The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-04
Days GRAIN MARKET
Shorts Set Another Record
Breaking Price for Corn.
MAY CLOSED &C HIGHER
July Wheat Broke on Glowing
Crop Prospects

Chicago. Nay s.-shorts set another
record breaking prices for July corn
today and the close was &c over yester-
day. July closed a shade up. July
wheat broke after a period OF f-mness
or glowing crop prospects and other
bearish considerations, closing ssGec
lower. oats closed Il to asc down and
provisions n and 27izc depressed.
The wild course Of prices brought for
May corn had little 20 do with general
market conditions. It's manipulated con
dition was more than ever apparent The
July delivery was comparatively as plac-
ID as summer sea. but it was al least
an index OF com values when all the
/ products in sight is not in the hands OF
one man But the May option was the
I center OF attraction Shorts were. panic
+ stricken and bid the market 10 in ire
mendous leaps from s. 70 sec at the open
/ ing TO $50 compared with yesterday
! close at $3.50. Phillips who controls the
market sold 10000 bushels % shorts be-
tween Sc and Sc. failing longs. fearing
/ that their leader was about 10 unload
dumped their lines into the pit and the
market broke TO SIC before it was realized
I that Philips was not yet prepared 20
I loose his head. He sold nothing under
/ SIC at least not openly and the market
reacted and closed &c higher at 551sc-
/ The fact that ont OF 304 cars received to-
day but p graded contract had much
70 do in causing fresh alarm. July
/ opened strong and enjoyed e general
demand for time, but liberal realiz-
ing caused decline. Part OF this was
recovered later in anticipation OF wet
weather west. July sold between AS
and 451so and closed . shade higher at
471sc
The wheat trade was fairly active but
the strength with which the market
started under the influence OF light Ar
gentIne shipments and Arm cables failed
TO hold. July opened p TO Z higher at
74l4G742so under heavy local demand.
Southwestern people apparently convinc-
ed that the crop has q glowing future
ahead Of II, despite allegations OF dam
age from bugs. lice and flies, started the
selling which later became quite general
anon gthe local people who had bought
earlier OF during the past few days. The
bears Joined IN the movement and as a
result the market slumped 70 TZ7sG73c,
aud closed weak, 5sQZc lower at 1891
Shows crop report, making the general
condition SIS indicating a winter yield OF
Al. go 600 bushels and the Kansas con-
dition 100 was an Influential factor in
the weakness. Liberal receipts and dis
appointing dullness in the cash market
were contributary factors Exporters
reported eleven loads taken. Seabosrd
clearances in wheat and fenr we're eaual
TO $4,000 bushels while primary rtceipts
were Is cars against 20 last week and
305 a year ago. Local receipts were 3
cars. one Of contract grade. Argentine
shipments were $4,000 bushels. nearly 2
0000o9 bushels less than for the cores +
ponding week a year ago Continual
markets were reported strong
oats were active but seemed 20 be more
inclined 10 sympathize with other grains
than 10 follow an independent course .
Both Nay anI July gained on yesterdays
TOD notch prices at one tine under a
big demand and light offerings Later
commission house people broke the spell
which was keeping the cereal IN old .
hands and prices in consequence declined (
The bulk OF trade was IN July. while Nay 4
finished shorts with symptoms Of heart T
disease BY reminders that the bun lead .
er in corn might also have the whole
cats market up his sleeve. The fact that .
some of the commission house selling
was credited 20 Philips gave the sales
more influence than they would have had
otherwise. Receipts were III cars. May
sold between "a and 2szsc and closed sc /
lower ~ -essc-
Provisions opened steady but declined .
on liberal offerings mostly IN the way
OF realizing. July pork sold between
$3.50 and S15.o2ts and closed nc lower
al sl5.o5; July lard between 1915 and
s. g and closing Ice down AZ S.s5; and
July ribs between Ss.021z and $500, with
the close nc depressed at 1921
Estimated receipts tomorrow: Wheat.
40 cars: corn go: oats z60. hogs 17.o00