The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-30
BEARS HELD
THE MARKET
Forcing Down the Value of All
the Grains
OATS SUFFERED MOST
Provision Showed a Falling Of
of Thirty Gents.

Chicago. July z.-Bears were in full
control of all grain markets most Of the
day. The tumbling was not confined
only TO breaks in July. where there hac
been manipulation. The whole grain list.
wheat. corn. oats and rye. in all months.
went lower under the smothering weight
of big receipts and prospects OF immense
coarse grain crops. In July. where sem
sational drops were expected. the bears
were somewhat disappointed. In thu
other months, however, where prices
were considered on a fair commercial
basis. the drops were sudden and dfsas-
trous TO the bulls. and quite astonish-
ing. Toward the close a reaction set in
in most grains and especially in July
oats, which had lost sc. In the end July
wheat lost only 4, September wheat
1zd5sc, July corn &c, September corn PIC
and September oats sc. July oats closed
&c higher. and provisions closed SC to
30c down.
Corn ruled consistently bearish in all
most at the start Of business. Heavy re-
ceipts and fine weather were the incen.
tives Augmenting these was an al.
most total absence Of support. Appar
entity the Gates-Uew York Dull clique
have, as they asserted, deserted the July
deal on fair offerings OF this month.
There was a rapid decline and a net loss
of &c from last nights close. with the
closing sale at SIC. Trade was not heavy.
but offerings were so liberal, In addition
to the reports Of exceptionally large
coarse grain crops that the corn mar.
ket all around took on a sick" aspect
Gables were Indifferent. the cash demand
fell off and general news OF other nature
favored the bears. The big short interest
in July gave almost no support and the
gossip was that this interest was SO
powerful that it was awaiting for still
further breaks. September opened IA
sc down. at 5sq5714, and kept on a con
slant decline until IL reached 55a1c Es-
Inmates Of only 125 cars 10 be received
heer tomorrow checked the decline ano
September closed weak 2lzc down, al
SEC. Receipts were 334 cars, 81 of con-
tract grade.
Wheat showed much weakness early on
the corn slump and lower cables. Re
ceipts were liberal. bot hlocal and pri
mary. and for a time there was an abb
sence OF support that threatened a bad
bad break in the leading cereal. Predic-
tons were for a record breaking crop Ia
the northwest Locally the sentiment
was very bearish and the local crowd
sold almost TO a man. The southwest.
- til
freely. Stop orders were met in abund-
ance on the decline, but as soon as thes..
were exhausted the tone improved The
pressure lifted and excellent buying BY
influential houses aided the PIT in a
fair reaction. Late seaboard sales OF
AZ loads augmented the rally. July,
which of late has been very narrow and
easily affected. hung around the rather
narrow opening, t@Ac down. AZ 80 $40
and after dipping to 72Ssc, closed only
trifie easy, &c down, at BIC Septem.
Der opened itGA9Ssc down, at 7OzsG7ox.
sold down to zoe and closed IkGessc down
rather weak. at 704se. Business was lib
eral. Fine weather was a bearish fac
tor. Local receipts were SO ears. s Of
contract grade: Minneapolis ana Duluth
reported 256 cars, making a total for
the three points of 7Ss ears. against ~
last week and 705 a year ago. Scaboaro
clearances in wheat and -four cquaued
12l.000 buhels Primary receipts were
!, 40 600 bushels. against 1.12a,o00 bushels.
July oats afforded the spectacular side
Of the blackboard story of the tradins
today. On little selling, stimulated by
the very heavy receipts. July broke early
to SIC or loss Of Sc from yesterdays
close When the decline Of new July put
the price up quickly to strong close
&c higher. at soc. TIE trade was still
at sea as to the possibilities OF the ma
nipulation In this option. At the outse,
it was expected that the $50 cars OF new
arrivals today. with 172 cars contrao,
grade and other contract STUFF. to total
10000 bushels for deliveries, would break
prices. Everything pointed 10 a deluge
OF oats this week. With only two DAYS
more to the July deal it was all guess
work whether the shorts had settled or
would have enough contracts settled TO
avoid a bad squeeze. When the price
reacted and advanced it was thought the
final squeeze was a hand. September I
was sold freely on fine weather and
dropped from slsc 20 s2ssc and closed &c
down. at &c
Provisions were weak on selling. out
Of sympathy for the grain weakness. /
Early the market was strong on strong
hog situation There was some fair sup
port 10 lard but other products were
not wanted and prices declined sharply.
September pork closed 2lzc down. at
$3.50; September lard. sc lower. at sos;
and September ribs Sc Of. az 5000.
Estimated receipts tomorrow. Wheat
rs cars; corn. rs cars; oats. so cars;
hogs. . 600 head.
GRAIN AND PRODUCE MARKETS