the crowd have in
plentiful lots. The Gates clique tried to
hide its hand. but the crowd soon learned
that It was unloading large quantities for
profits. The little shorts were, content to
get out of the market with losses, even
on a declining market. II seemed to be the
Intention of the big bulls then to squeeze
out the small bulls who had tailed after.
In order to do this stuff was thrown on
the market in big lots. Several million
bushels were unloaded on. the shorts at
fancy prices and a considerable amount
of long stun that was sold near top fig
ures was taken in by influential parties on
the bull contingent a comparatively, short
time to push prices down 3%c from the top
price, until July sold at 657sc. Fluctuations
ridiculously small today, All traders were
nervous and excited. The pit had practi-
cally all the interest on the board. At the
paratively. weak. &c under yesterday, at
65bc. September was strong early on the
ton. The story was going the rounds that
September is to be given a whirl similar
livery. At the close experienced traders
did not know what to think of the condl-
tions. There has been talk of 7bc. corn,
OF large contract grading BY private ele-
vators. In three days 10000 bushels of con-
ports we're not good and bad news Of the
crops was coming in. Receipts today were
219 cars, q OF contract grade.
liberal trade, but the feeling was nervous
and tense In sympathy with the congested
%s coT6 a9 ,S Of t oSs6 SGTn B Rltdj g TSs aaysnG ot In a
reflection in an advance In wheat and the
later slump was accompanied also by a
however, natural conditions prevailed to
some extent. The impression gained
ground that weather conditions abroad have
result have suffered. There was also more
wet weather in our winter belt. These In
July wheat in an opening advance of Va
tember wheat, which had been bought
unloaded to the extent of about 1000, 0C
bushels and in consequence broke lc. This
depressed ID July to nHe' Late in the ses.
worked here for export and the seaboard
reported % loads taken for the same pur-
France and England again, and improved
the demand. July closed firm, &c up, al
as%@GsAo; Local RECEIPTS were 81 cars, |
reported IA cars. making a total for the
three points of 81 cars, against 1Ss last
were 6s2,o 900 bushels, compared with 4S2,0Cl
bushels last year. Seaboard c~learances in
wheat and flour equalled 171,OO0 bushels.
Trade In oats was small and unimportant.
Natural conditions were somewhat bullish.
but the slump in corn took oats down a
little TecoveT E." Cash Af BUSINESS SnS Tsess
good and wet weather was reported work
Ing against crop conditions. Receipts were
was small. July sold from SShc to SS&C
and closed hc down, at SOC.
PROVISIONS aoS were very dull but showed
tinued at the hands of packers. but the
m~anipulators put out a good argument fol-
being taken by the seaboard as fast az
manufactured. July pork sold at S17.671
and closed &C higher at $3.50; July lart
ribs TIC higher, at $10.47h.
receipts for tomorrow: Wheat
y cars; corn, 200 cars; oats, 12O cars; hogs
The reading futures ranged as follows:
Arttcias Oman Etsh 49, CO.. w..