The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-07-16
CORN BULLS ABANDON THEIR
POSITION III THE MARKET.
JULY OPTION TCMBLES 2OC
BELOW MONDAYS FIGURE.
Traders in Doubt Whether Action
Of Leaders Is Il Bait Ia Tn
wary Spectators.

Chicago. July 15-Bulls in the corn pit
who euCiueered the corner in July options
abandoned their position to-day. and the
yellow cereal left to itself. fell from its
lofty price and hOuHdered ~ under yes
terday's hest figure Two causes We're az
trihuted TO the action OF this market: The
immense arrivals Of corn tempted to This
mart b. the fancy price. and settlement
with many Z the July shorts by the Gates
New York bull clique OF cOrurrers. Wh"Jh-
~ the corner has been broken or whether
the action OF the bull party to-day l. sim
ply = bait for the uuWary. the trade = yet
at "a loss 10 understand. Common TumCr.
however. has II that the July deal l. over.
ami all that remains 10 be done i Tor me
bull crowd 10 get rad OF the cash corn That
has been delivered To IT, Naturally most
Of the interest in grains today c-nt-r-l
about july corn A. a result Of the break
IL was felt in all grains. Yet natural con
dit!pns were brarish enough L. break
prices. and fine weather and lower cables.
besides the heavy receipts. caused such
general selling In all the pits that sept
wheat closed ITlisc lower. Sept corn ia
Ike down. July corn l5i=c lower. and SEPT.
oats 7sTlC lower. Provisions started strOuS.
hut could not withstand the pressure II
the grain break and closed a shade to &c
lower.
Corn.
Al the opening al the signs pointed 20
lower prices for corn. The fair weather u
the last four days had done much toward
drying out the fields and enabling farmers
L. rush stun 20 this market 10 take aGvan-
tage Of tie fancy price ruling for contract
corn. Elevators we-e busy drying stun
with great rapiGity. Yesterday IL had been
estimated that the receipts to-day would
amount TO nearly L.uuJ cars. and TIE TX
peCtati0us Of the traders We're practically
realized. Arrivals were 80 cars. the great
est run for the crop. with - OF contract
grade. TIL. unlicensed elevators turned cut
IL cars. and 5000 bu. The total run ut
cars that graded contract was az and $500
hu. This amounted To- a good half-m.iiIUu
bu- Of contract stun ThlCh started the full
crowd in the face. and which had q re
taken in al Sic "A bu. IL the price was to Doe
maintained The bulls refused to take .h-
corn. ami the bears forthwith proceeded To
hammer prices until practically all the or
tllcial strength was taken ont Of july
Other natural conditions. such aS nus
weather and lower cables. lent to the bear
ish sentiment, and sept. Dec and May up
tons fell on in sympathy There was no
marked excitement In the pit when pIi-.s
gagged ~ rapidly. Much Of the action 81
many raiders. but they took thu slump -
a matter II course. Fluctuations We're very
TO break the price &c. and a hid for ten
put the price up once .. The general trend
Of opinion was that the corner WIS broken
= ;. g Gotten. general manager for Harris.
Gates & Co. stated shortly before the close
Of trade that private settlements had been
made with many u the shorts and that
the interest in supporting prices by that
firm was at an end. II is probable that
shorts nCw out can finish settling IN the
osfu UsThtL- july STAR Il lC TO q II al ~
10 &C and DeEan plunginE downward There
was almost no cessation To the recession
until sac was reached a break OF l5-.C
since last night, and almost &c under the
top price. &c. which was reached July s
The close was fiat at a loss q l5isc at size.
September opened Cn hanged TO &C down a
SIC TO 5 Lmped to 5-Nc md closed very
weak, lAsIli=c lower at &i-a5+Sc.
Wheat
Wheat ruled weak on the natural causes
o. lower cables. fine weather and big re-
ceipts. but was pushed on down by the corn
break. Everybody had fair quantities OF
stun for sale. New wheat was coming To
market freely. helped by the good prices
and warm weather. ProSpects were for
still better conditions. and very few trad
ers were inclined 20 the buying side. The
september wheat on the early brvak. but
the general heaTish sentiment prevalent on
the floor worked against the rally ami
prices fell back September opened |Fiizc
TO EG1sc lower At 75Ic to 72Ec. dipped 70
ll-sc. rallied TO I2Asc and closed weak 1Nlisc
lower al IsSC. Local hvreiuts We're % cars.
neapolis and Duluth reported Is cars.
making a total for the three points OF
az cars. against ~ cars last week and
sy a year ago. Primary receipts were lSS.-
90 bu.. against 7is.0D hu. last year. SEA
board C~lefEanCes in wheat and -four equascd
s3H9 hu- The worlds visible supply de-
creased NS%'."S bu.
Oats.
Oats made still further recesslons. nlu
enced by good weathesr and the general
slump In coarse grains July suffered ON
the expectation Of liberal offerings before
the end q the month. Commission houses
sold freely, and many Of the bulls were sup
posed To- have let 20. The weather was re-
ported doing much for the crop. which is
TENDER sold OF from &c TO 3l1sc and closed
weak and 'sGic lower at JIrH31i=c. Re
eeip,s we're moderate at Isl cars. The cash
demand fell on somewhat.
Range of Futures.