Omaha daily bee., 1902-06-18
COMMERCIAL AND FINANCIAL
Shorts Badly Scared on July Corn and
Prices Go skyward.
COARSE CEREAL GAINS OVER THREE CENTS
Bulls Make No Attempt to Restrain
Values and Stampede Follows
other Pits Neglected, All
Closing Lower.

CHICAGO, June I7-corn. was on the
rampage today, and. headed by the buii
crowd that has cornered July options, led
the unfortunate shorts a rapid and exs,
citing chase. Early In the day the WORD
went round that the screws were 70 be
put on the shorts long before the settling
day. Nervousness pervaded the pit ana
soon the shorts began to accept the IN
evitable and got out OF their deals with
as little loss as possible. A tight hand
was held on much of the corn early, but
soon the market ran away. The bulls dld
the day closed with a net gain OF 9bc IN
July corn. Other pits were neglected IN
the interest that centered In corn, ana
July wheat closed a shade down and July
oats a shade lower. Provisions closed IN
G7zc lower.
The corn pit was in a constant boil from
start to finish. II was a day for corn
and practically everything else was lost
sight OF. Pit conditions we're mixed. There
Is little doubt that the principals back of
the corner in July, which is credited 70
the Gates and Wall street crowd. are
trying to move out all contract stun. The
country probably could furnish plenty, OF
stun with which to supply the shorts, but
the wet weather worked against the graz 20
cars graded No. 2. Primary receipts were
Increased TO $1,000 bushels and private
elevators were making good increases In
stocks. But, all told, there was cause for
fear among the shorts. for II Is thought
by old spectators that the
would not allow the price TO run away
as 1t did today. Contract stocks today
were a little over EtNDVsNNV EllN nc
bull crowd is credited with having 15,OO,OOO
bushels Of July. Predictions are, for 1oe
corn, as a result Of this situation, and
fluctuations today warranted such predico
lions. July opened unchanged to Nc up
at 6%c to 64bc, after having sold yester,
day as low as CSC. A sharp ten minutes
buying sent the price to 66hc. The bulls
supplied enough long stuff on proft-taking
to let the price slip back to 65ac, but then
the shorts became panic stricken, the mar
Eet turned erratic again and July shot
to 67kc,. where it closed very strong and
shc higher thar Yesterday nag s, close; q, the the
market, but sold more than II bought.
Deferred futures were traded in lightly.
but were influenced somewhat by the ad-
vance in July. Cash business was not so
good as recently and country ,oferings
were small. Cash stuff was selling b4Sc
Wheat ruled steady. 1t was strongest
early on higher Paris cables and showers
was interfering with, harvesting and Tor
this reason would sell little. the absence
of any heavy trading worked against
helped wheat somewhat. fluctuations were
very narrow. July opened unchanged TO
&c up at 72a72sc, and sold to 72Sc. Light
selling caused a dip to nBq72c and July
closed steady and a shade lower at TNQ
72hc. The chief bearish influence at pres
emit appears to be the scattered first ar
rivals OF new wheat here and In the south
western markets, although good premiums
receipts were IS cars. IS Of contract grade.
Minneapolis and Duluth reported IS cars,
making a total for the three points OF l46
cars, against $50 last week. and 41 a year
ago. The worlds available supply de-
creased A,461, 600 bushels. Primary receipts
were 279, 900 bushels, against $4,000 bushels
last week. Seaboard clearances in wheat
and flour equaled 1921 900 bushels. The sea-
board reported 81 loads taken for export.
Oats were dull but steady, huctuating
within a range OF only NC. There was not
much stun offered, although receipts were
liberal at rs cars. Trade paid more at
fention to corn. July early sold at 39%c,
dipped to $3.50 and closed a shade lower
and steady at 89hc.
The provision trade was almost nil. Hogs
were easy at the yards, and after a little
early support prices in the pit slid back
slightly. July pork sold at 317.65 and closed
TIC down at $17.55, July lard closed &c
down at s1O.15 and July ribs 2hc lower
at 81. 40.
Estimated receipts for tomorrow: Wheat,
30 cars; corn, 175 cars; oats, ITO cars; hogs,
$1,000 head.
A.L,- 49, 1 ILL I ~. 1 Clana I XasI.