The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-03-31
Days GRAIN MARKET
Corn Continues Making
Record Breaking Strides.
IMMENSE DAYS BUSINESS
Wheat Ruled Dull and Oats
Active.
IMMENSE DAYS BUSINESS

/ CHicaso, 1haIch oV.-Carrleu upward Dy
the bullishness Of almost the entire west
the corn market today continued on its
record-breakng career The volume of
I business was larger than any previous
/ day this week. May closed 5-sa3-4c over
yesterday oats were also conspicuous
/ " active. May closing with net ad-
vance Of 5-8c. Wheat ruled duh and at
the close was 1-Sc lower. Provisions ad-
/ vanced u 1-2a20c.
/ Trade in corn for May delivery be-
came acti"e at the top of the opening
I gong Within half an hour it had as
! sumed vast proportions. Half the wheat
pit had deserted to it and many traders
/ were crowded out of bounds at times.
/ George II. Phillips. who stands for the
/ country bulIishness in many minds, and
if he has not already control Of the mar
ket is at least a potent factor in it, took
profits on a scale approaching his oper-
atoms Of yesterday, yet so excited was
the trade that he was not more con
spicuous than many others. In fact it
looked as il the market was beyond the
control of this spirited young bull or
beyond the control of any combination.
In the face Of his realizing sales and
that Of certain conservative longs the
market swept upward irresistibly. The
usual reports that Phillips and his
crowd were selling to their own brokers
and stiH adding to their already big
lines were heard on the floor. May open
ed 1-4a3-Sc higher at Il 1-Sc to A Lie
and early touched 44c on selling. said to
have been for Phi lips. The buying
craze was on. however. and it struck
this slight dip in full force. May corn
! was bought and sold in such quantities
and with such rapidity by the whole pit
that individual trades We're lost TO view.
The market bounded to A 3-4c in the
next half hour, thereby again breaking
the price record for the seasons trade
in May options The remainder of the
session it was give and take between
the big demand and offerings from en-
riched longs. May was forced back to
A 3-sc but held strong and closed 5-S0
3-4c over yesterday. at A 1924 5-Sc
Corn for July delivery meanwhile drop
ped from shade to 3-Sc discount un-
ger May is believed the short in
terest in May is very small, as the bears
are combining their operations to de
ferred futures. Changing Of May to
July was feature Of the days bust
ness. The news was bulls but prob
ably was not needed. Gables were high
er. country acceptances small and the
weather decidedly unfavorable to good
roads. Primary receipts We're 3s5.O0O
bushels compared with ass 600 bushels
last year. Local fresh arrivals were 256
cars 36 of contract grade.
I +t,o
ket was second only to corn. This mar
ket, ordinarily neglected and without
even a pit to call its own, made the
wheat trade look dismal by comparison.
The hand of Phillips was at work in the
market, that chiefs purchases during
the day being Appropriated at 100000
bushels. This buying was presumably
on the theory that oats at present cheap
compared with corn and that an adj
vance in the latter is bound TO be re-
Elected in oats The recent heavy cash
bushes sand reports of diminishing
stocks were contributary factors. all
though today's advance cut shipping
sales down to about 100000 bushels. Some
of the old bun crowc VINO have been
carrying load Of oats for weeks in
the ace of stagnate business. took adj
vantage of the advance to ease the pres
sure of their loads May oats opened
% 7-Sd26c. touched q 3-4c and later rail-
lied to % 5-Sc. closing 5-Sc higher at
26 3-Sc receipts were 2h cars.
The remnant of traders left in the
wheat pit was bearish and had 1T not
been for the corn strength it is highly
probable the market would have declin-
ed more tnan it did. Trade was light