The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-02
DAYS GRAIN MARKET
Yesterday Session on Change
Was Strenuous.
WHEAT CLOSED LOWER
Oats and Corn Are Up and
Provisions Down.

Chicago. Nay 1.-Today's session in the
grain pits was a strenuous one. Sharp
advances were scored for delivery the
present month. while July options show
ed moderate sympathetic strength. May
corn and oats were said TO be cornered
and showed at the close gains Of 1l4d1e
respectively. May wheat rose sc and
July 1sG14c. July corn closed sake and
July oats 1sQ1sc improved The provisions
market was from ~ TO 10 to per cent
/ improved in prices The movement OF
prices and the character OF trade appar-
! emily confirmed the previously existing
belief that May corn had been cornered.
Geo. H Phillips. who has engineered the
deal, paid cash for 100000 bushels,
which was delivered TO him on May con
| tracts. Prices at the opening ranged
from - to 4essc and in a few minutes
! touched 4S1zc. Phillips bid actively TO
check the decline reaction which seemed
imminent Scattered shorts, alarmed by
this and further worried by strong ca
bies, sought 10 cover and bid the mar
ket up TO soc. high price for this de-
/ livery of the 1870 crop by Il o'clock. The
bull leaders sold moderately at this price
and sharp break TO 49c followed, al
though actual transactions were few.
The remainder OF the session May held
steady a fraction over ACC and closed
4912c. The May deal" is said by no
means TO be over. although todays de-
liveries nearly wiped out the quantity in
store. Il is believed by many that the
manipulation win be contained to control
corn prices Up to and during July. The
bull party has been a heavy buyer Of
July options, and did much in advancing
that delivery today. In this connection
1t was noted that No. corn for bonafide
shipment under guarantee of not being
rendered again on speculative contracts
were purchasable at July pIice In store
and number corn at 12sc under July
prices I nstore. There appeared to be
no shipping demand at these figures.
however, and the seaboard reported only
II loads taken for foreign shipment. Es-
Inmates on the line Of long corn held by
Phillips and his following varied from
seven to sixteen million bushels whether
there are important short lines still out
is prOdtless conjecture. So much de-
Ponds on this that those who know are
naturally silent about it. July corn sold
between 451z0455sc and 46c and closed ssa
&c higher at 45s4G45He. Receipts were 23S
cars, So Of contract grace.
An undertOne of considerable strength
was observable in the wheat market, al
though the best prices were not held to
the end of the session. The fact that on
y 1000 900 bushels or Whereabouts were
delivered on May contracts out of $780,
900 bushels in stores. showed that some
where was held a belief in the intrinsic
value of this cereal Added to this con-
sideration was a sharp advance at Liv-
erpool in the face of the decline here
yesterday, light western receipts, heavy
clearances and the strength Of the coarse
grains May was sold literally by longs,
but their holdings went TO strong hands.
The advance tempted realizing which &C
counted for the reactions. July opened
at 73SsQ731s TO 7S14c, touched 73isc, rallied
TO 741sc and then declined TO 73Izc. closing
BQl4c higher, at 49, d73Ssc. May opened
at f23sQs214c, sold between the latter price
at 539sq73tc, and closed sc higher. at
727sc. Primary receipts were 39S 600
bushels. compared with 1850 bushels for
two days last year. Minneapolis and Du-
luth reported a total of ia cars, against
2S5 last week and sos a year ago. Local
receipts were 40 cars, one of contract
grade. Exporters reported only six loads
taken, but seaboard clearances in wheat
and flour were equal TO $4,000 bushels.
In oats manipulation-or the fear Of it
was as potent as in corn. Deliveries on
May contracts were fully 10000 bush
els out Of total contract stock Of 1881
coo bushels. and of the delivered Phillips,
who has been a aggressive in the bull mar
ket, took 100000 bushels. The corn
strength and the continued demands
were additional factors. Trade was ac-
tive throughout the day. May opened
at 267s to &c and under the frightened
bidding OF shorts advanced TO 2S2sc. high
price for the crop Proht-taking caused
a fractional reaction, but the close was
strong. 1c over yesterday, at 277sc. July
sold between IS and 26isc and closed ia
&c higher, at 26lsc. Receipts were los
cars
Provisions were quiet and strong N
sympathy with the corn strength and
hrInness Of the cash market. Offerings
were light and local people I'D the mar
ket w. July pork sold between Sl4.65 and
So .02i5 and closed Soc higher. IT 800
July lard between S7.e2ls and Ss.07ls. AMI
closed 10c up. at SS.07la, and July ribs
between S7.S7is and S. 02la. with the close
7ls01ac improved at S Q0aS02ia-
Estimated receipts tomorrow: Wheat. !
s. cars; corn, 80 cars; oats, 80 cors;
hogs. 81, 600 head.