The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-16
CLAIMS Of DAMAGE
From Dry Weather Gave
Wheat Upward impetus.
ACTIVE TRADING IN CORN
BulIiSh Tendencies Manifested
in Buying of Oats.
ACTIVE TRADING IN CORN

Chicago. May 15.-Dry weather and
damage claims gave an upward impetus
to the wheat market today and July clos
ed sc higher. July corn closed sc and
July oats ssgAc higher. The manipula-
tive market scored sharp advances and
set a new high price records for the crop.
May closed &C higher and May oats PIC
improved. Provisions ruled duh and
closed without material change.
Weather conditions constituted the com
inant factor in the wheat market aided
by steady cables Under rush OF yes
terday's short sellers TO cover their lines
on the failure of promised heavy rains in
the southwest, July wheat opened a shade
to kQ1zc higher at 711sc to NE Offer
ings were unequal to the demand and
helped by advices of free buying for
export, the market steadily rose to 71s4c.
At this point there was a moderate move
ment in profit taking and reaction to
1Ld%c followed. There was a quick re-
covery, however, and the close was strong
TO sc higher at 715sGAc. Local receipts
were 46 cars, two Of contract grade. Min
neapOlis and Duluth reported l52 cars
against 142 last week and 175 a year ago.
Primary receipts were $4,000 bushels. Sea
board clearances were equal TO $4,000
bushels, wheat and -four.
Strength and activity aracteriZed the
corn market. July opened 1sQ14c higher
at 44s<G7sc and Immediately the price
broke to ASsGSzc. Almost as quickly it
reacted, selling to $3.50 afterward on
profit taking it receded to 45d455sc. The
loss too, was partially recovered and the
close was strong and sc higher at 45i4c.
May corn was theatrical in behavior IN
der persistent prompting by Phillips, the
bull leader and broke all records for the
last nine years The opening price was
unchanged at SIC. Phillips bid and got
but little, although he did not stop till 50
cents had been reached. At this price
Phillips is said to have accepted private
settlements from three houses for an ag-
gregate Of 950, 900 bushels. After the high
point had been reached a quick reaction
to 56c was recorded. This was followed
by a sharp rally to $50 and the close was
&c higher at 5Sc. Despite the higher bids
made by Phillips, only 600 bushels were
sold to him and this quantity, it was
claimed would be actually delivered. 1t
furnished evidence Of the bull leaders
hold on the market. however, and this
combined with the falling of in receipts
OF contract corn alarmed shorts and ac-
counts for the alleged private settlements
made with him az the top price. The ad-
vance in May was also influential in the
upturn In July although reports of back
tors. Receipts were 291 cars, e. Of con-
tract grade.
Phillips bulled the May oats from the
start today bidding them up &c SIC, high
price of the crop. There were few May
offerings at any time and the bulk Of the
trading was in the July and September
which were stronger bullish bulletins, Of
fetal and private and on big local and
outside demand. Crops over the greater
part of the south and especially the low
er Missouri valley reported to have suf-
fered from drought. Iowa and Nebraska
oats are said to be doing fairly with pros
poets as not as promising as last week.
The May opened where it left of yester-
day, 27Jsc and was rushed up to Sic. It
closed PFC higher at 309sc. July sold be-
tween 7s4d2S5sc, and close 5s6&4c higher
at 2SssG1kc. Receipts were 104 cars. Cash
sales were 100000 bushels.
Provisions were dull and fairly steady
in sympathy with corn. July pork closed
nc lower at S1470; July lard unchanged
at $3.50 and July ribs unchanged at S-S5.
Estimated receipts tomorrow: Wheat,
So cars; corn 80 cars; oats 40 cars; hogs
81 600 head.
GRAIN AND PRODUCE MARKETS.
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