The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-03
BOON N AAY CORN
Four Cents Advance in Twen-
ty-Four Hours.
WHEAT CLOSED HIGHER
Pork Closed 81 IL Cents
Higher; Ribs Unchanged.
WHEAT CLOSED HIGHER

Chicago. May 2.-May corn SCARED to
50 cents today. and closed cents over
yesterday. at 5s1zc. July closed x cent
higher. Wheat was moderately active
and firm on cables. Wheat in sympathy
with corn closed Asassc higher July
oats closed with an advance Of nc and
May with a gain of He July pork
closed 321kc up. lard and ribs practically
unchanged.
In corn the light grip Of the leading
bun on the May delivery was more than
| ever apparent. Prices huctuated vio-
lently within a range Of cents, but
actual transactions in the pits were very
small. Phillips, who has the market cor
nered, refused to SELL Aside from the
manipulation small receipts Of contract
grade corn and report that Argentina 5
expOrtable surplus had been reduced 80
per cent were strengthening factors. The
manipulation was Of course most appar-
ent in May, although the July delivery
profited somewhat by it and enjoyed a
more general trade. May opened = to
11sc higher, at 50051c and was bid up in
&c and &c jumps to SOC. This brought
only very small offerings from scattered
scalping longs. 1t was reported that
some large short lines had been ser
tied at the market price with Phillips in
a private conference, but no authority
for the assertions could be found. From
SOC, May dropped back to 53c, not from
any increase in offerings, but because the
bidding stopped. Later 54c was bid and
at the close shorts were offering 531kc
&c more than yesterdays close. July sold
between 46 and 471sc, and closed nc
higher, at 47Q471sc- Receipts were 2lS
cars, Is of contract grade. The weather
was said to be highly favorable for the
crop.
While trade in wheat was on a liberal
scale, business appeared to be mostly for
the professional element VINO were look
ing for "scalps." in the way of quick
profits The markets undertone was
firm, however, under the influence of
steady cables, hot, dry weather under
which insects thrive, and in sympathy
with the neighboring strength in corn and
oats. From Minneapolis came the dole
full word that Kansas complaints of the
work of insects IN the fields were more
gloomy than ever. From this source
was also recorded q fear that wheat Will
not stool unless some cool wet weather
is forthcoming. There was, however, no
lacking of reports of the usual optimistic
character in regard to crop prospects.
July opened &c higher at 73159733sc, and
advanced early to 741sc. This was fol-
lowed by a reaction on prOht-taking to
i5esq73s4c, but bulls bought at the de-
Cllll0 anu lllb 4ldAEAGL dE dlu IcesCltu 10
74q741sc and closed firm, 44Q5sc higher, at
1879. Seaboard clearances in wheat and
-four were equal to 1000 bushels. while
primary receipts aggregated only 81, 900
bushels, against $4,000 bushels last year
Minneapolis and Duluth reported 247 cars
against 215 last week and 439 year ago
Local receipts were 81 cars, one Of con-
tract grade.
The oats market was active and
strong. May advanced sharply because
it was though. the bull crowd in corn
had also cornered the supply Of oats.
July was more amenable to legitimate
market influences and advanced On the
weather as well as in sympathy with
May in the face of liberal commission
house selling at times. The demand for
May came mostly from pit shorts. who
got but little. May sold between 2Sss and
291zc, and closed ~ cents higher, at 292sc;
July ranged between 262s and &c, and
closed with a gain Of sc at &c. Re-
ceipts were 176 cars.
.le only redeeming feature Of the pro-
vision market was the advance in July
pork on buying thought to be for pack
ers. Lard and ribs were neglected and
fluctuated within a narrow range. July
pork sold from $500 to sl5.32, and closed
at the top, S21Ac over yesterday. July
lard closed PIC lower, at SS05, and July
ribs a shade down, at $500.
Estimated receipts tomorrow: Wheat,
80 cars; corn. S75 cars; oats, 215 cars
hogs. 5000 head.
GRAIN AND PRODUCE MARKETS.