Omaha daily bee., 1902-05-13
COMMERCIAL AND FINANCIAL
Bullish Statistics and Short Accounts Boost
Prices to Higher Close.
MARKED ABSENCE OF SELLING PRESSURE
ProvIsIons Reach Highest Level of
Year, but Are Depressed on Profit
Taking, Though Supported
TO Firm close.

CHICAGO, May 12.-Active covering of
short accounts OF very bullish statistics
jumped prices upward IN the grain pits
today and relieved the otherwise monoton-
GUS quiet that usually prevails on the
Board of Trade while spectators waited
for the government crop report; A con-
helped prices and July wheat closed sc
higher, July corn sc up and July oats 80
Lc higher. Provisions huctuated errat-
ically and closed a shade lower TO 121hc
Gables were firm and worlds shipments
and the on passage decreases were bull
ish. Some small buying was done Tor an
hour and then conditions became such
that buying set in in good fashion and
OF wheat were reported much decreased,
the visible supply being decreased SN6OOO
year. Exports were very heavy, the sea
board c~learances in wheat and flour equal
ing o d;5sGiGS bushels sTsslS ss Isas ESaI Iead,n Snos ST
Louis houses. For the third consecutive
day there was an absence Of selling pres
port current In the pit that the forthcom:
Ing report would indicate a condition OF
n8, as against 7SS on. April l. gained con-
siderable credence. Added to these factors
were d~iscouraging reports or chinchbugs,
insufficient rains and extensive blowing up
of wheat fields in the southwest. Tho local
trade turned bullish and showed July TO
76sc after opening a shade to Nc up at
75hcq75bc. Commission houses and big
traders who bought early liquidated at the
high price and the tone eased on a little.
The close. however was stu strong, July
We're small at u cars. Minneapolis and
Duluth reported 82 cars, making a total
for the three points of 2A cars, against
receipts were only se6.OOO bushels, COM
pared with $4,000 bushels last year. The
against s,4lb.OOO bushels last year. on pas
sage breadstuffs decreased $4,000 bushels.
Corn traders paid little attention to
statistics, which, II anything, were rather
bearish, and bulied the pit all session. All
buying by the big bull interest and short
covering were the incentives. AS for sew
eral days past there was again no notice
able selling pressure. The sentiment. was
bullish all around and was helped by
firmer cables and the better tone In wheat.
A number of heavy buying orders for the
st. Louis account early stampeded the
local crowd, who soon turned to competing
Nth that market for the very small offer;
ings. After the buying craze had pushed
July corn from 61%c to &c there was some
late proft-taking and the market lost part
sc up at 62%c. Receipts were IS cars.
Oats were inclined to dizziness, although
corn and wheat There was a fair demand
from st. Louis and the English houses,
and marked reduction In stocks gave the
taking some stun and about the only sell
ing was by scalpers. Chinchbugs were re-
ported in the central states: July, opened
unchanged at SIC, sold to 375c and closed
firm hQAo down at S7hq37kc. Receipts
Considerable proht-taking, after prices
had been manipulated to the highest level
for the year. took off much of the gain
made in provisions today. Hog receipts
over the west were large and prices from
&c to 10c lower. But in the face of this
bearish argument brokers for packers
pushed July pork up to S17.6O Other prod
ucts on the list advanced In sympathy and
then q good deal of stun was thrown over
tSSe sti Pr heis f EsGede July Sh porS clos SSf ,s sae
up at s1Zt2h, July lard a a down at
S1022h91O.25 and July ribs unchanged at
s9.62h.
Estimated receipts for tomorrow: Wheat
80 cars; corn, 120 cars; oats, 20 cars; hogs,
10000 head.
The Leading futures ranged az follows: