The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-19
Bid FranticalIy to Cover Out
standing Accounts
JULY SCARED AWAY UP
Wheat Makes Upward Jump
Of IL Cents
RAINS BRIGHTEN SHORTS
And Twisted an Excited Mar
ket Into SpaSmS.

ket Into SpaSmS.
Chicago, July 1s.-There was great ex-
element in the grain market today,
Heavy rains in the southwest frightened
shorts who bid so frantically TO cover
their outstanding accounts that prices,
especially in oats, and wheat. literally
SCARED. At top prices there was plenty
of stuff for sale in the deferred options
and prices sagged somewhat July de-
liveries, however, fuctuated in a fashion
that would have done credit to a corner
and at the close all prices were strong.
July oats closed SIC higher; September
oats. lc up; July wheat 27sc higher;
September wheat nc up. July corn SIC
higher. and September corn sc up. Pro-
visions closed TIC lower to SC higher.
In point of spectacular display and
phenomenal advances oats, DULY in par
| cause Of the stampede was the simple
! situation Of a goodly number of July
shorts in pretty tight trap.
Had to Climb Out.
| The unfortunates say no other way
out than TO climb out at high point and
in consequence sought to save themselves.
The rain was the cause of most Of the
where the grain is yellow. reports came
in that fields were down and badly
twisted Receipts were only 81 cars, %
of contract grade. OF these arrivals only
seven cars were new stuff, and these
seven showed no contract grade. This
put the bears in a panic 1t seemed i'm
possible that with the cash market and
big export demand. there should be
any chance of getting enough standard
oats to fill contracts before the end of
the current month Added to this news,
which in itself twisted the market into
spasms, was the gossip that one house
controlled all the short accounts in old
July and that Mayor Potts, of Evanston.
who cornered May oats. had the new
July shorts under his thumb. There was
a big trade in oats notwithstanding the
fact that offerings were scarce.
Opening Business Wild.
The opening of business was wild
July new started SIC higher at 551zc
and touched 561zc, before a reaction set
in. September opened Il to &c up at
SO to 1890 and easily touched S37sc
After the first rush to cover there was a
lull and prices slipped back. Just be-
fore the close. however, July, new, was
given a severe turn and closed excited
and strong. SIC up at 5714c. September
closed strong 1c advanced at 351kc
Wheat had a rush Of buyers TO rush up
at the opening and a very strong market
ensued Houses who were of the south
western connections were among the best
buyers and gave as their reasons for in
creased bids the damage to wheat In
shocks by last nights heavy storm. July
was in special demand and was bid up
excitedly by shorts covering until 7Sc was
reached, a gain of 3s.c over yesterdays
closing figure. Shorts were badly scared.
There were several bearish influences at
work. but little or no effect was felt
from them. Gables were lower. but rail-
lied Receipts were much increased and
foreign and domestic crop advices were
good One statistical journal issued a
bearish report and there was some sell
ing as q result. The bullish incentives
were the already duped stock of old stuff.
and remarkable shortage of contract
grade stuff in the new receipts.
Grade Was Poor.
Today the contract grade equaned
about three-quarters Of one per cent
against 90 per cent this time last year.
This shrinkage is attributed largely 10
the long and disastrous rainy season.
Wheat that naturally would reach this
center in July and which was counted
upon by shorts was badly damaged by
yesterdays rains in Illinois, Iowa Ne
braska. Kansas and Missouri. Still more
rain is predicted. September wheat
opened kGs.c up at 2 81 to use and sold
at 727sc. Profit taking on the advance
brought a reaction. but the close was
firm for September With half cent
gain Al 7elzGssc July closed strong. 2zsc I
higher at &c. Local receipts were go
cars. seven Of contract grade and -
OF new stun; Minneapolis and Duluth
reported 1e4 cars. making a total for the F..
three points OF 424 cars. against 81 last
week and As year ago. Primary re- I
ceirts were $4,000 bushels, against LIB (
coo bushels last year. Argentine ship
ments were only 2soe0 bushels. compared +
10 7o4 .oco bushels last year. seabosrd
clearances IN wheat and -four equaned /
$50 600 bushels.
Corn Market Unexcited.
Corn. after an carly squirt, lapsed into I
dizziness and auctuated narrowly. Re-
ceipts % contract grade were materially .
cut down today. largely because OF the f
decline n prices. it Is thought Selling
on the bulge brought a reaction and there
vas little unusual about the market The
rest OF the day. There was a firm COM
mission house demand for December and f
May. and the bull party supported July
10 small extent Cables were firm.
July opened essc up ~ Sc, on support
5ut reacted u $50 on liquidation and
closed firm &C Up AZ sc September
opened &c 70 ssc higher AT SIC 70 1+c
and touched s1@c. on The selling this
option dipped TO So Gle and closed only
q trise firm. &c u7 az ussc Receipts
were As cars. 3 q contract grade.
Total contract stun OF the market