Omaha daily bee., 1902-07-23
COMMERCIAL AND FINANCIAL
Provisions Suffer Severe Slump, but Cereals
Go Quite the Opposite.
OUTSIDERS UNLOAD AND PRICES BREAK
Hog Products tumble with n Thump,
while Grains, Lead by septem-
Der wheat, Mount In Face
of Bearish News.


CHICAGO. July z2.-Thcre was marked
variance between the siumping provisions
market today and the highly manipulated
condition OF September wheat, that IN
duenced sharp advances In all grains IN
the face of bearish conditions. Outsiders
tired of carrying the load Of lofty prices
for the packing interests. unloaded To-Day
with such vim that pork broke 15c a barrel.
on the other hand, the rumor that a
leading packer was under September wheat
pushed that cereal up sharply. sympathy
did the rest, and July and September wheat
closed &c up. corn lac higher, september
corn 1d1hc up, July oats &c higher and
September oats 1qlhc higher. Provisions
closed 221sc to zoe lower.
Trade in provisions, although not heavy,
was almost panicky at times today. Hogs
at the ,,.s stock y, ists tsm h2ye P Sy b,T ha pFieesl
Today the prices slumped to a figure 30c
under last Fridays prices. Buyers were
very bearish and as a result the temper
In the provisions pit was bearishly in
nuenced. The outsider who took on a
good lead during the recent duh squirt has
grown quite tired of the burden. General
liquidation, which set in to some extent
yesterday, was very marked today. There
was vigorous trading on the part Of the
the stuff, so apparent was the decline.
Packers seemed to have abandoned their
Stun was taken to 'H stop the decline, Sep
Member pork, which opened 2oq25c lower at
Hl7. 70a1795, plunged down to $1725 and
closed zoe lower at $3.50. September lard
opened 7hdl2hc down at S10.e7ikq107 2h, sold
at 1850 and then broke to 5000, closing
very weak, 22hc lower, at $l062h. Septem-
Aer ribs opened 7R412hc down at $lO.6O9
10.65, sold at 5000, and closed weak, 42hc
dover, at 1925.
Wheat was very strong in spite of a
perceptible early break, influenced by good
weather, heavy receipts and easy opening
cables. Immediately upon the decline a
demand sprang up that frightened the
shorts into covering as speedily as possible.
Rains were predicted in the wheat belt
and a few late showers were reported.
Statistics st Ir,C with a 19 rnr trend r old mSos :
decrease Of 1,92s,000 blu. in the worlds avail
liable supply and estimates for tomorrow's
mand hung back, frightened by the pros
pects of big crops. but the very low grading
of the wheat coming TO hand was an added
publish incentive. Possibly as much az
anything to put gimp into September Wheat
twas the gossip that a leading packer was
taking control Of that option. Poor grad.
ling reports came In from Kansas City and
lSt. Louis and those markets bought fairly
well here. Trade was good and the close
lnear top prices. July sold from 75isc e
WaAc lower at 1xo to 1%@n%c, sold 4
7Sc, and closed Nc up at 72mc. Local re
Lceipts were ABS cars. only nine OF contrac
Rrade. and Minneapolis and Duluth reported
R4 cars. making a total for the three points
iof 72 cars, against the same number las
were Sesrishly heavy s at 1850 bu., com
lpared to $4,000 last year. Seaboard clear
,ances in wheat and flour equaled 1000 bu
I'm N1ANSA baN "N1h vi 70
ceipts and a big Increase In the contrac
stocks. Good weather and a dull marSe
kalso tended toward lower prices, but Their
was practically no selling pressure and
fair demand sprang UP at times, which, to
lBether with the wheat strength. put corr
lprioes up. After receipts OF several hun
ldred cars Of corn daily for a fortnight, IN,
lestimate of only ninety cars for tomorrow
,helped the bulls. There was still marke,
nervousness over the possibilities of
Iequeeze In the supposedly dead July deal.
!Trade was generally quiet. July sold from
.63hc to 67ho on shorts covering and close,
getrong, 1ho Up. at so. September sold iron
SOTO to M%c and closed strong, 161hc UP
at e1hQ61Mc. Receipts were $50 cars, 81 O
contract grade. Contract stocks increases
'e07, 900 bu.
Oats had an upturn, largely - sympath,
with wheat and corn. July options wer
let alone most Of the day, although price
Jumped from Gle to &c and closed &c highe
tat 66c. thereby Indicating that the deal 4
this option was not quite dead. Septembe
Estarted weak, on increased receipts an
Egood weather, selling as low as 33c. Short
WANTED the stun. however. and bid tn
Orice to a strong close, 191hc up. at s4%C
Receipts were 1874 cars, 40 OF contract grade
Estimated receipts for tomorrow: Whea'
i1GO cars; corn, 30 cars; oats. 81 cars; hogs
$4,000 head.
The leading futures ranged as follows,