The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-30
SCARE SENDS
PRICES ON UP
Imaginary Frosts Bring Fair
Advance in Prices.
SEPT. OPTIONS OVERSOLD
Close in All Grains Is Strong
and Up.

Chicago, August 29.-Frosts scared the
grain shorts today and as a result there
were fair advances all along the line. As
a r9atter Of fact there were no frosts
in the farm country. but the northwest
was reporting such cool weather that
Spectators feared possible damage. A
further bull factor was the likelihood that
September options were oversold. especi-
ally in oats. At the close of rather duh
trading. September wheat was sake
higher. September corn &c up and Sep
TENDER oats &c advanced. September pro-
visions closed 1oc down to 271zc up.
Wheat ruled strong after a momentary
uneasiness al the opening. Cables were
weak On brilliant weather and Minneap-
ellis reported a decline Of 1c in spot. Grad
ing of new wheat receipts at that point
also was said to be splendid. Offerings
were very light, however and the fears
Of freezing weather brought a sharp up
turn. Calgary reported the temperature
at g. The local crowds showed no dis
position to sell save late in the day for
Profits. Commission houses bought fairly.
The market appeared oversold from the
effects of the bear movement during the
last few days OF fair weather. Corn
strength had STIMULATING effect. Sep
tember started sake down to a shade up
at 6924c to zoe, and advanced to 7Ossc.
late there was an easing of on profit
taking TO 7O1sc. The close was firm. xq1s
up at 702sc Trading was not heavy.
Local receipts were 2S1 cars, none of con-
tract grade. Minneapolis and Duluth re-
ported $50 cars, making a total for the
three points of 617 cars. against 517 last
week and $50 year ago. Primary re-
ceipts were 972, coo bushels. compared to
125, 600 bushels last year. Seaboard clear
ances in wheat and -four equalled 527, 600
bushels. The seaboard reported eight
loads taken Cor export.
Corn felt the effects of the imaginary
frosts even more than wheat. although
the market was very irregular At the
start a fairly heavy selling movement,
developed and September broke from 56}sc
To 5512c. Lower cables, favora bic crop re-
ports and improving receipts were the
causes Then came fears that the cold
weather would swoop down on the green
corn fields. Shorts were frightened. For
a time everybody waited to cover and
prices jumped quickly to 57ssc After that
trade hung somewhat idle and huctua-
tons were somewhat narrow. The close
Tor September was strong. &c up at 571sc.
Receipts were 40 cars, ~ contract grade
oats shorts were scared badly at the
opening. Under the rule of the beard 1t
tdhes white oats OF certain weIym 70
FIJI new style contracts. Chicago has prac-
ticaliy nothing of that grade. Oats we-e
reported badly damaged by rains in llli-
roiS and Iowa, and this together with the
cold weather talk, sent the shorts sc;amb
Ing for cover until September jumped
from 2314c to 34ssc Other months also
we're strong. Toward the close there was
fair realizing selnng r.o"crn..s aad
prices eascd off a II e September CLOSED
strorg. however. &c up at 341sc Receipts
we're liberal a S54 caIs but the grading
was miserable at Is car contract
Provisions were manipulated for an
upturn but with only a measure Of sue
cess to the packers. Hogs and corn
started out weak and the former sIumped
badly. To ccunteract this influence brok-
ers bought freely and the whole list had
good advances. Late there was a drive
If lard and prices fell off somewhat TO
an irregular close. SEPTEMBER pork closed
lee UP at $1Le5; September lard 10c lower
at 5000 and September ribs 27izc higher
at SECS.
Estimated receipts tomorrow: Wheat.
242 cars. corn, 50 cars; oats, $50 cars. hogs.
l5,0o0 head.