The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-16

CHICAGO, July 15.-,Bulls in the corn
options abandoned their position today
and the yellow cereal. left to itself, fell
from it's lofty price and f1oundered zoe
under yesterdays best figure. Two caus-.
es were attributed to the action of this
market. The immense arrivals of corn
tempted to this mart by the fancy price,
and settlement with many of the July
shorts by the Gates-New York bull
clique of cornererS. Whether the corner
has been broken or whether the action
of the bull parts today is simply a bait
for the unwary the trade is yet at a loss.
to understand.
Common rumor, however, has it that
the July deal is over and all that remains
to be. done is for the bull crowd to get
rid of the cash corn that has been de-,
terest in grains today centered about Ju-
w. corn. AS a result the effect of, the
natural conditions were bearish enough to.
break prices, and fine weather and lower
gables, besides the heavy receipts, Gauss
ed such general selling in all the pits that
September wheat closed 1@1Bc lower;
September corn rs @1hc down, July
corn, 151ac lower, and September oats
u gle lower. Provisions started strong:
the grain break, and closed a shade to
zoe lower.
A1r Corn Comes in With Rush.
At the opening all signs pointed
toward lower prices for corn. The fair
W0dlIl0E Vi Tie ldSL IOOI udyS Has OOu0
much toward drying out the fields and
enabling farmers to rush stuff to this
market to take advantage of the fancy
price ruling for contract corn. Elevators
were busy drying stuff with great rapid
ity. Yesterday it had been estimated
that the receipts today would amount to
of the traders were practically realized.
Arrivals were 827 cars, the greatest run
for the crop, with 298 of contract grade.
The unlicensed elevators turned out 116
to good half-million bushels of contract
stuff, which stared the bull crowd in the
a bushel if the price was to be. main
tanned. The bulls refused to take the
corn, and the bears forthwith proceeded
. to hammer prices, until practically all
the artificial strength was taken out of
July. Other natural conditions, such as
fine weather and lower cables, lent to the
bearish sentiment, and September, De-
cember and May options fell off in sym
pathy.
Fluctuations Are Erratlc.
There was no marked excitement in
the pit when prices sagged so rapidly.
Much of the action of the congested OPP
they took the slump as matter of
course. Fluctuations were very cratic.
The offer of a five was enough to break
the price 1c and a bid for ten" put the
price up once 2. The general trend of
opinion was that the corner was broken.
S. c: Scotch, general manager for Har-
GdlcS az IT,, stated Shortly D6IOr6
the close of trade that private settlements
had been made with many of the shorts
and that the interest in supporting prices
by that firm was at an end. 1t is prob
able that shorts now out can finish set
ting in the open market
July started 1c to &c off at soc to 79c
and began plunging downward. There
was almost no cessation to the recession
until NC was reached, break of 154c
since last night and almost 25c under the
top price, 90c, which was reached July 8.
L a q nf n
65kc. September opened unchanged to
&c down at Gle to 605sc, slumped to 500
and closed very weak, 13s @119c lower at
591a @595sc.
Corn Crowd Buys Wheat.
Wheat ruled weak on the natural causes
ceipts, but was pushed on down by the
corn break. Everybody had fair quaint
ties of stuff for sale. New wheat was
good prices and warm weather. Pros
poets were for still better conditions and
very few traders were inclined to the
over 1000, 900 of September wheat on
the early break, but the general bearish
sentiment, prevailed on the floor worked
against. the rally and prices fell back.
September opened % @hc to A@3sc low
er at 1880 to 721ac, dipped to II c, rallied
to 72Ssc, and closed weak, 1@1Bc lower
at 71%c. Local receipts were 366 cars %
of contract grade and 331 new. Mime
apolis and Duluth reported BAG, making
total for the three points of 712 cars
against 2S2 last week and $40 year ago.
Primary receipts were 7S9 900 bushels,
against $4,000 bushels last year. Sea
board clearances in wheat and flour
eQualed 343, 900 bushels. The worlds Wis
| ible supply decreased $780, 900 bushels
Oats made still further recessions in
f1uenced by good weather and the general
slump in coarse grains. July suffered on
the expectation of liberal offerings before
the end of the month. Commission
houses sold freely and many of the bulls
were supposed to have let go. The
weather was reported doing much for the
crop, which is finishing harvesting in
many places. September sold off from
lower at 313s @311ac. Receipts were mod
crate at Isl cars. The cash demand fell
off somewhat
Provisions Allowed to Lag.
Provisions opened strong on small re-
ceipts and better prices for hogs at the
yards. The grain weakness, however
was too much for the small sunport and
packers allowed prices to drift back after
September pork closed 2b 6D5c down at
SIS. 621a @1S.65; September lard zoe down
at $11.221a and September ribs a shade
down at SO. So.
The estimated receipts for tomorrow
are: Wheat, 125 cars; corn, 410 cars;
oats, IS cars, and $4,000 head of hogs
The leading futures ranged as follows:
Open. High. Low. Close.
w 5siy 49,. 50. ~ 50 74,s 50. 7snIso 7an
Be- ss' -. -: .7ss% .775 4s . tx ~. tx