The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-19
CORN CAME
DOWN LIKE
BRICK HEAP
Skyward Prices Break Like
Exploding Rocket
AND WITH DULL THUD
Fall Back Upon the Sickened
Bulls.
TWO CENT CLEAR LOSS
Its Up and Down Tumbling
Was Simply Awful.
TWO CENT CLEAR LOSS

4
ing of the pit the Wall street clique
shuffled prices in such an astonishing
manner that the graytons were such as
made yesterdays cratic upset and downs
look an ordinary smoking room" day.
Every natural condition inherent TO the
pits was ignored. 1t was a battle for
millions with crafty men on each side.
Today it suited the big manipulation to
allow prices to jump skyward for a short
time and then suited them TO push them
down with remarkable rapidity. The
range of July corn-and that was all of
Importance on change today-consisted Of
an upturn of 119c at the opening; a slump
OF csc from the top price and a slight
| recovery from the bottom figures. Other
pits naturally left the influence of such
pranks but most spectators in other
| commodities did not allow their judgment
to be marred and in the end July corn
closed &c down; July wheat sc higher
and July oats nc lower. Provisions
closed sc to ~ higher. At the start, the
corn shorts, fearful of a repetition of
yesterdays rocket-like advance, bid wild
big bulls came openly in the pit and bid
against them. In a trice July, which
closed yesterday at 671kc made simultane-
Gus sales at Csc and 6sc. This was too
good price for longs to withstand.
Men who had loaded up with stun around
&c or under, let the crowd have it in
plentiful lots. The Gates clique tried to
hide its hand, but the crowd soon learned
that it was unloading large quantities
for profits. The little shorts were con-
tent to get out of the market with losses
even on declining market 1t seemed to
be the intention of the big bulls then TO
squeeze out the small bulls who had
tailed after. In order to do this stpff
was thrown on the market in big lots
Several million bushels were unloaded
on the ahorts at fancy prices and a con-
siderable amount of long stun that was
sold nrer top figures was taken in by
influential parties on the slump. Pursu-
ing such tactics it took the bull oenting-
ent comparatively short time TO push
prices down 35sc from the top price. until
July sold at 65%c. Fluctuations of ordi-
nary magnitude were considered ridicu-
lousy small today All traders were
nervous and excited. The pit had prac-
teal all the business on the board. At
the close July was still congested, but
comparatively weak, &c under yesterday,
at 655zc. September was strong early on
the July bulge. but sold off on general
liquidation. The story was going the
rounds that September is TO be given a
whirl similar to that now experienced by
nearer delivery At the close experienced
traders did not know what to think Of
the condition. There has been talk of 75c
corn. but against this is arrayed the pos
sibilities of large contracts grading by
private elevators. In three days 10000
bushels of contract stuff has been made I
Weather reports were not good and bad /
news Of the crop were coming in. Re /
ceipts today were PIG cars, twenty-one Of /
contract grade.
Wheat had fairly active day with
liberal trade. but the feeling was nervous /
and tense in sympathy with the con- 4
gested conditions OF the corn pit. The /
advance in corn at the opening had some +
thing Of a reflection in the advance in /
wheat and the latter slump was accom-
panied also by a following weakness in /
wheat IN the end. however natural /
prevailed TO some extent. The 1
impression gained ground that weather I
conditions abroad have been very wet
and cool and crops as 4 result have suf-
fered. There was also more wet weather
in cur winter wheat belt. These influences
in spite of liberal receipts helped July
wheat in an opening advance of i5dasc
AT 52ssc and pushed Il 10 72tzc Septem-
Der wheat had been bought rather freely
by influential interests unloaded % the
extent OF about 100000 bushels and In
broke 1c. This depressed
July TO 17sc- Later in the session 209. on
bushels OF cash wheat were worked here
for export and the seaboard reported
2 loads taken for the same purpose. This
caused talk OF bad weather in France and
England again improved the demand
July closed firm Sc Up ~ 71s.aizc Lo-
,ai receipts were thirty-seve1 cars. five
n contract grade. Minneapolis and Du-
nth reported = cars. making q total for
he three points q 81 cars. against us
asst week ard 81 year ago. Primary
receipts were 5s2 ooo bushels. compared %
81 CO. bushels last year. Seahoard clear
lnces IN wheat and -four couaied II 60
bushels
Trade in oats was small ard uninport-
mt Natural conditions were somewhat
,ullish. but the slump in corn took cats
lown little With e ard there was very
title recovery. Cash business contfnuef
yood and wet weather vas reported work
ng against crop conditions Receipts
we're liberal It us cars. but the contract
,rstse vas small July sold from 7sis n
Ss4c. and closed &c down a; &c
Provisions were very duh but showed
-eIv good strength. Manipulation SIN
,ontinued at the hands of packers. bit