The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-17

CHICAGO, July 16.-Grain trading
was commonplace today when COM
pared with yesterdays tumultuous
fluctuations. Many conditions were
oearish, 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 of weak
ness caused much comment. In the
END the hrmness of corn gave rise to
the opinion that the July corner might
not De thing of the past after all.
AZ A. the close July was &c up, Septem-
per corn unchanged, September wheat
a q 4s lower and September oats u a.
&c higher. Provisions closed a shade
higher to TIC lower,
Actual trading in corn today was of
usual type. Cables were lower and
contract corn to the extent of over
4Oo,OO0 bu was put on the market. The
weather favored the bears, but con-
dltlons did not break the market ap-
preclaOly. There was not much doing
in July after the opening, although the
Gates crowd both bought and sold that
option and bought September. Uncer-
talnty ruled in this pit 1t was a patent
fact that wisdom had been shown in
the refusal by the Gates New York
Steel clique not to take the mountain
Of corn that is being rushed in here
to take advantage Of SIC prices. 1t was
openly stated that big elevator in
terests had settled with the bull party
at soc to SIC for the July corn that was
sold short under &c. The question
that remained unanswered, however.
was whether more than one-third of
the big short line, estimated at as high
as 25,OOO,00O blu, had been covered by
the unfortunate bears.
Gates Finesse.
The Gates party officially announced
that they had given up their support of
July, but actual purchases by them at
66c today refuted this statement Cos
sip had it that the bulls might still
be able to give a twist to the market
the last few days of the month. Lower
prices are expected to curtail the
movement of contract corn toward this
market, but this curtailment in turn
is feared by the bears, who are still
holding their short lines out, expecting
to retrieve their losses. =
July opened Irregular, &c lower to
1ac up at 631ac to &c on the influence
of the talked-of broken corner. Septem-
Der opened a shade lower to a shade
higher at 5911c to $3.50, dipped to 593s C
and rallied to 60Ac on support by the
Dull crowd, which was supposed to
have sold too heavily of this month as
hedge against their cash receipts and
deliveries. Business was not large and
prices dipped late on liquidation. July
closed rather firm, &c up at 655sc. Sep
TENDER closed steady, unchanged at
59h @595sc C. Receipts were 453 cars, las
of contract grade. Private elevators
turned out III cars, and $4,000 blu.
How Wheat Jared.
Hot weather Northwest and local
showers, together with the unexpected
show of steadiness in corn, put gimp
into wheat at the opening. September
opened &c to &c up at 71Bc to TIC,
and held firmly for some time around
72Ac after having dipped to TIC. The
cause of much of the early firmness
was the buying of nearly 2,000,000 blu
by the leading elevator concern. This
offset the local bearish sentiment and
kept the price from sagging until just
before the close. Then the skies
frightened, the fear of the hot weather
in the milky spring wheat pit passed
away and the weakness of the foreign
markets began to have an effect. Re-
ceipts were liberal and showed signs
OF increasing from now on. Trade was
only moderately heavy and selling by
commission houses was free
AS the session ended brokers for the
early purchasing elevator concern let
go large quantities and the price broke.
september closed weak, Il o. &c lower
at TN @71k, having sold as low as
11A OIL sc. Local receipts were 125
cars, only two of contract grade, but
nearly all new stuff. Minneapolis and
Duluth reported 215 cars, making a
total Tor the three points Of $40 cars.
against 25S cars last week and 36O a
year ago.. Primary receipts were $685.
600 blu, compared with 1,116,00O blu.
SeabOard clearances in wheat and
flour equalled $4,000 bu. Bradstreet's
worlds visible supply decreased $685.
900 blu.
Oats and Provisions.
Oats f1rmed up well at the start.
partly because of fear of wet weather
and reports Of lodging in Iowa, In
diana and Illinois. Shorts who saw
they had overdone the selling yester-
day covered freely, and higher prices
resulted at once. Receipts were small
and the cash demand held UP remark
ably well. Receiving houses were good
buyers, as were some commission
houses. Trade was only on a fair scale
and the selling was scattered for the
local account September sold from
31sc and 32Ac, and closed firm, u %
&c up at 31%c. Receipts were only sc
cars.
Provision business was dull. Prices
were hurt by liquidation, especially in
lard, but the hog situation was firm
and was considered too strong for short
selling. September pork closed a shade
higher at $1S.65; September lard, 71hc
lower at Sill. Is and September ribs UNI
changed at $10.S5.
The estimated receipts for tomorrow
are: Wheat, las cars; corn, $50 cars;
oats, 70 cars, and $4,000 head of hogs
Tho leading futures ranged as follows:
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