The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-18
OTHER PITS NEGLECTED

Chicago, June h--Corn went on the
rampage today and headed by the crowd
that has cornered July options led the
unfortunate shorts a rapid and exciting
chase. Early in the day the word went
round that the screws were to cd put on
the shorts long before the settling day.
Nervousness peryaded the pit and soon
the shorts began to accept the inevita-
bic and got out Of their deals with as lit
tie loss as possible. A tight hand was
held on much of the corn early, but soon
the market ran away. The bulls did not
seem to care to keep it in check, and the
day closed with a net gain OF $3.50 on July
corn. Other pits were neglected in the
interest that centered in corn, and July
wheat closed only a shade down and
July oats a shade lower. Provisions
closed 21x and TIC lower.
The corn pit was in a constant boil
from start to finish. 1t was a day for
covering and practically everything else
was lost sight of. Pit conditions were
maintained. There is little doubt that
the principals back of the corner in July
which is credited to the Gates and Wall
street crowd are trying to move out all
the contract stuff. The country probably
could furnish plenty of stuff with which
to supply the shorts, but the wet weather
has worked against the grading. OF to-
days receipts only ten out of 37S cars
graded No. 2. Primary receipts were in
creased 1000 bushels and private ele-
vators were making good increases in
stock. But all told there was cause for
fear among the shorts, Tor It is thought
by old spectators that the Iong-expected
squeeze is at hand, otherwise the bulls
would not allow the price TO run away as
1t did today. Contract stocks today were
a little over 100000 bushels. The bull
crowd is credited with having Is. 900 900
ubshels of July. Predictions are for 75c
corn as a result of this situation, and
fluctuations today warranted such pre-
dctions. July opened unchanged to &c
up at 642s to CAS- after having sold yes
terday as low as So. a sharp ten minutes
buying sent the price to Co.'S The bulls
supplied enough long stuff on profit tax
ing to let the price slip back to 65lsc. but
the shorts bevame panic stdicken and the
market turned cratic again. and July
shot to 671z where it closed very strong,
32sc higher than yesterdays close. The
Gates crowd was on both sides of the
market. but sold more than it bought.
Deferred futures were traded in lightly
but were Influenced somewhat by the ad-
vance in July.
Cash business was not so good as re-
Gently. and country offerings were small.
Cash stuff was selling to Sc under July
prices.
Wheat ruled steady 1t was strongest
early on higher Paris cables and showers
southwest. Traders said the wet weather
was interfering with harvesting and for
this reason would sell little. The absence
of any heavy trading worked against
prices and although July corn strength
helped Wheat somewhat fluctuations were
very narrow. July opened unchanged to
&c up at p TO 721s and sold to 72ssc. Light
selling caused dip 70 717sG72c and July
closed. steady a shade lower at PIC.
The chief bearish influence at present
appears to be the scattered first arrivals
of new wheat here and in the southwest
err markets, although good premiums
are reported or sales of new wheat Lo-
cal receipts were IS cars. Is Of contract
grade; Minneapolis and Duluth reported
sS cars, making a total for the three
points of 146 cars against $50 last week
supply decreased 4. 461. 600 bushels. against
ass. coo ubshels last week Seaboard clear
ances in wheat and -four -qualled l42. ooe
bushels. The seaboard reported 81 loads
taken for export.
Oats were dull and steady. hutuating
within a range of only sc. There was not
much stun offered, although receipts
were liberal at rs cars. Trade paid more
attention 70 corn. July early sold at s9s.c
and dipped TO Ssasc closing a shade low
er. steady. at 3sIsc.
PROVISION trade was almost un. Hogs
were easy at the yards and after little
early support prices In the pit slid back
slightly July pork sold at S765 and
closed nc down st SIS. July lard closed
sc down at 81 K and July ribs 2lzc lower
at sl0O
Estimated receipts for tomorrow:
Wheat. 30 cars: corn. rs cars, oats. 10
cars; hogs. 81. 600 head.