Omaha daily bee., 1902-07-16
COMMERCIAL AND FINANCIAL
Bears Pouncs on July Corn, Which Falls
with q Thud.
BULLS DESERT AND LANDSLIDE FOLLOWS
other Cereals slump I'm sympathy
ana Quit with Keen Losses and
Provisions Are Unable TO
. Withstand Break.

CHICAGO. July 15.-Bulls in the. corn
pit who engineered the corner in July op.
lions today abandoned their position, ana
the yellow cereal; left do to lsseIf' s deh u nTG%
yesterdays best figure. The causes were
attributed to the action of the market.
this market by the fancy price and set
Element with. many OF the July shoFts Dy
the Gates, New YORK bu1i clique OF S sSr,
broken or whether the action of the bull
party today is simply bait for the unwary
Common rumor, however, has It that the
July deal Is over and all that remains
to be lone Is for the bull Sgo"S See 10 ssett
iivered to II. Naturally most OF the In
teresting sales today conferred about July
corn. As a result the e1ect OF the preak
was followed in all other grains. The
natural conditions were bearish enough 10
break psi n.iS.. ana 40. me beav wea% receiut unu caused
s sS8e ssefFS Wheat sst' Closed i@i4G lower. Sep.
isiSc lower and September oats Iq1c
lower. Provisions started strong, but
could not withstand the pressure OF the
grain break and closed a shade to zoe
At the opening all signs pointed toward
Of the last four days had done much
toward drying out the fields and enabling
farmers to rush stun to this market 10
for contract corn. Elevators were busy
drying stuff with great rapidity. Yester-
day II had been estimated that the re
cefpts today would amount to nearly 1000
cars and the expectations OF the traders
were practically realized. Arrivals were
2S7 cars, the greatest run OF the crop, with
elevators turned out l6 cars and 5000
S STsdaeddS' contract phe S9'si w ranS ~ S Sand g..
go good O 5000 bushels Of SontTaet stun
and which had to be taken in at Sic a
bushel II the price was TO be maintained;
strensth was taken out of July. Other
and lower cables, lent to the bearish sem
timent and September, December. and May
options te1I on IN sympa,ny he T me v Sas
prices sagged so rapidly. Much of the &C
ton of contemplated congested option
was a surprise 20 many traders. but they
took the slump as a matter Of course.
Fluctuations were very ~erratic. oner
Of a ave. was enough to break the price
that the corner was broken. &. 9. Scot
Co, stated shortly before the close OF trade
that private settlement has been made
with many Of the shorts and that the In
terest in supporting prices by that firm
was at an end. II Is probable that shorts
now out can finish settling in the open
TO zee and began plunging downward. There
was almost no cessation to the recession
until 65hc was reached. a break of 15%c
since last night and almost CSC under the
top. price. 90c. which was reached July g.
The close was fiat at a loss of 15hc al
&c down at sic to 6OMc. slumped to $3.50
and closed very weak, 1%ql1hc lower. al
Wheat ruled weak on tho natural causes
of lower cables, fine weather and big re-
ceipts and was pushed on down by tbs
corn break. Everybody had fair quaint
ties of stun for sale. New wheat was com.
ing in to market freely and helped by good
prices and warm weather. .Prospects were
few traders were inclined to the buying
side. The corn bull crowd bought oveI
early break, but the general besrisS sen
against the rally and prices fell back. Sep:
7sSo 70 0 IRs%c. d a%asH TO hf$Ss ss' r iITss e {
724Sc and closed weak. 1@f3fc lower. a
Contract 4 aO srade GeS Sna ssi were Of news VS. c minne "a @
lis, and Duluth reported s46 cars, making
a total for the three points Of ~ cars
Primary fEhlnsr ~ receipts HssI week we're Ssa IS IS. go 9 yf SasS sSS
against 74S.OOO bushels last year. seaboart
COO bushels. The See worlds IDS V Visible sp supply de de-
creased $4,000 bushels.
Oats made stll further recessions, inhu
enced by good weather and the genera
slump in coarse grains. July suffered OF
the expectation of liberal offerings befor,
sold freely and many of the bulls wer'
supposed to have let go. The weather wa
reported doing much for the crop, which
is finishing harvesting in many places. Sep
TENDER sold OFF from SIC to 31&c and closeS
weak and q lower at S%QS1hc. Re
celpts were moderate at 161 cars.
Provisions opened strong on small re
ceipts and better prices for hogs at tn,
yards. The grain weakness, however, wa
too much for the small support and price
drifted back after a momentary advance
especially In lard. September pork close'
2hq5c down at $1S.6h4lS.65. Septembe
lard zoe down at $11.22n and September rib
a shade lower. at $10.86.
Estimated receipts for tomorrow: Wheat
- cars; corn. 40 cars; bats. IS cars; hogs
eS,O00 head.