Omaha daily bee., 1902-07-17
COMMERCIAL AND FINANCIAL
July Corn Stands Its Ground and Quits =
Shade Up.
STAR OPTION IS SURPRISINGLY FIRM
Evidence of Corner Not Wholly
O~bIiterated and Bull Faction Buys
-september wheat Closes
Lower, but Oats Advance.

CHICAGO, July 16.-Grain trading was
commonplace today, when compareo 70
yesterdays tumultuous fluctuations. Many
Conditions were bearish and early In the
day It was expected that July corn would
take a further drop. This, however, did not
occur and the very ABSENCE on end he
hrmness Of corn gave rise 70 me opihion
tina the July corner might not be a thing
corn was Mo up. September corn un-
changed, September wheat .AqHc loWer
and September eats hSSs h nj ssc lo ETG
usual type. Gables were lower and con-
tract corn to the extent Of oyer AOS ~
weather continued favorable. for the pears,
but with these conditions did not break the
doing in July after the opening, although
the Gates crowd both bought and sold that
ruled in this pit. 1t was q patent fact that
wisdom had been shown In the refusal by
the Gates-New York Steel clique not TO
rushed in here to take advantage'of s5c
prices. 1t was openly stated that big ele:
vator interests had settled with the bull
sold short under SIC. The question thai
remained unanswered, howeyer was
short line estimated at as high as 25,OO0,0J
bushels, had been covered by the unfor-
tun9te bears; The The Gates had party r 9fl thsII .S am
port Of July, but actual purchases by them
at Gee today refuted this statement. Gossip
had IL that the bulls might still be able to
give a twist to the market the last few
days of the month. Lower prices are ex-
pected to curtail the movement Of CONTRACT
corn toward this market, but this curtail-
ment in turn is feared by the bears, who
are still holding their short lines out, ex-
opened Irregular, &c lower to ho up at 6shd
SEC on the Influence of the talked-of broken
corner. September opened a shade lower to
a shade higher at 5shq5s%c, dipped to 6sAsc
and rallied to 60kc on support by the bull
crowd, which was supposed TO nave sold
against their cash receipts and deliveries.
Business was not large and prices dipped
ate on liquidation. July closed rather iirm,
Unchanged at 59hq5S%c. Receipts were 45a
cars. 15 OF contract grade. Private eleva-
tors turned out IN cars and 1900 bushels:
together with the unexpected show OF
steadiness In corn, put gimp into wheat al
at 1hQ71Ac and held firmly for some time
around 72hc. after having dipped to 1%c,
The cause of much Of the early, frmnesf
leading elevator concerns. This offset the
local bearish sentiment and kept the price
Then the skies Frightened, the fear Of the
passed away and the weakness OF the for.
ceipts were liberal and showed signs of in.
creasing from now on. Trade was only
s %0dGST o1ses R heavy re and sei tbe ss by So% e1asG
.1A1AA SN1 F@e -. N@ .a1S
brokers for the early purchasing elevator
concerns let go large quantities and the
price broke. September closed weak, h@hC
lower at n%471hc, having sold as low az
71h471%c. Local receipts were LIS cars
only 2 OF contract grade, but nearly all new
stun. Minneapolis and Duluth reported a:
cars, making a total for the three points oil
$40 cars, against 259 last week and $50 9
year ago. Primary receipts were $685. 90,
bushels, compared to 1,116,000 bushels. Sea,
board c~learances In wheat equaled 617,OO
bushels. Bradstreet's worlds visible sup
ply decreased 2,9e3,000 bushels.
Oats flrmed up we'll at the start, partly
because of fear of wet weather and reports
of lodging In Iowa, Indiana and Illinois
Shorts. who saw they had overdone N
selling yesterday, covered freely and highel
prices resulted at once. Receipts wer,
small and the cash demand held up re
markably well. Receiving houses wer'
good buyers, as were some commission
houses. Trade was only on a fair scale an(
the selling was scattered for the local ao
count. September sold from NM982ko anC
closed FIRM, hQ%c up at 31&c. Receipts
were only &C cars.
Provision business was dull. Prices wer,
hurt by liquidation, especially In lard, bu
the hog situation was firm and was consid
cred too strong for, short selling. Septem
Der pork closed a shade higher at SIS. 65
September lard TIC lower at S11.15 and Sep
ltember ribs unchanged at S10.S6. Estimated
receipts for tomorrow: Wheat, 145 cars
corn, ASo carsi oats, 70 cars; hogs, 400
The leading futures ranged as follows,