The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-30
BEARS IN FULL CONTROL
ALL GRAINS TAKE TUMBLE ON
NEWS OF GOOD RECEIPTS
Some of the Drops Are Disastrous to the
Bulis-ln july Oats Option a Break of
Cents Is Registered-Provlsions
Share the Great Weakness.

CHICAGO, July 29.-Bears were in full
control of all grain markets most of the
DAY The tumbling was not confined only
~ Dieahs IN July where there had been
manipulation. The whole grain list
wheat, corn, oats and rye-in all months
went lower under the smothering weight
OF pig receipts and prospects of immense
coarse grain crops. In July, where SEN
satlonal drops were expected the bears
were somewhat disappointed. In the
otner months months, however, where prices
were considered on a fair commercial
basis, the drops were sudden and disas-
trous to the bulls and in all quite aston
iishlns. Toward the close a reaction set
IN most grains, and especially in july
oats, which had lost sc. In the end july
wheat lost only Nc, September wheat u
W9Sc: july corn &c, September corn 21kc
ed &c higher and provisions closed 5035c
down. o@4o'o
Corn Consistently Bearish.
Corn ruled. consistently bearish in all
optlons. Extreme weakness set in al
most at the start of business. Heavy
receipts and fine weather were the in
centlVes. ,Augmenting these was an al
most mos, total absence of support. Appar-
nave, as they announced, deserted the
july deal, for on fair offerings of this
month there was a rapid decline and a
net loss Of &c from last nights close,
with the closing sale at SIC Trade was
not heaVy but offerings were so liberal
II, ADDITION to the reports of exceptional
NOohoO S3Adln crops InaC the
market all around took on sick as
Pect Gables were Indifferent, the cash
demand fell off and general news of 9TH
er nature favored the bears. The hie
short interest in September gave almost
no support, and the gossip was that this
interest was so powerful that it was wait
e nren aer SUI III further breaks. September
opened q @t8c down, at 55%c. Estimates
OF only l25 cars to be received here to-
morrow checked the decline. and Sen
tember closed weak, 23kc down, at Sc.
grade.
''' Wheat Weak From the Start.
Wheat showed much weakness early.
on the corn slump and lower cables. Re-
mary, and for time there was an All
Sence OF support that threatened a bad
nreak IN IN the leading cereal. Predictions
were were 1oT record-breaking crop North
west Locally the sentiment was very
-pear1sn, and the local crowd sold almost
80 a man. The Southwest which had
fecelHed heavy load today sold free
~ Stop orders were met in abundance
on .tne decline, but as soon as these were
exnau lst the tone improved. The pres
sure lifted and excellent buying of fnfiu-
ent!al houses aided the pit in fair re-
action. Late seaboard sales of At loads
augmented the rally. July, which of late
had been very narrow and easily affect
Down at S73@73Ac, and after dipping to
AGzBc, closing only a trifie easy &c low
er, at 7SAc. September opened se to
to zoe, and closed 1S@5sc down, rather
weak, at 70asc. Business was liberal.
Fine Ell , weather was a bearish factor. Lo-
tract grade. Minneapolis and Duluth re-
ported 256 cars, making a total for the
three points of 1888 cars, against 712 last
eleeEan ana iU0 s year ana ago seaboard
121. 900 bushels. Primary receipts were
l,4l9 bu, against 1,139 last week.
Heavy Trading in Oats.
q July oats afforded the Spectator side
of the blackboard story of the trading
TOO On little. selling, stimulated
by the heavy, receipts, July broke early
TO 5Sc, or loss of sc from yesterdays
close: When the decline in the other
grain grain pits. was checked, bids for several
ives OF new July put the price UP
quickly to a strong close, &c higher, at
60c The trade was still at sea as to
the possibilities of the manipulation of
this option. At the outset it was ex-
pected that the 6S6 cars of arrivals today,
with III cars contract grade and other
contract stuff to total of 100000 bu for
thing pointed to a deluge of oats this
week. With only two days more to the
July deal 1t was all guess work wheth-
er the shorts had settled or would have
enough contracts settled to avoid a bad
squeeze. When the price reacted and
advanced it was thought the final squeeze
was at hand. September was sold free
y on fine weather, dropped from 321bc to
5l9sc and closed &c down, at 32c.
Provisions Show Weakness.
Provisions were very weak, on selling
out of sympathy for grain weakness.
Early the market was strong on a strong
hog situation. There was some fair sup
port to lard, but other products were not
wanted, and prices declined sharply. Sep
TENDER pork closed 221ac down, at SIG. so;
September ribs, off at So Estimated
receipts for tomorrow: Wheat 205 cars;
corn, 125 cars; oats, 800 cars; hogs, 22,-
600 head
The reading futures ranged as follows: