Omaha daily bee., 1902-08-01
COMMERCIAL AND FINANCIAL
July Markets 0lOse with All Hope Of
ManipulatOrI Corner Lost,
PRICES BREAK AND SETTLE LOWER
Wheat TumbIes Six Cents and Re-
sounding Quake IL Felt In Other
Lines, where Bcarish
M News f. Plentiful.

CHICAGO, July Sl-July corners were
anuffed out today. quietly and with little
excitement, save that Influenced By the
ard oats, the manipulated deals died in the
arms Of their projectors. July wheat cut
the most spectacular figure by slumplng
into history with the closing price 24c lower
than the high price eXacted when the
Gates clique was in control. July oats, al
though controlled absolutely by the Patten-
Frazier crowd, closed uneventfully, doubt
lessly held down by the fear OF dread
possibilities at the hands OF the court when
the Injunction case Gomez to be settled.
With manipulation largely out Of the way
and the imitation In prices rapidly seeping
out. other options in grains felt the very
bearish effect of big shipments to market,
lower cables, fine weather and heavy sales
and consistently declined all around. At
the close July wheat was 59sc lower, sep
lower, September corn &c lower, July oats
1c up and September oats &4zc lower.
I1terest conferred in oats because Of the
Injunction proceedings against James A.
Patten, Bartlett Frazier g. Co. and Car
rington, Patten & Co. Trade hung fire for
q time at the start because the case was
I'm court. A little covering was done early,
which started prices up somewhat. When
the court interpreted the injunction for
the parties interested and stated that only
one house was interested, a house short
$50, 100000 bushels of July, and with the
exception Of deals with this house all bust
ness could go on as usual on change,
prices sagged. Patten sold freely in the
pit to anyone who wanted the stun at Soc,
were covered early. Then rather heavy
liquidation set I'm all around. The general
feeling among Spectators was that had
there not been an injunction In effect pro-
tectlng one firm prices probably would have
been boosted and the July corner would
have gone out with a boom. For the hrsi
time today II was learned that the bull
interest controls 1,S62, 900 bushels bought be.
low 40c. OF this long line Il is estimated
over 1,250.00O bushels was disposed of by
the bulls in the open pit: Most OF the
trading was in new, round lots changing
hands at 64c, one of 465, 900 bushels and an
other of 100000 bushels. Fair deliverie:
but a large number of contracts defaulted
Details of these will not be known fol
s4c,Ssoid at CSC. dipped to esNc and closed
1c up at &c. September sold from 52At
down to 31kc and closed %qkc a
S1%c. Receipts were liberal ut 23 cars.
A break Of &c in July wheat was the fea
ture Of the leading pit today. Trade wa;
dull at times and prices were inclined e
exports yesterday started prices, higher
Deliveries of 10000 bushels In July, now
ever. with heavy selling in all deferre'
options brought a break. July opened ~
down to &c up at 75Q76c, hung fire 10
some time and then plunged in a panick!
fashion TO 69hc: Few traders wanted III
July article. although there was a fal
cash demand. September opened kQhc III
at 7O@qlO%c, broke to 69lHc and CLOSET
weak, hQlc down, at 69RQby9sc. EXcelen
crop news, big receipts and fine weathe
influenced a marked increase In the Sep
tember-December spread, December selltnI
1c below September. The feeling Ia wkea
Sc elsewhere was that with antnulet ito
out of the way imitation must come GU
OF prices in all options. July closed Us
down at 69%c. Local receipts were $40 cars
seven Of contract grade, and Minneapoli
and Duluth reported 1852 cars, making
total for the three points of sol cars, agains
1853 last week and 44 a year ago. Primar
receipts were 1,14S,O0 bushels, compare
with 993. 900 last year. Seaboard clearance
in wheat and flour equaled 236. 1000 bushels
The seaboard reported q loads taken 10
export.
There was heavy selling in corn. yer
little support arrived and prices broke
From 90c, the price OF July corn on July
when controlled by the bull crowd, tn
price had declined until today 1t closed a
b6c. There was a fair strength to all or
tions early on the small receipts, only
cars. Selling in September, however. wa
heavy, induced by bearish reports of eS
cellent crops and good weather. In spit
OF only 65 cars for tomorrow
September sold from $3.50 down to SAX
and July from SOC to SEC. There was a .ittl
rally to September as early cables im
proved. but the close was weak, &c down
at 55hc.
Provisions were only fairly active an
ruled generally lower on in lar,
Early prices were firm on a strong no
situation and support. Ribs had the bes
support and September options OF this pre-
pork closed 12lhc down at SIG. IN and Ser
tember lard 5%@7hc lower at $10.S21zq10.S5 IS.
Estimated receipts for tomorrow: Whea
800 cars; corn, s. cars; oats. 100 cars; hog
1900 head.
The leading futures ranged as follows: