The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-07-15
FELL Is j ] CENTS.
Sensational Slump in Corn on
the Chicago Board.

Chicago, July 15.-July corn dropped
today from 80 TO 20 cents in the first
hour of trading.
Corn speculators were stanpeded i'm
mediately upon the opening Of the board
of trade today. Bears haa the whip
hand and drove the bulls from the sup
port of the so-ca1led JULY corner so
sharply that prices for july corn broke
10 cents in the first hour of trade. Such
antics of the yellow cereal after having
reached the fancy price of 80 cents, less
than fortnight ago, caused all sorts
of gossip, the principal tone of which
was that the Gates crowd had been
beaten and the much feared corner was
broken. s.s-s...
All natural conditions and influences
favored lower prices when the opening
gong started business on the floor of
the exchange Almost perfect weather
in the corn belt for the last four days
and more of it promised, took all the
life out of the bull following After
dropping 51a cents yesterday on excep-
tionally large receipts, July corn could
not withstand the 827 cars of arrivals
that showed on the inspection sheet to-
day. Private elevators that have been
abetting the bears in the fight against
the New York bull clique, turned out
116 cars and $4,000 bushels of contract
corn today. This amounted TO Ala cars
and $4,000 bushels of contract grade
stuff on the market today. Yesterdays
offerings We're over half a million.
With the last day for July deliveries
still two weeks off both bears and bulls
argued that at this rate there would be
enough corn forced on the market to
very weak and demoraliZed, to cents
lower than yesterdays close at so to 70
cents. With one or two exceptions ev-
cry fuctuation was 1 cent away from
the last previous one. September Op-
tions were weak. offerings in that fu-
ture were free and the selling on the
bearish sentiment prevalent broke July
to "A cents in few moments. There
was rally to rs cents but the heavy
selling continued, the bulls threw up
their hands and July shot down to 20
cents. In the meantime September was
weakening, selling from 81 down to COZ
cents.
While most of the trade thought the
corner was broken some of the sup
posedly knowing ones fatimated that
John w. Gates and his bull crowd still
had some cards to play and that proba-
bly, many daring traders who go short
now will be caught in a trap The
break today is one of 20 cents under
the high price during the rainy season.
While the bear interests in the corn
pit expressed hopes that the turmoil in
corn today presaged an end of the July
corner, brokers affiliated with the bull
party stated publicly that the reason
that a congested option was being su2-
ported by the Gates-New York clique
was that prices were too fancy In con-
sideration of the quantity of the stuff
being rushed to market. Practically
the only buyers in the market have
been the bull clique. 1t has been some
what difficult for this party to unload
all the cash corn which it has been
forced to take in order to support the
corner. With half a million bushels
coming in daily, they say the market
must take care of itself. Pursuing this
course, they allowed July to make a
further dip to 67-eents before noon. This
was break of 19c under yesterdays
high price. Conservative spectators
said that the trade was really as much
in the dark today over the real position
of corn as at any time during the con-
gestion.
Neglected by the bulls and with cash
tinued to break all session. Shortly be-
fore noon 65Ac as low price was reach
ed At this figure there sprang up a
geneGal sentiment that most of the arti-
fetal strength had been taken from the
cereal and there was fraction rally
July closed at 6511c, having lost 1512c
today and 2012c since yesterdays high
price. September closed 13s@11sc lower
than yesterdays close at 59HQ595sc,
having sold as low as 593sc.
CORNER IS ENDED.
| Chicago, July 15.-General Manager
| Scotten of the Harris-Gates company
| made a statement to the Evening Pos;
| that shortly before the closing hour to-
| day a settlement was made with shorts
| in July corn and that his firm had nc
| further interest in supporting prices
| This virtually ends the July corner.