The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-18
CORN STILL CENTER
MAKES VERY ERRATIc TURNS FOR
A DEAD DEAL
Conditions Remarkably 5earish, But Sup
port BY the Bull Crowd Gives the Mar
ket Good Strenqth-Firmness in Wheat
in Spite of an Array of Bearish News.

CHICAGO, July 17.-Corn held the CEN
ter rof the speculative stage through to-
days dealings and the July options made
very erratic turns for dead deal: Con-
ditions were remarkably bearish in the
coarSer grain, but support by the bull
crowd that looked very queer considering
the announcement that the bun interest
had abandoned July gave the market
good strength. Wheat and oats had
crop figures against them and made good
advances for this reason, aided to some
extent by the corn Improvement. AT
the close July corn was &c lower, Sep
TENDER corn 1.c up, September wheat &c
higher and September oats &c higher.
Provisions closed TIC to 121ac lower.
The trade in the corn pit was all at
sea at the opening of business because
of the attitude Of the Gates party. Bids
were made by the bulls openly at &C.
and as result the shorts began to gos..
sip over the possibility that the tale or
the broken corner was only ruse ana
that another squeeze was in store 1or
them. At once a demand arose in both
July and September and prices Jumped
accordingly. July, from an opening asc
to 1Bc higher at &c to 671sc, SCARED TO
sec About this time the crowd came to
the conclusion that Gates was simply
bidding up the price in order to get rid
of the large quantity OF expensive, corn
that he had been forced to take on de-
liveries. la5f
Demand Falls Off.
The demand fell off, and forthwith the
price of July fell back with thump to
a weak close sc lower than yesterday,
at 65Ac. Trade was not large, probably
150.00 bushels being conservative estl-
mate Of the amount unloaded in July.
July seemed on tap at all times on the
hard spots, but September was offered
sparingly, partly because of firm ca
bles Despite the fact that the bull
party in July has a tremendous quantity
of cash stuff to get rid of the story goes
that its heavy short line in September
may yet bring the corn 6, Clique to gr1ef To-
day was attributed to covering by this
crowd. Receipts in corn continued very
heavy. today, 4s2 cars arriving, 22 % o OF
bushels were turned out by unlicensed
elevators, making total of over 400; 600
bushels of contract stuff on hand today.
cash market well and opening q ~
down to A@Ac UP at 59$s @59Ac, ad-
vaficed strongly and closed very strong,
11ac up at 61Bc.
Wheat Rules Firm.
IN the face Of good array of bearish
weather was almost perfect save in the
Northwest where. hot weather in the
wheat, which is. approaching the milling
state, threatened the spring wheat Ar
rivals We're much larger than expected,
cables were lower and statistical Journals
issued bearish- reports; Offerings, how,
demand from the Northwest, where. some
damage had been done by the cyclones.
The corn strength stimulated buying in
wheat to some extent and September,
which opened a shade higher to a shade
lower at 711ac to 71asc, at once advanced
to ne Liberal selling by commission
house and estimates of 20 cars for to-
morrow put the price back again tenn
porarily but when 81 cars were reported
taken for export at the seaboard the
buying started on a fair scale again and
September closed firm 5sc up at 72@12Bc,
: Local receipts were $50 cars. only one
of contract. Minneapolis and Duluth re-
three points of 377 cars, against $50 last
week and 444 a year ago. Primary re-
rceipts were ,769, 900 bushels, as against
5000 bushels last year Seaboard clear
anees in wheat equaled 269,00 bushels.
Oats and Provisions.
Oats opened strong on scarcity of Of
ferings and the very light movement to
this market. Cash business was good
at higher prices and July options gained
at one time 1&c, selling at SIC. There
seemed to be general fear that the mar
not be enough new stuff to deliver Of
contract. This boosted September
from 91%c to a firm close, PC up at
S21ac. Receipts were only IS cars, Of
new stuff and 3 of contract grade.
Provisions were rather neglected and,
with a small and waning support, weak
ened on outside liquidation. Hog prices
pork closed 10c down at $18.55; Septem-
Der lard, 121Ac lower at $11.021s and Sep
TENDER ribs TIC lower at $10.771h
The estimated receipts for tomorrow
are: Wheat, 210 cars; corn, 440 cars; oats,
95 cars, and $4,000 head of hogs.
The leading futures ranged as follows:
Open High. Low / Close.