Omaha daily bee., 1902-06-24
COMMERCIAL AND FINANCIAL
Prices in All Pits Borne Up by Bullisf
Arguments.
PROVISIONS SMASH MAXIMUM RECORD
HOG Record Top values for
the Year and Cereals show
Strength, All Lines
Gaining.

CHICAGO, June 23.-Grain bears were
caught in a trap today and were squeezed
tickle weather market bears we're induced
to sell until the markets were oversold.
Wheat, was dispeiled before the very bull
ish argument of greatly decreased stocks
and everything on the board rallied and
wheat was &c higher; July corn, Inc
higher, and July oats, Nc up. Provisions
closed 12hgS5c higher at record-making
Clearing conditions in the wheat fields.
as shown by the weather map. at the
duced liberal early liquidation and short
selling OF wheat. After last weeks BULL
lsh arguments on get weather, followed
by Saturdays break, the bears thought
that prices were much too high for the
fair, warm weather they had in their
minds for the harvests. The excitement
over wheat scarcity abroad seemed to
have subsidized, and this gave the bears
encouragement Bulls who had paper
profits that were threatened FASTENED to
take them. As a result July opened ga
kG1z9Ssc down, at 72hmI3c. There were
2 few early. bullish statistics that were
crowd perceived that the pit was over
sold. Big decrease in stocks frightened
the shorts and the rest Of the day the
shorts cried for cover. July worked up
rapidly to 71hd74Sc, with apparent ease;
rumors that conditions were bad in france
and that threshing returns were generally
unIaNOTdDle. IN lne main, however, lne
tide Of trade was turned by shorts cover
Ing on the decreased stocks. Predictions
late IN the day were for showers over
much Of the standing wheat. There was
? little dip from top prices on proft-taking,
but July closed strong, Nc up, at Hkq
1855; Local receipts were "A cars I Of q
reported 42S cars. making a total for the
three points of 452 cars, against 462 last
ceipts were $4,000 bushels, compared to
$4,000 bushels last year. Seaboard clear
pnces in wheat and flour equaled $4,000
crease of 2,5S5 5000 bushels, where only
L750,OO0 bushels. decrease was expected. on
passage 6readstufs decreased 2'ss2, OS
bushels, against 9,4S1, 900 bushels last year.
Corn was very nervous all, day. Early
strength in July options, caused by ar
bitrary higher bids by the bull leaders,
could hardly be called a criterion of the
corn strength. Wheat, however. lent good
was urgent buying in the deferred fu.
lures at times, especially of December
which was oversold. Too much rain and
in corn Of late and in some sections OF
the corn belt, especially in Iowa, these
conditions now prevail to soma extent. II
other sections, however, crops are said tC
be In good condition. July at the openine
jumped from &c to 671ac, then back tC
was not large, however, in this option
September sold from 5SBc to 6Oc and CLOSED
strong, lc higher. at 59hc. Receipts were
liberal at 21 cars, 30 of contract grade
cash corn was improved, No. 8 selling a
62Q64c.
Oats were strengthened by the advance.
in the other grains and by their own ex
cellent cash situation. Early trades wer,
at slight recessions on the influence o.
temporary clear weather. Selling, however
was only scattered and there continued I,
be some talk OF too much rain. Some sec
tons reported good crops, but with casl
No. 3 white, selling at 4sd49kc prices ad
Vanced. July sold from 40c to Ale, am
after a dip on proit-taking closed firm
ne up, at 409sc. Receipts were 125 cars.
Provisions again made top prices for tn
year. Hogs sold at $7.S at the yards, ais,
good demand in the provision pit. Sell
ing was only scattered. Packers now hol
almost everything in the pork list an,
yield up very little OF 1t. This conditio,
naturally brought sharp advances. Jul
pork closed at top, 32hc up, at SIS. rs; Sen
TENDER, S211035c up, at SIS. so; July lar
closed 15c up, at $l6.e5. and July ribs. iSls
higher, at 5000. The cash demand het
up fairly well, but there seemed still 4
be a strong manipulative aspect to tn
Eestimated receipts for the week: Wheat
20 cars; corn, 35 cars; oats, $50 cars; hogs
The leading futures ranged as follows: