The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-10
STAMPEDE IN
PROVISIONS
Calamity 0vertakeS Bulls and
DemoraIizeS All Prices.
CORN, CAUSE OF IT ALL
Cornering at Close Takes
Place on Tremendous Scale.
CORN, CAUSE OF IT ALL

Chicago. August s.-Calamity overlook
the bulls in the provision pit today. The
down-hill course of all grains during the
week, and especially the precipitous de-
cline in corn, had taken all the faith from
holders In all the speculative pits. AS
| further argument against the bulls, corn
broke again early in the day. This was
too much for the provision crowd, and
an avalanche Of stop-loss selling orders
swamped the pit Pork made the great
est break, soc, but other products kept
| company. While stampede was working
havoc in provisions, the grain crowd came
to the belief that bottom prices had been
reached. Covering on tremendous scale
took place. Corn shorts covered by the
millions. The bearish conditions of
weather and fac crops worked against
rally, but in the end everything on the
floor reacted. September corn closed 80
&c up, September wheat a shade lower
and September oats &C down. Provisions
closed 71za15c lower.
in the session. There was a great selling
pressure in the shape Of liquidation in
September holdings and selling short of
January and May. Pork was the product
raided, and the bottom dropped out of
the market Everybody was offering
stuff At the time January pork was Of
fered 2Cc under the market, with no TAX
ers. The bottom was reached at a decline
o. 3
the products and turned strong on sup
port. The hog market. which had been
lower on only 5000 head receipts. turned
up late. with a view TO attracting more
stock to market next week. Corn, the
weakness OF which was the primary in
fiuence in the provision selling turned
firm. After the severe break there was
an inactive tendency. and the days losses
were much less than at one time seemed
probable. September pork sold from
1865 down to $15.75 and closed weak. 15c
off, at S16.35; January sold from s14.s5 to
1880 and closed at sl4.50: September lard
sold as low as 5000 and closed nc down
at $l067K. September ribs dropped from
5000 TO $3.50 and closed 121zc of at S100212.
Corn was so weak early that 1t caused
weakness in everything else on the floor.
After slumping over &c in one week an
additional decline in deferred futures
frightened the few remaining bulls into
renewed liquidation. The weather was
favorable and crop reports were bearish |
Texas was asking for bids for corn for
immediate shipment. Altogether it ap- |
peared that soon there would be a big |
movement from the southwest The de- |
cline, however, soon brought prices to a |
spot which was considered too profitable |
to the shorts to last long. Covering had /
been going on all morning, but now grew |
lively. The clique that had sold Septem- /
Der short around 60c as a hedge against /
the corner in July covered enormously at I
big profits. The crowd turned bullish but /
the recent depression had been so great I
that it was hard to overcome. Septem-
Der. which slumped to 50'sc rallied 10 /
STAG but closed only a triie frmer. lsQAc |
up at 51%951I2c. December slumped 1c /
to &c. and closed easy. 1sQl4c Of at S9s4q /
S97sc Receipts were stin remarkably
small at "a cars.
Wheat made new records for low prices
for the crop. There was a temporary
nrmness at the opening on light rains
in the spring harvests, but the drop IN
corn and the subsequent depres sion in
oats brought marked depression. Crop
prospects still were excellent and all re
ports indicated big yields for both win
ter and spring wheat. Stop-Ioss orders
were plenty, short selling was cree, and
there was only scanty covering late in
the day on more rains predicted north
west Receipts were very heavy, especi-
ally southwest. There was no business
in London or Liverpool but the continent
was weak. September opened l4c up 10
unchanged at 6SAc TO sec. broke 70 61lc
and closed easy shade off at 677sf16>c
December sold down to 66l4c and closed
sc up at So. G6S7sc. Local receipts were
262 cars. one Of contract grade. Mime
apolis and Duluth reported us cars. max
ing a total for the three points Of $50
cars. against 459 last week and 4l5 a year
ago Primary receipts were 1.3lLg)9
bushels. against 10000 bushels last year.
Seaboard clearances In wheat and -four
equa,ed 66s 600 bushels.
Corn weakness brought a slump In oats
Trade was fair. but the crop reports
were too bearish to allow much OF a rally
when other grains reacted May ruled
relatively strong. but liquidation in the
near futures caused dips Of 1c. Septeu-
Der sold from Sic to soc and closed weak.
sc OF. at Soflc. Receipts were large at
"a cars.
Estimated receipts for Monday
Wheat. $40 cars; corn, $ cars; oats. SIC
cars. hogs. g. 90 head.
GRAIN AND PRODUCE MARKETS
Chicago.
Chicago. August s.-The leading futures
p rEad as follows