The Montgomery advertiser., 1902-07-16
Chicago Grain and Provisions

CHICAGO. July lS.-Bul.s in the corn p.i
abandoned their position today and the vel
low cereal left to itself fell from its lofty
price and houndered zoe under yesterdays
best figures. Two causes were attributed Ia
the action of this market the immense ar
rivals OF corn tempted this mart by the fancy
price the fettlement With many Of fl, the July
of cornerers. Whether the corner had been
broken or whether the action of the ball par ty
today Is simply bait for the unwary, the
rumor. however. has 1t that the July deal Is
over and all that remains to be done Is for
the bull crowd to get rid of the cash corn thai
has been delivered to 1t. Naturally most OF
the interest in grains today conferred about
July corn. As a result the effect OF the bre Ak
was felt In all other grains Yet natural con-
ditions were bearish enough to break prices
and fine weather and lower cables, besides
the heavy receipts. caused such general SELLING
in all the pits that September wheat closed
t4lhc lower, September corn %@lhc down.
July corn I5He lower and September oats
H6ic lower. Provisions started strong, but
could not Withstand the pressure Of the grain
break and closed a shade to zoe lower
At the opening all signs pointed toward
lower prices for corn The fair weather Of
the last four days had done much toward dry
ing out the field and enabling farmers to rush
stun to this market to take advantage of the
fancy ruling for contract corn Elevators were
busy drying stuff with great rap.dity. Yes
terday II had been estimated that the receipts
today would amount to nearl-- 600 cars ana
ticaiy realized. Arrivals were S27 ears. the
greatest run for the crop. with 29S of cor
turned out Gears and Sc, 900 bushels, The
total run of cars that graded contract was
Ala and $4,000 bushels. This amounted e
q good half million bushels OF contract stun,
which stared the bull crowd in the face and
which had to be taken In at 81 cents q
bushel If the price was to be ma nta ned
The bulls refused to- take the corn and the
bears forthwith proceeded to hammer prices
until practically all the artificial strength was
taken out Of July. Other natural conditions,
enc Nna md Cahlaz lnDt
the bearish sentiment and September, De-
cember and MAY options fell of in sympathy.
There was no marked excitement In the pit
when prices sasged rapidly. Much CT the
action of the congested option was surprise
to many traders. but they took the slump as
matter of course. Fluctuations were very
cratic The offer Of n ''hve'' was enough to
break the price cent and bid for ten
put. the price up once &c The general trend
OF opinion was that the corner was broken.
s. G.. Scotten. general manager for Harris,
Gates a Co., stated shortly before the clbse
Of trade that private settlement had a. been zen
interest in supporting prices by that firm was
at an end 1t is probable that shorts now out
Started i ia2c on at soS7s ana began plGSs
ing downward. There was almost no cessa-
tidn until 65Ac was reached. a break of
l5%c since last night and almost ESQ under
the top price. eoc, which was reached July
9, The close was fiat at a loss OF l5h@ l6hc,
6iR6pT slumped to 59% and closed very
woaks IM6Ihc lower at 5giGd59%. =
Wheat ruled weak on the natural causes OF
lower cables, fine weather and big feceipts,
but was pushed on down by the corn break.
Everybody had fair quantities OF stun for
sale New wheat was coming to market free
ly, helped by the good prices and warm wealth
err Prospects were for still better conditions
and very few traders were inclined to the buy
ing side. The corn bull crowd bought ever
a million bushels of September wheat on the
early break but the general bearish sentiment
prevalent on the, floor worked against the rally
and prices fell back. September opened @mk
to 1,nsSc lower OF 72E672h. dipped to 7l$i.
rallied TO 72% and closed weak, I@lM lower
at 7l% Local receipts were 366 cars. % of
and Duluth reported "a Scars. making for
the three points 7I2 cars, against 2S2 last
week and $40 year ago. Primary rece pts
were 789 900 bushels, against 746, 600 bush
and flour equaled 343,o0o bushels, The
worlds visible supply decreased 5000. 900
oats made still further recessons. inhu-
enced by good weather and the general slump
in coarse grains July suffered the ex-
recitation of liberal offerings before the end
of the month Commission houses sold freely
and manv of the bulls were supposed to have
let go The weather was reported doing much
for the crop which is finishing harvesting in
many places. September sold, OFF from 80 to
Bin and closed weak and 7sGlc lower at 3 X
m3ikc. Receipts were moderate at ISL cars.
The cash demand fell off somewhat.
Provisions opened strong on small receipts
and better prices foe hogs at the yards. The
grain weakness. however, was too much for
the small support and packers allowed prices
to drift back afte~ momentary advances. es-
Sc down at SIS 62ilGIs 6s: September lard
2oc down at S l:22h and September ribs a
shade down at SIoe5
The leading futures ranged as follows: