Omaha daily bee., 1902-07-30
COMMERCIAL AND FINANCIAL
WhOls Cereal Family Tumbles on Big Re.
ceipts in BeariSh Market.
REACTION SETS N TOWARD END OF DAY
JuIy oats, After Dropping Five Cents
Get support and quit Advanced
-PPovisions Are weak
and suffer Losses.

CHICAGO, July 29.-Bears were In full
control OF all grain markets most Of the
day: The tumbling was not connnea onlg
manipulation. The whole grain list, wheat,
corn, oats and rye, in all months went
lower under the smothering weight OF big
receipts and prospects of Immense coarse
drops were expected, the bears were some
what disappointed. In the other months,
however, where prices were considered on
a fair commercial basis, the crops were
ouite astonishing. toward the close a re-
action set in In most grains and especially
the end July wheat lost only &c, September
hd4sc, July corn &C. September I1zc ano
September oats nc. July, oats closed &c
Corn ruled consistently bearish In all
options. Extreme weakness set In almost
and fne weather were the incentives. Aug
menting these was an almost total absence
Of support Apparently the Gates-NeTT
deserted the July deal. for on fair Offering
Of this month there was a rapid decline
with the closing sale at SIC. Trade was
not heavy, but offerings were so liberal in
large coarse grain crops that the corn
market all around took on a sick aspect:
Cables were Indifferent, the cash demand
favored the bears. The big short interest
In September gave almost no support and
powerful that l. was waiting for still fur
Their breaks. September opened hdhc
down at Csc to S1AG and kePt5 s on a EsSii-
mates OF only 125 cars to be received here
tomorrow checked the decline and Sep
ceipts were 334 cars, "a of contract grade.
Wheat showed much weakness early on
the corn slump and lower cables; Receipts
were liberal, both local and primary and
for a time there was an absence OF sup
port that threatened a bad break in the
leading cereal. Predictions were for a rec
ord hreaEinQ CrOn northwest. IOCnllV the
sentiment was very bearish and the local
crowd sold almost to a man. TIL south
west, which received a heavy load today,
sold freely. Stop-loss orders were met in
abundance on the decline, but as soon as
these were exhausted the tone improved.
The pressure lifted and excellent buying. by
influential houses aided the pit In a fair
reaction. Later seaboard sales of AZ loads
augmented the rally. July, which Of late
has been very narrow and easily affected,
hung rather narrow, opening hGkc down
at 75@73hc. and after dipping to 72ssc closed
TENDER opened hdkc to k@&sc down at
70%c to 70xc. sold down to zoe and closed
1zqMc down, rather weak, at 7Osc. Bust
bearish factor. Local receipts were
Nj and Duluth f Teported s56 sF cars
making a total for the three points of 7Ss
cars. against 712 last week and 75 a year
ago. Seaboard clearances In wheat and
-four eqnaled 121,0OO bu. Primary receipts
were 1,41s,OOO bu.. against 1,l2S,OOO bu. last
year.
July oats afforded the spectacular side oil
the blackboard story of the trading today
On a little selling, stimulated by the very
heavy receipts. July broke early TO 53c, oil
q loss Of SC from yesterdays close. Wher
the decline IN the other grain pits was
checked bids for several ''hves' of new
July put the price up quick, to a strons
close, &c higher. at Coo, The trade was still
at sea as to the possibilities OF the manip,
ulation In this option. At the outset a
was expected that the CSC cars Of new ar,
rivals today, with 172 cars of contracl
grade, and other contract stun. total 300.
COO bu. for deliveries, would break prices
Everything pointed to a delu ge or oats THU
week. With only two days more to tn,
July deal II was all guesswork whether tn,
shorts had settled or would have enough
contracts settled to avoid a bad squeeze
When the price reacted and advanced 1
was thought the final squeeze was at hand
September was sold freely on fine weathet
end dropped from 321hc to 31hc and CLOSED
&c down at S2c.
Provisions were very weak on seilinI
out of sympathy with grain weakness
Early the market was strong on a stroni
fog market. There was some fair suppor
TO lard, but other products were no
wanted and prices declined sharply. Sen
TENDER pork closed 221kc down at SIG 81
September lard sc lower at SIC .6Th and Sen
TENDER ribs 36c off at $40.
receipts tomorrow: Wheat, 20
cars; corn. lS cars; oats, 800 cars; hogs
1900 head.
The leading futures ranged as follows: