The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-05
BULLS IN
CORN PIT
Reaction Takes Place on
Board After Steep Decline.
DAYS CLOSE is HIGHER
New York Crowd Has Traders
on Jump.
DAYS CLOSE is HIGHER

Chicago, June 4.-Bulis switched with
surprising rapidity in the corn pit today
and set all traders TO guessing what the
next BIT of manipulation by the New York
crowd would be. Bears changed front
under the action Of bull leaders and al
though a natural reaction might have
been expected after four days Of almost
constant declines. yet the action was
remarkably erratic. July corn closed ss0
nc higher, July wheat sc higher, and
oats l1sc up.
Corn led the action Of all pits. and was
the center of more interest than all the
| other pits combined. The feature OF the
days trading was the clever switching
o. the big bull leaders from bulling July
options to active support of September.
This crowd with it's Wall Street affilia-
tons is suppoed to be long more than
twice the amount of July stuff obtainable.
II has been the talk of the floor that
July was to see a rabid bull market and
several times adventursome shorts have
been pinched by this contingent at the
outset today. Many of the bears who
had been selling short for the last four
days became aware that they were a
little over confident and fairly steady
cables, lighter receipts, buIiish govern
ment crop reports and a restricted inte-
rior movement, covered freely putting
the prices up somewhat. The bull crowd
led in this movement by supporting July
we'll for a time. This option started 1sc
higher to &c lower, at 6l1k to 6lAc. and in
a few moments jumped boldly to s22sc.
When the market had fairly firm basis
the bull leaders dumped large quantities
and began taking on September rapidly.
September sold from 57%c to 5ss4c before
the crowd realized what was being done.
Then July dipped and fuctuated cratic
ally. AT the close the pit feeling was
tense and the tone strong July closed
7sG1ac up, at 61SaGs17sc and September
3sQ1c up. at 7S9sQ7Ss4c. Receipts were
ls5 cars.
Wheat displayed considerable strength.
regardless of the stubborn manner in
which the advance was fought by the
bears. The local crowd started the up
turn by covering of the large number Of
short accounts that resulted from recent
bearish markets. Later the corn bull
crowd and elevator interests were good
buyers. Receipts were small. clearances
large. the cash demand good. and the sea-
board reported the export business better.
The government report OF crop conditions
was bullish. Lower cables were not con-
sidered bearish because they were not as
weak as expected. The local crowd, how
ever. put on a bear pressure all day, and |
although a natural reaction came after |
the several days decline. it was only af- |
ter hard work by the bulls with the as |
sistance of the corn pit. July opened a !
shade to hdAc up. at 71% TO 7lizc, sold |
to nc. and closed firm, sc up, at 717sG |
&c. Local receipts were only cars; |
and Duluth reported las cars. |
making a total for the three points Of /
155 cars. against lie last week and AS a
year ago. Primary receipts were 27l 900 |
bushels. compared to $4,000 bushels last /
year. Seaboard clearances in wheat and |
flour equalled $4,000 bushels.
Oats were strong, but the market was |
far from active. except in July, which |
the bulk OF attention. Re
ceipts were very small at 80 cars. and the
leading bull who has been buying daily OF
late was in the market again. Shorts
covered freely in July. Influenced largely
by the action in corn. The crowd was not
Inclined TO sell shorts and on restricted
the price of July jumped from
867s TO strong close. NC up. at 3S1sc
The government report stated that oats
were not progressing as well of late. The
weather was good, the harvest in Texas
IS over. The Ohio June crop report
makes a condition of 81.
Provisions were dun and listless early,
but late in the day. Influenced by the
grain strength and a continuation Of the
recent buying by brokers. strong advances
were made X is now generally con-
,eded by all traders that the packers arc
supporting the pit. Ribs were in excel
ent demand. Trade in lard was light.
The hog situation was bearish on liberal
receipts and caused an early weakness in
products The close was strong. with
July pork l5c up. at sl7.S5; july lard IN
hanged at SO. 25. and July ribs 27isc
higher. at Sob.
Estimated receipts for tomorrow.
Wheat. Is cars; corn. 225 cars; oats. 50
,ars; hogs. 81. 600 head.