The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-18
BEARS WERE CAUGHT
In a Trap of Mythical Rains
in Grain Sections.
WHEAT CLIMBS WAY UP
An Exciting Day in Chicago
Board of Trade.

Chicago, April I7.-Grain srecuistcrs
who innocentIy believed il the mythical
stories related yesterday about drench-
ing rains in the suffering wheat country
found out today that they had been
caught mapping. The result was one Of
the most excited bull markets the pits
have seen since the recent upturn-
Wheat led IN the activity. making the
carly jump OF almost cents Heavy
profit taking brought recessionsN n all
grains, but the buIiish sentiment pre-
vailed ana May wheat closed nc higher
May corn sc higher and May cats &c
up Provisions closed PC 70 30 I'd
vanced.
Up 70 midday the trade IN wheat was
an anxious effort 10 undo the errors OF
yesterday The bears who plucked up
courage 70 sell short heavily yesterdssy
and pressed prices back. changed front IT
the opening when X was learned that the
rains reported yesterday were BY TO
means sufficient 10 the needs OF the ain
ter wheat crop. Gables were lower at
the start, and northwestern farmers
were reported making better deliveries OF
wheat. The general outlook. however.
was decided " bullish and az the very
start OF the gong, there was an exciting
rush 10 buy. May opened I 20 &c higher
az 1874 20 341sc and in a very short time
was rushed TO sc. Here trade eased OF
z little and prices hung steady for some
time at slight recession. such a bulge
naturally brought out large quantities Of
long stun for good profits s.. Louis was
a very heavy seller. Oddly enough the
selling was augmented by new reports Of
western rains. The general sentiment Of
the crowd was voiced rather accurately
!.
stated that the cold weather vas retard-
ms wheat growth and was 70 some ex-
tent prejudical. The moisture Is deficient
and the weather bureau predicts no rain
for - hours. Some OF the bears found
comfort IN the fact THAI Kansas City
prices had widened out t0 4isQ5c under
Chicago. against Sic under a few d.
ago Il was argued that Kansas City
was showing no fear OF drouIh h the
damage. Some OF the reports had effect
for May broke slowly and sold down 20
7a7sc AT this price. however. the buying
side was favored and a good rally set in.
May closed strong nc higher AZ 7sL.c
Receipts IS cars. one contract. Mluncap-
oils and Duluth reported I6l cars total
for the three points OF 20 against IA last
week. ard ~ a year ago. Primary re-
ceipss were 1900 bushels. compared o.
$1,000 last year. Eaboard clCarances
eGusled 2f7,G10 bushels
Corr had li5tle 70 help il upward aside
from the general builish situation.
Although there was a bull market sn1st
OF the session. II was q forced affair.
Gales started out lower. ground break
ing vas going well and trade was only
fairly active. Yet the wheat strength
and the weather conditions were 5uuish
incentives The failure Of the big west
ern corn states to get rains " d culssh
because il suggested possible t-sybie for
the crop later on the other hand re-
ports were circulated aEasl claiming
more liberal country offerings II corn.
Considering the strength Of wheat. the
small receipts at Kansas city and ST
Lo1is and the biz demand for cash stuff
corn did not act well. News from the
southwest was hullsh. but reported
selling by big commission house
checked the advance May corn opened
isc TO &c higher at 6l7sc 20 size sold =.
low as 6l5sc when wheat essed OF and
reacted to 625sc closing firm at E.c
higher at s3sc. Receipts IS cars.
There was better trade In oats than
for some time. July and September were
iu good demand on reports that the
weather was retarding plant growth. or
ferings were few and the wheat strength
contributed 20 the better tone Nav was
rather steady and but little dealt in
though slightly advanced on moderate
cash business Nav sold between a. and
1872 and closed &c Up at the lower figure
Receipts. III cars.
Provisions showed improvements after
yesterdays Liquidation Strength In grain
and the small run OF hogs Influenced fair
buying Packers also supported Scat
tered selling by local scslpers r. the way
OF profit taking took OF some u the
gain. May pork closed 15c higher al
sissy; May lard PIC up az = "a, May
ribs loo UP al 81 3.
Estimated receipts tomorrow: Wheat. +
8 cars; corn, 50 cars; oats. 30 cars; hogs.