The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-18
JULY CORNER
STILL FEARED
Suspicion That the Recent
Breach Was Only A RuSe
TO SQUEEZE SOME MORE
All Goods for September DeIiv-
cry Ruling Higher.


+ Chicago. July T.-Corn held the center
of the speculative stage through today
dealings and the July options made very
cratic turns for dead deal. Conditions
we're remarkably bearish in the coarser
grain, but support BY the bull crowd
that looked very queer considering the
announcement that the bull interest had
abandoned July gave the market good
strength. Wheat and oats had crop fig
ures against them and made good ad-
vances for this reason, aided TO some
extent by the corn Improvement. Al
the close July corn was @sc lower, Sep
TENDER corn nc up. September wheat
sc higher and September oats &c higher.
Provisions closed TIC to PIC lower.
The trade in the corn pit was all AT
sea al the opening OF business. because
or the attitude Of the Gates party. Bids
were made the bulls openly at s71zc. and
as a result the shorts began 70 gossip
over the possibility that the tale OF the
broken corner was only a ruse and that
another squeeze was in store for them.
At once a demand rose in July and Sep
TENDER and prices jumped accordingly.
July, from an opening sc to 13sc higher,
at 6ed67lac. SCARED to sc. About this
time the crowd came TO the conclusion
that Gates was simply bidding up the
price in order to get rid Of the largv
quantity of expensive corn that he had
been force Ito take on deliveries. The
demand fell off and forthwith the price
OF July fell back with a thump TO a weak
close sc lower than yesterday. at 65i4c.
Trade was not large. probably $50 06a
bushels being a Conservative estimate Of
the amount unIoaded in July July
seemed on tap at all times on the hare
spots, but September was offered spar
ingly, partly because Of firm cables. De-
spite the fact that the bull party IN July
had tremendous quantity OF cash stun
TO get rid of, the story goes that its
heavy shor line in September may yer
bring the corner clique to grief. Much
OF the demand in September today was
attributed 10 covering by this crowd
Receipts in corn continued very heavy
today, 4s2 cars arriving, 225 Of CONTRACT
grade and 105 cars and p 900 bushels were
turned out by unlicensed elevators. max
ing a total OF over 900 900 bushels Of con
tract stuff on hand today. September
stood these offerings in the cash marker
weak and opening1sa14c up, at 5s9.q5s24c.
advanced strongly and closed very strong
lac up. at 61Isc.
In the face of a good array Of bearish
news wheat ruled very firm. The wealth.
er was almost perfect. sabe in the north
west where hot weather in the wheat
belt, which is approaching the milky
state. threatened the spring wheat. Ar
rivals were much larger than expected,
cables were lower and statistical journals
issued bearish reports. Offerings. how
ever. were scanty. There was a gooG
demand from the northwest. where some
damage had been done by the cyclones
The corn strength stimulated buying IN
wheat TO some extent and September.
which opened shade higher to a shade
lower, at 711zG19s. at once advanced to
&c. Liberal selling by commission houses
and estimates Of 30 cars for tomorrow
put the price back again temporarily.
but when 81 cars we're reported tazel.
for export at the seaboard the buying
started on fair scale again and Sep
teinber closed firm. Sc up. az 72d72tsc
Local receipts were $50 cars. only one u
contract; Minneapolis and Duluth repor1
227 cars. making a total for the three
points of 81 cars against go last week
and ~ year ago Primary receipts
were 5000 bushels. compared 10 $4,000
bushels last year. seaboard clearance in
wheat and -four equaled 81 - bushels
Oats ruled strong on scarcity OF Of
ferings and the very light movement to
this market Cash business was good
at high prices. and July options gained
at one time &c. selling at &c. There
seemed TO be general fear that the
market was over-soId and that there
would not be enough new stun TO deliver
Of contracts. This boosted September
from 3I@sc TO a firm close &c up. al 32tzc
Receipts were only IS cars. Of new stuff
and on contract grade
Provisions were rather neglected aud
with small and waiting support weak.
ened on outside liquidation Hos prices
At the yards were firm. but seDtembe.
pork closed Ice down. at sls55. septern
Der lard 12izc lower. at s11.s2sz. and Sep
TENDER ribs Tie lower. az S077iS
Estimated receipts tomorrow. Wheat
2le cars; oats Is cars: corn. 40 cars,
hogs. 1880 head.