The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-01
JULY CORNER
SNUFFED OUT
Oats Takes, in Consequence,
a Tumble of "a Cents.
WHEAT DECLINES 6 CENTS
Corner Closed UneventfulIy
With No Excitement.


snuned out today. Quietly and with lit
tie excitement save that Influenced by
the injunction against a corner in July
standard oats, the manipulated deals died
in the arms Of their projectors. July
wheat cut the most spectacular figure by
slumping almost cents. The July corn
corner fitted into history with the clos
ing price "A cents lower than the high
price exacted when the Gates clique was
in control. July oats. although controlled
absolutely by the Patten-Frazier crowd.
closed uneventfuIly, doubtlessIy held
down by the fear Of dread possibilities at
the hands OF the court when the injunc-
ton case comes 10 be settled. With ma
nipuiation largely out Of the way and
the imitation in prices rapidly seeping out.
other options in grains felt the very
bearish effect OF big shipments 10 mar
ket. lower cables, fine weather and heavy
sales and consistently declined all around.
All the close July wheat was sac lower,
September wheat 7sd1c down. July corn
Sc lower, September corn &C lower. July
oats &c up and September oats 9sGizc
lower. Provisions closed &c up 70 121sc
down.
Interest centered in oats because Of the
injunction proceedings against James a.
Patten. Bartlett. Frazier & Co. and Car
rington. Patten & Co. Trade hung fire for
a time al the start because Of the case in
court A little covering was done early.
which started prices up somewhat. When
the court interpreted the injunction for
the parties interested and stated that
only one house was interested IA house
short 5000 bushels or july. and that,
with the exception OF deals with this
house. all business could go on as usual
on change, prices sagged. Patten sold
freely IN the pit 20 any one who wanted
the stuff 81 s5c-1c over yesterday About
100. 90 bushels were covered early. Then
rather heavy liquidation set IN all around.
The general feeling among spectators
was that had there not been an injunc-
ton IN effect protecting one firm princes
probably would have been boosted and
the July corner would have gone out with
a boom. For the first tine today It was
learned that the bull interest controlled
1,ss2. 900 bushels bought below 4oc. OF this
long line II is estimated over 1.250.OO0
bushels was disposed OF by the bulls in
the open pit Most OF the trading wss
in new. round lots. changing hands at
&c, one OF 465,eoo bushels and another OF
2co, 900 bushels. Fair deliveries were made
as the price in oats declined. but a large
number OF contracts defauIted. Details OF
these viii not be known for some time.
July. after opening &c up at SIC, sold at
sc. dipped 70 s54sc and closed 1c Up at
&c. September sold from s2z.c down to
sl14e. and closed zsqszc lower at 5IS.c. Re
ceipts were liberal at 245 cars.
4 break OF Sc in July wheat was the
feature OF the leading pit today. Trade
was dull a times and prices were in
clined 70 be cratic. Covering and the
effect Of big exports yesterday started
prices higher. Deliveries OF 5o0000 bushels
in July. however, with heavy selling in
all deferred options brought a break
July opened &c down to &c up at 75G76c.
hung fire for some time, and then
plunged in a panicky fashion 70 So Few
traders wanted the July article. although
there was fair cash demand
September opened &c TO &c up at 7OzsG
70Ac. broke 10 6slzc and closed weak "a
1c down at ss1sa6s5sc.
Excellent crop news. big receipts and
dne weather influenced a marked increase
in the September December spread. De-
cember selling &c below September The
feeling in wheat as elsewhere was that.
with manipulation out OF the day. fn1a-
tion must come out OF prices in all op-
tons. July closed SIC down at csc. Lo-
cal receipts were SIS cars Z OF contract
grade. Minneapolis and Duluth reported
Is cars. making 4 total for the three
points OF sol cars. against sSs last week
and - n year ago. Primary receipts
were /, Jas 90 bushels, compared with ss5-
G0o bushels last year. Seahoard clear
anees IN wheat and -four equaled 81. 900
bushels The seaboard reported . loads
taken for export
There was heavy selling in corn. very
little support arrived and prices broke. /
From sec. the price OF corn on July s. (
when controlled by the bun crowd. the
price has declined untl today 1t closed
at Sc There vas a fair strength &c all .
options early OF the small receipts-only /
s. cars. Selling IN September. however. (
was heavy. Induced BY bearish reports q .
excellent crops and good weather In
spite q only s. cars estimated for tenor F
ROW, September sold FROM 55'Sc down 10
sss.c and July from sc TO sc. There was 4
q little rally 10 September as early ca
5les improved. but the close was weak.
&c down az ssisc-
Provisions we're only fairly active and .