Omaha daily bee., 1902-05-14
COMMERCIAL AND FINANCIAL
Prices Finally Close Higher After Day Of
Uncertain Position.
BEARlsH VIEW OF GOVERNMENT REPORT
Crowd Ignores BuIIish Statistics, but
D Other Conditions Assist Pits TO Bet
ter CIose-Provisions Have
independent strength.

CHICAGO, May 13.-This was the day for
igesting the government crop report IN
ne gran nv pi H.. SS depsrtment were mater.
ally bullish over last observations, the
crowd, as usual, assumed that II knew
the government and paid only passing at
tention to It Other conditions of bullish
character helped prices and after a merry.
closed 40 higher. July. corn nc up and
July oats a shade higher. Provisions
showed independent strength and closed
The redaction Of the winter wheat con-
dition on May. 7eAc, as against 7ss' Vas
fact that the observations were taken
before the recent relieving rains In the
southwest had greatly helped me gr9TTa
actual condition should be bearish. The
reduction OF the acreage by 4sSs,OO was
the SPECTATORS who had divergent opin-
Ions refused to believe the hsures as trust
worthy. 1t was simply another case OF the
usual bearish reception Of the government
report Notwithstanding this the market
did show q good tone at the opening. The
opened HjAc to ha&Sc higher at .76Isc
20 1870 and advanced to 7615c. Soon, how
ever. came the expected selling. There
were several dips and July sold under yes
terday at 75%@i5hc. The opinion prevailed
for a time that no one really believed the
report and selling was marked, especially
from the northwest. Outside points re-
ported early sagged off later and the eff
fort was to get back TO statistics for Its
street's reported the worlds visible de-
creased by 2,734,WO bushels and. contract
STICKS s gene T I were was a [eport Tsln r n6Prtb.
west that helped the tone somewhat, but
the crowd as a whole got literally short
business and the crowd got frightened. 1t
soon appeared that the market was over
sold and prices advanced rapidly as shorts
covered July gained its top figure again
and closed firm NC higher at 76%9764c.
Receipts, IS cars, contract: Minneapolis
s5s t Duluth p6 5sPSTt of ,s g cars cars. a sp sGfsi f Isl
cars last week and 300 cars a year ago.
Primary receipts were $4,000 bushels, COM
snces equalled 5000 bushels. The sea-
board reported eight loads taken for ex-
port. Advices from southern Illinois stated
that harvesting would begin there by
June 10.
Corn had the support of wheat to help
1t against the depressing influences Of a
dull trade and favorable crop reports.
Most of the day. speculators were either
waiting for the big bull interest to get
ton of the wheat pit. Firmer cables and
bad weather northwest lent strength to
sc. There was almost no selling pressure,
but when wheat sagged corn went down
90 6SA@S2Ac. There was a late reaction
62Yc. Receipts. 11 cars.
Oats followed the action Of wheat and
corn and ruled dull most OF the session.
There was a light demand early that sent
July to 879sGSf%c, but the bull manipu-
lator of May options was selling freely.
way here and prices dipped to 264c. The
close, however, was steady, a shade up at
b7Ac. Receipts, 2Ss cars.
Provisions showed renewed strength
again on a strong hog market. Commits
Eion houses bought moderately. Some
liquidation in the way of outside profit
taking took of some OF the gain, but the
close was Arm. July pork closed &c up at
1875, and July ribs, 5@7hc higher at $s.67ha
$3.50.
Estimated receipts tomorrow: Wheat. %
cars; corn, S5 cars; oats, 60 cars; hogs
1900 head.
The leading futures range as follows: