The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-24
WHEAT PRICES
LEAP SKYWARD
Gains of Over Two Cents are
Made in Wild Movement.
WEATHER CONVERTS BULLS
Traders in All Pits Break
Necks to Buy.

Chicago, April Bull enthusiasm was
paramount in all speculative pits on the
board Of trade today. The influence was a
well developed weather scare and shorts
were the sufferers. Trade was excited
in general and stuff was held so tightly
that when the bun movement got into
swing. prices advanced IN big jumps.
Wheat made gains Of from 2ss 10 "a.
corn 2is 10 2ssQs., and oats II 10 Is. May
wheat closed PIC up. May corn 2isc high
er. and May oats I>sc advanced.
Provisions closed 15G17i5 TO 5oc higher.
Wheat went booming from the very
start There were numerous bulish in
centives ard the crowd turned bulls 10
4 man. Cables strted out strong and
advanced This was wholly unexpected
and started the upturn. Then came the
crop damage scare that set everyone buy
ing. The rains IN the winter wheat belt
yesterday, though enough to allay the
heat. were reported far from sufficient
TO save crops. Added 10 this came the
weather report that freezing tempera-
lures would probably be reached in some
sections Of the southwest tonight. Re-
ceipts were also exceedingly light and
argued rapidly decreasing stocks. Higher
outside markets especially in the south
west. where it was argued the spectators
had information nearer at hand, aug
meuted the upturn.
Reports both government and private.
persisted in the advice that crops were
being badly damaged The Millers As
scciation of Kansas reported the crop OF
that state at a condition Of So. Indiana
was said to be suffering and advices stat
ed that from % 20 . per cent Of the sown
fields would be plowed in. There was
lot of liquidation for profits on the early
advice but commission house buying
started renewed spurts. The wheat ira
aers We're seriously aroused over the
critical condition Of the crop and bought
with the conviction that there was mon
ey in IL" Trade was enormous, possibly
a slarge as on the bull campaign last De
cember. There was practically no time
when The market was not advancing and
at big jumps May opened 4 10 &C up at
741s TO 75c, and scared 10 =. closing very
strong and excited 2i4c up ar 1850 July
closed 2ssc at 7Sisdlt and September No.
q advanced at 1874
Local receipts were % cars; Minneapolis
and Duluth reported 109 cars, making a
total for the thre points OF rs, against
IA last week, and 2s5 a year ago. Primary
receipts were 203000 bushels, compared
to 44s,S00 bushels last year. Seaboard
clearances in wheat and -four equalled
DC, 90 bushels. Cash business was good
and the seaboard trade improved.
Corn had the influence Of the wheat
boom to start it advancing but the real
bull incentive in this pit was the renewed
heavy buying by the big commission
houses which IL was reported several
weeks ago was trying to corner July op-
tons. Wall street is said 70 be behind
this crowd. and as the big lines were ac-
cumulated, "tailerS' followed and bought
feverishly The local crowd bought main
" on the theory that a bull manipulative
campaign was on foot There was con-
siderable liquidation at times for profits
and az these moments the market eaSed a
trifie. Upward spurts followed immedi-
atelv. however, and as offerings We're
never excessive. additional gains were
made The market was strongest at the
close. The southwestern markets were
even more builish than Chicago. and in
Huenced prices here. May opened : 10
lac higher at SIS to 65stc and advanced
TO 64ss. closing strong 21sc up AT that fig
ure. July sold 10 66c and closed 2ssc, &C
higher at 657sc. Receipts were only o.
cars.
Oats were strong throughout the ses-
sion on the influence OF the strength in
the other grains, and the fear that there
might be serious damage 20 the new crop
from lack of moisture There was also
good cash business which added 70 the
strength OF the futures Trade, while
not large. was OF good character, receiv-
ing and commission houses buying.
Scalpers sold TO some extent. Crop dam