The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-13
CORN PIT N CHAOS
Market Becomes SensationaIly
Strong and Active.
MAY / 7-8 CENT HIGHER
Wheat 3-8 Up--0ats and Pro-
visions Advance.
MAY 7-8 CENT HIGHER

and active, the result not only Of partic-
ularly bullish statistics today, but of a
sort of spontaneous realization Of the Sc
curity of the bull position based on the
career of the market for months corn
lent abundant influence to the market
today. May corn closed 17sc over Sat
urday, wheat &c higher, May oats i'm
for lard to TIC for pork.
Corn took the lead Of the speculative
market at the beginning of the session,
as it did Saturday, and held it through
out Interest in the course cereal has
not been so general in years as 1t was
today. Predictions were made that the
market would follow cotton and ''go
wild" within a short time, basing the
predictions on the chances Of unfavora-
Bile conditions during the planting sea-
son. The greatest part of the session
was a struggling mass Of frantic men,
none more frantic than the shorts, who
were compelled to cover at heavy losses.
Fortunes were made and lost in that
wild scramble for the cereal, which the
statistics showed was getting rather
scarce in many sections. May opened
sake over Saturday at 362s G355sc. The
government report, which seemed to be
the main motive in the sky-rocket course
of the market. showed 100000 bushes
less in farmers hands than there was a
year ago. The quantity on passage de-
creased 2,2S0O00 bushels and is now down
to 9,S4S,000 bushels. The visible IS in
creased over a million, but the supply is
now 2l,06G,000 bushels, compared with 81,
0S3,000 bushels year ago Worlds ship
ments were small and Liverpool was up
ed. This array of information had the
stimulus and the awakening Of shorts
and others. The price till II O'Clock did
not vary much from opening figures. !
Then it began to shoot up. Nothing
could stop it, apparently, and as the
anxious shorts bid higher and higher,
men in other pits quit their work to look
on, If not to participate. The demand
seemed limitless, althugh the advance
carried the cash article out of line with
export bids May touched 3SGSS1sc on
the bulge and closed Use over Saturday,
at 377sQ38c. Receipts here were sos cars, |
and at primary points 1000 bushels, |
against $4,000 bushels year ago. The /
corn market began TO move upward from |
29I2c about four months ago. II fluctu- /
ated narrowly for weeks, gaining a bit |
all the time, until ten days ago it reach |
ed 344c. Saturday the close was at |
2Sd361Ac for May
The wheat market was aided by the |
corn strength. The statistics were bear |
ish. There was a large increase in |
worlds shipments on passage and re- |
ceipts wer heavy. Cables were steady,
making about the only important sup |
port the market had throughout the ses-
sion when it dropped out Of the COM
mercial orchestra by the noise in the /
corn pit. The cash demand was checked f.
by the advance, and altogether the trade |
was not important, being merely a feeble /
reflection of the corn market Primary
receipts were $4,000 bushels, compared
with 65S,000 bushels last year. AIinneap-
oils and Duluth reported 902 cars
against 937 cars last week and 557 a year
ago Local receipts were 80 cars. one of
contract grade. Atlantic port clearances
in wheat and -four were equal to 23S, go
New York reported 10 loads taken for
export. May opened unchanged at $3.50 .
Csc. touched 652, and recovered to 5612c
with closing sc over Saturday, at 65l40 .
66sac.
The trade IN oats was important, but
the market was helped by the corn
strength. Receipts were $50 cars. May
ranged from 2324 to 24c. and closed 4 to
&c higher. at 2ic.
Provisions were strong and the trade
broad. The commission business showed
q liberal increase and there was some
important covering. Pork attracted spe-
cial attention, as the contract stock does
not exceed COCO barrels. with delivery
day on May options only. Today's hog
market was firm. but much Of the
Of the market was derived from
corn. May pork closed 22l2c improved
from Saturday at Su.10; May lard nc
up, at S6.05, and May ribs Ice better,
at Soc.
Estimated receipts tomorrow: Wheat.
60 cars; corn. $50; oats, 40; hogs, 1900
head.
VISIBLE GRAIN SUPPLY.
New York, March 12.-The statement Of
the visible supply Of grain in store and
afioat on Saturday. March 10. as compiled
by the New York Produce Exchange, Is
as follows: Wheat, 53,69S 600 bushels: de-
crease, 3S5,0oo. Corn, 2l0So go; increase,
:. $4,000 Oats, SOS bushels increase,
il.ooo. Rye, 1,71ooo9; decrease, 6,o5o Bar
ley, 100000; decrease, $4,000.
GRAIN IN FARMERS HANDS.
Washington, March 1o.-The March re-
port OF the Statistician Of The department (
Of agriculture. VIII show the amount 4
wheat remaining in farmers hands on
March ! TO have been about I5s. 100 co
bushels, or - per cent Of last years (
crop, as compared with 19S. 90 bushels
or %. Per cent Of the cop OF 1SsS on
hand on March J. 1863 The corn in far
mers' hands is estimated al -, 701 80
bushels, or So per cent q asst years
per cent OF the crop OF fS9S. on hand on 4
March /. 1899. The proportion Il the to-
tai crop OF last year shipped out Of the
country where grown is estimated a.
ls.S per cent. or about 24N0l1 so bushels (
The proportion Of the total crop Of LIST
year that was OF merchandise stand
ard IS estimated at So Der cent
OF oats there are reported 70 he about
pa 10000 bushels, or sos PER cent u last
years crop, stii in farmers hands. as
compared with 2S3.l-2rj bushels or 81
per cent of the crop Of ISIS, on hand on
March !. 1889.
GRAIN AND PRODUCE aIARRErS
GIG Af~O