The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-22
Prices Leap Upward as
Though by Magic,
CORN 4 CENTS HIGHER
Provisions Close From y to
70 Cents Higher.

! one IN grains The return OF nanipuia-
ton, which began to make itself felt
week ago. made all the pits a storm cen
ter. Corn shorts suffered the worst Sep
TENDER gaining almost cents at one
time. September options in every pit felt
the effect Of scarcity OF contract grade.
Wheat got a whirl; shorts in oats saw
no hope of contract stocks. and the big
packers put their shoulders under pro-
visions. As usual, the fortunate longs
unlosded some of their holdings for prof
It's. and there were slight recessions from
top prices late in the day. Al the close,
however, everything was strong Sep
TENDER corn closed 4ls cents higher. Sep
TENDER wheat 3 cents up and September
oats ld1ls cents higher. September pro-
visions closed 221z TO 20 cents higher.
IN CORN PIT.
There was an afterclap OF the July
corn deal that startled the whole trade
in corn at the opening OF late il had
been case Of blind lead the blind sell
ing September corn in order 10 get prices
down 70 a level with the further months.
Lower prices did come after the huge
receipts Of last month, and September
tumbled from over 90 cents TO 80 cents.
Then came the story OF poor receipts,
with but little grading contract, immense
short interests and backwardness Of the
maturing crops. Yesterday English mar
kets began advancing. Today cables
were very strong. Receipts were only IS
cars. and influential buying started a
II
cover contracts with and wanted it bad
Is. but nobody could buy much. The big
bulls took on good lines, where they
could ana offered almost nothing. For
eign houses did good early buying. and
with slight hesitation after the early
jump. prices advanced in leaps and
bounds. 1t is generally conceded that
September corn IS in a very strong posi-
ton and is badly tied up. as IS that op-
ton In everything. Other months made
good advances in sympathy. but not so
excitedly as September. which opened
with a jump Of y of cent TO rs cents
al SAGA cents and went 10 57S< cents.
closing very strong and congested 4ls
cents up at 81 cents. December sold be-
tween A9s cents and 43 cents.
IN WHEAT PIT.
Wheat started easy. but soon felt the
effects of the corn excitement Gables
were indifferent, and fsirer weather was
reported northwest. where it was most
in need. In this pit it was a story of
bad weather diminishing stocks, lighter
receipts and almost no arrivals 10 make
up the depletion OF contract stuff. The
big bull interests did comparatively lit
tie to start swift buying movement.
Elevators and commission houses began
buying heavily. and. OF course. the
shorts followed. There was 10 selling
pressure. September was the more ac-
tive and influenced advances in the other
options, which otherwise had a beerish
sentiment behind them. The cash de-
mand was good. and export clearsnces
in wheat and -four were heavy az SIG Oo0
bushels, total in four days OF BOSS eco
bushels. September started is64 OF a
cent 10 1.G1s Of a cent down at 705s 70
7ezs cents and declined to 70i& cents.
Then the corn strength was felt. and
prices went 70 y cents AT one time this
months price was As cents over Deem
Der Late profit taking brought a dip,
bat September closed firm S OF a cent
up at ai@G71&s cents. Local receipts were
3os cars. only Of contract grade. Min
neapolis and Duluth reported 1s4 cars.
making total for the three points OF 80
cars. against 42s last week and $40
year ago. Primary receipts were Sls 90
bushels. compared 70 se8, 90 bushels
year ago.
IN OATS PIT.
Oats shared In the strength and activ- !
ity which characterized ali the other
grains. September led in the advance I
and gained IL cents The sensational !
upturn IN September corn stimulated the |
bullish feeling that has been prevalent /
IN this pit for several days and brought |
the shorts TO realization Of their tight |
position. Shorts did most Of the buy
ing. They had IN mind mainly the poor |
grading and poor stocks. Crop advices !
We're bad. and receipts. though larger |
than yesterday. were still Ear from SUI |
hcient 20 aid the shorts in their dilemma |
At times trade larsed Idle but the |
strength held throughout the session /
September sold from -. cents 10 srk 4