The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-31
BEARS HAD
WHIP HAND
In the Grain Transactions and
Forced Prices Down.
BAD BLOOD ON MARKET
Traders Wroth Over Too Much
Manipulating.

/
closing operations in July corners all
grain markets today were ragged. yet
with all rather dull Despite the fact
that a marginal price Of 45c was put on
July new oats yesterday the bulls in this
deal were very stubborn and sold almost
nothing. indicating the probability that
the July oats corner will have TO be set
tied in the open pit tomorrow. IN other
/ options of this and other grains. bears
had the whip hand carly and pressed
prices down. Covering for short &C
! counts a developing speculative and ex-
/ pert demand and estimated cUrtailed ship
ments to this center. however, checked
declines in the new crop deliveries and
4 Put fresh life into the July deals. At the
close July wheat was 17sc higher; Sep
TENDER wheat &c up. July corn PIC
higher; September corn &c down; Sep
TENDER oats sc up and July oats Sc
higher. Provisions closed 1OdZ21zc up.
There was bad blood between the bulls
and bars on the oats situation. Much
comment over the maginal price OF 45c
piqued the shorts, but they in turn We're
incensed over the attitude Of the proIni-
nent men who are eXacting their utter
most farthing from the shorts in July
contracts at d time when such action is
rot considered good commercial policy.
Traders generally were wroth over the
great amount of trade that has been kept
from the Chicago market lately by too
much manipulation. All day legal pro-
ceedings were threatened to protect the
shorts. Plenteous receipts weakened de-
ferred futures early. but in July the
probability that no relief was &c be ex-
pected at the hands OF the influenced
sharp advances and nervous tone. The
congested options sold from COO 10 a
strong close al &c. &c higher than yes
days close. September dipped 10 5lAc
early, depressed by the early weakness
in corn. When other grains rallied how
ey er and July showed itself strong.
September rallied to firm close 1sc up
at s2Isc. Receipts were 364 cars, 12s con-
tract grade.
Wheat had a very weak appearance
early, but ultimately recovered its posi-
ton and advanced. Early bearish in
eentives were heavy receipts both pri-
mary and local, lower cables and fine
weather. September was sold very freely
early and large quantities came out on
stop loss orders as the price broke under
7oc. The local crowd soon started an
upturn. however. braced by some extent
by talk of too hot weather northwest
and of a big export business at the
lower prices. A leading elevator concern
took on stuff literally and augmented
the rally. July, in which recently there
has been a good deal OF delivering. was
wanted and on covering, this option took
on considerable strength. The good short
interest in September helped in the up
turn. The volume of wheat movement
seems to be undiminished but for the
time being this influence seems TO have
had its full effect. July opened &c up
at sc, dipped TO 72@.c. rallied 10 751<c and
closed strong 17sc up at 75lsc. 1t is
thought there is a pretty fair sized July
short interest that viii have to settle
in the open market tomorrow. Septem-
her opened sc to &c down at 7o1sc to
7o1sc declined TO 692ic. sold up to 702sc.
and closed firm &c up at 70iEc. ocal re-
ceipts were 20 cars. 5 OF contract; Min
neapols and Duluth reported 13S cars
making a total for the three points OF
557 cars. against ss1 year ago. Primary
receipts were 1.S5soo0 bushels against
! 12Ieo0 bushels last year. Seaboard
clearances in wheat and -four equalled
s. GO bushels The seaboard reported
IA loads for export In two DAYS.
Corn suffered extreme depression again |
early today caused by a renewal Of lib |
eral September selling on the influence /
OF lower cables and fine weather and an
almost total absence OF support. The /
selling was OF the same kind that de-
pressed the market for the last week. /
Prospects OF a very large crop made /
Goubly. probable b.. perfect corn growing /
weather was one Of the principal bearish (
Incentives. September broke from 552sc 4
to 54s.c before any Of its old friends came /
20 the support. Then on the estimate o. 4
only - cars OF corn TO arrive tomorrow /
there was some fair bidding and Sep /
ternber advanced 10 sec. closing only 2 /
triae easy &c down at $3.50. July was /
YER. nervous. Early it was supposed the /
fuli crowd had abandoned the option for 4
good and all. the price opened &C OF at
&C. on The upturn In September little
July stun was wanted. no one would sell 4
it AT the low price and July skipped to
soc closing strong 95ac up AT 59i-c- Re
CENTS were III cars. L Of contract grade
Provisions we're only fairly active but
ruled firm against the depressing effect
Of early cheap corn Hogs were lower
ard prices dipped in all products Pack
ars supported we'll
cpAIn AND pannIrE MARKETS