Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-07-17
CORN CORNER
SMASHED BY
BEARS
GATES AND HIS FOLLOWERS
WHIPPED IN FIGHT IN CHIcA-
GO PITS TUESDAY-coRNER
IS AT AN END.

CHICAGO. July 1S-Corn Spectators
were stampeded Immediately upon the
opening OF the board Of trade today.
The bears had the whip IN hand and
drove the bulls from the support OF the
eo-called July corner so sharply that
prices Of July corn broke 10 cents In the
nrst hour OF trading
such action OF the yellow cereal after
having reached the fancy price OF 20 cents
less than a fortnight ago caused all sorts
OF gossip. the principal tone OF which was
that the Gates crowd had been beaten and
the much feared corner was broken.
All natural conditions and influences
favored lower prices when the opening
gong started business on the floor OF the
exchange. Although perfect weather in
the corn belt for the last four days and
more OF % promised took the gimp out OF
the bull following. After being Influenced
20 drop IL yesterday on exceptionally
large receipts July corn could not with
stand 81 cars u arrivals that showed on
the inspection sheets today. Private eie-
vators that have been abetting the bears
In the fight against the New York bull
clique turned out 1i6 cars and 1900 bush
els Of contract corn today. This amount
ed 20 90 cars and 500o0 bushels OF con-
tract grade stun on the market today.
Yesterdays offerings were over half a
million With the last day for July de-
bulls argued that at this rate there would
be enough corn forced on the market TO
break any corner. July options opened
very weak and demoralized. / to 2 lower
than yesterdays close at S0~to nc. With
one OF two exceptions every fiuctuation
was one cent away from the last previous
one September options were weak. offer
ings IN that future were free from gen.
eral selling and on bearish sentiment prev
alent broke July TO T4c in a few moments.
There was q rally 20 &c but the heavy
selling continued. the bulls threw up their
hands and July shot on down 10 70c. In
the meantime September was weakening.
selling from SIC down 20 50 1-4c.
While most OF the trade thought the
corner was broken some OF the supposed
~ knowing ones intimated that John W.
Gates and his bull crowd still had some
cards % play and that probably many
daring traders who go short now will be
caught n trap. The break today is one
Of 1oc under the high price during the
rainy season.
General Manager Scott, OF the Harris
Gates company. made a statement 10 The
Evening Post that shortly before the clos
ing hour today a settlement was made
with shorts IN July corn and that his firm
had no further interest in supporting
prices -..--t --
This virtually ends the July corn corner.
market slumping badly July corn contin-
ued to break all the session Shortly be
fore noon s. Ia cents was the low price.
At this figure there sprang up a general
sentiment that most OF the artificial
strength had been taken from the cereal
and there vas a fractional, rally. July
closed at s. lie, having lost Is l-2c to-
day and - lie since yesterdays high
price. September closed weak, 3-Sd1 1-2c
lower than yesterdays close at So l-2Q5-Sc,
having sold as low as SO 3-sc.
While the bear interests in the corn pit
expressed the hope that the turmoil in
corn today presaged an end Of the July
corner brokers affiliated with the Gull
party stated publicly that the reason the
congested option was not being support
ed By the Gates New York clique was that
prices were too fancy in consideration
q the quantity Of stun being rushed TO
market
Practically the only bears in the mar
ket have been the bull clique II has been
somewhat dificult for this party 10 un-
load all the cash corn which IL as been
forced 20 take IN order 20 support the cor
ner. With half a million bushels coming
IN daily. they saw the market must take
q drop. They allowed July TO make a
further dip 10 sc before noon This was
q break Of - cents under yesterdays high
price. Conservative spectators said that
the trade was really as much in the
dark today over the real position OF corr
as az any time during the congestion