Omaha daily bee., 1902-08-23
COMMERCIAL AND FINANCIAL
Grain Shorts Trounced sOundly by NSnipu-
lation in Vicious Market.
WHOLE LIST DEPRESSED At CLOSE
Early wild Rush to Cover sends
Prices Upward, but Holders I'M
load and Values Bound
BACK.

CHICAGO, Aug. 22.-VIcious and savage
trading characterized the business on the
corn and wheat were punished severely.
There was nothing particularly bullish in
bulge bn I IN eern fPiShfened ne corn e&GeP sborts
and at the opening there was a wild rush
TO cover. After prices all around had been
boosted to figures to suit the big holders,
manipulation made prices jump back and
forth erratically. In the end the shorts
suffered, the local longs secured fancy
profits for their holdings and prices closed
weaker. September corn closed unchanged,
December corn &c lower, September wheat
'Mghc down, september oats l4lbc on and
September provisions suffered losses of 10c
TO zoe.
st. Louis shorts had sent orders for heavy
would have gone easily to Soc or more
had II not been that the big longs were
competing with each other to unload. on
Jhe unfortunate outsiders. This willing
ness on the part of the bulls to sell at
fancy figures, however, did not prevent an
excited and much higher opening. Septem-
Der corn started NC to 1c up at STAG TO 5Sc
and with wide fluctuations jumped to 594c.
Here big quantities came out and soUn
100000 bushels or more had been turned
badly and as soon as 1t was thought the
short interest had been eliminated Septem-
Der touched 55hc. Every bid or sale made
a quick change OF from kc to lie, in the
market price. September trading through
out the entire session was sensational.
Influential houses had December for sale,
but the early advances in September sus-
stained the latter month. Conditions that
usually rule the pit were hardly considered.
There Is still a fine prospect OF big har-
vests, cables were higher and receipts were
still small. otherwise the situation was
September rallied and December fell OF,
September closing steady and unchanged
at SIC and December &c down at 42hc.
Receipts were only Is cars, six of contract
grade.
Except that the weather map was almost
perfect, most of the early news in wheat
20 xfOFaN VGNfaF ~ hIau yar nNrCn0 m
the reports OF frosts and dry weather in
Argentina. Receipts were lighter and con-
shorts s were ssr,S MSs veTy bo ShS az the Ap sSSaS a,,
in wheat and the tumult in the corn PIT.
st. Louis was heavily short and wanted
excited opening, with September Aa%c to
hqlc higher at nHc to 72lkc. After the
rush of buying orders was over brokers
broke to 70hc. One of the factors was the
falling OF in the cash demand, with Minne-
apolis cash premiums off 21Ac from yester-
days figures. Much Of the early heavy SELL
ing was by a prominent elevator concern
that has had September options eongested
process had shaken out many Of the tailers
there was a fair rally. September, how
ever, closed rather weak M4Ac down, at
two Of contract grade. and Minneapolis and
Duluth reported 25 cars, making a total
for the three points OF SIG cars, against sos
receipts were 100000 bushels, against
1.O22, 900 last year. Seaboard c~learances in
wheat and flour were liberal and equaled
0yo,Vvv bushels. Argentine shipments were
$4,000 bushels, compared with $4,000 last
year,
Selling for a leading bull caused weak
ness In oats. Ever the great strength
early in wheat and corn had little effect
md after a little squirt prices fell back.
The motive for the sharp selling by longs
was said to be the improving weather west
and northwest, which Is expected to result
soon in improving the grading. Shorts still
wanted stun, but when stop loss orders
accentuated the decline trading fell OF.
September sold from 34%c TO $50 and closed
weak. 1G14c down, at SShc. Receipts were
l173 cars.
Provisions advanced early on a better hos
market and outside buying. Later longs
unioaded generally and the liquidation
caused declines in all the list. Even the
unusual advance of as much as 25c in hogs
and a good consumptive demand did moi
prevent a weak close. September porh
closed zoe lower at SECS, September lard
I2Oc down at ] .77h and September ribs 10C
of at &0.02M.
Estimated receipts for tomorrow: Wheat
l295 cars; corn, 30 cars; oats, 25 cars; hogs
$4,000 head.
The leading futures ranged az follows