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 f1rmneSS of corn gave rise To
the opinion that the July corner might
not be thing of the past after all
Al the close July was IA UP, Septem-
per corn unchanged, September wheat
a "a rs lower and September oats u a
&c higher. Provisions closed a shade
higher to TIC lower.
Actual trading in corn TODAY wac of
usual type. Cables were lower and
contract corn to the extent of over
4OO'O00 bu was put on the market. The
weather favored the bears, but con-
dllons did not break the market an
prec1ably. 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
tact that wisdom had been shown in
the refusal by the Gates-N New York
Steel clique not to take the mountain
OF corn that is being rushed in here
TO take advantage of S5c 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,O00,000 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 curtaiIment 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
7sc up at 63&c to 66c on the influence
of the talked-of broken corner. Septem-
Der opened a shade lower to a shade
higher at 591sc to $3.50, dipped to 59sc
and rallied to 60Ac on support by the
bull 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, 7sc up at $3.50. Sep
TENDER closed steady, unchanged at
59h @59Bc. Receipts were 453 cars, 145
or contract grade. Private elevators
turned out III cars, and $4,000 blu.
How Wheat Fared.
~
showers, together with the unexpected
show of steadiness in corn, put gimp
into wheat at the opening. September
opened &c to &c up at 71Kc to 71kc,
and held firmly for some time around
TING after Having dipped to TIC. The
cause of much of the early firrnness
was the buying of nearly 100000 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-
ce1pts were liberal and showed signs
or 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, A@3kc lower
at TN @714, having sold as low as
IN OIL 3sc. Local receipts were 125
cars, only two of contract grade. but
nearly all new stuff. MINNEAPOLIS and
Duluth reported 215 cars, making a.
total for the three points Of $40 cars
against 259 cars last week and $50 a.
year ago.. Primary receipts were. $50.
0oO bu, compared with 1,116,00O bu.
Seaboard clearances in wheat and
flour equalled $4,000 blu. Bradstreet's
worlds visible supply decreased $685.
900 bu.
Oats and Provisions.
Oats firmed up we'll 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 we'll. 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
31Bc and 32Ac, and closed firm. 10
&c up at Size. 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, TIC
lower at $11 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.
The leading futures ranged as follows:
| Open. High. Low. Close.