The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-15
COLLAPSE OF
CORN CORNER
Sudden Drop of Five and One
Half Gents on July.
EVERYTHING GOES DOWN
September Wheat "a Down
and Oats | IA Cents Off,

Chicago, July H.-Heavy movement in
corn held the attention of grain specula-
tors today and brought slumps all
around. July corn continues its display
Of pyrotechnics of last week, although
today it looked like the falling stick.
instead of the rockets flight. Everything
on change was bearish but in the gen
eral decline the sudden drop Of 81 in
July corn was most important and caused
talk of an end Of the corner. Closing
losses were SC for July corn, s4G7s for
September corn, a for September wheat
and 11sGA for September oats Provi-
sions closed PIC lower to nc higher. 1t
was big drop in July corn and the bulls
tried to give several reasons for the de-
cline. Probably the true cause was that
corn in generous supply is moving toward
Chicago at a rapid rate. Ever since the
talk Of a corner in July options elevators
! and cash handlers have been busy max
ing contract grade corners with their ut
most energy Today the bulls had to face
receipts Of Az cars, 119 of which were con-
tract grade. In addition TO this private
elevators made and put out 207 cars and
$4,000 bushels. a total OF over half
million bushels Of contract stuff. The
good weather of the last few days was
just the sort to help in grading and with
the reported estimates Of s45 cars for to-
morrow, which would probably be aug
mented to over 1000 cars by private hou-
ses. the crowd led by the elevator peo-
pie. sold to a man. There was also a
disposition to believe that the board of
trade directors would stipulate a marg-
inal price for corn, so that both longs
and shorts could be called heavily If
such action is taken by the board tomor-
row 1t is thought it will work against
the corner. Nearby trading was light.
but of a bearish cast. When the esti-
mate sheets were posted July was sold
liberaly. Every sale had to be made at
good concessions to the buyers and from
sec the cornered option foundered and
thumped to sola September was weak
on the general rush of corn to market
and opening shade to 540=sc lower than
Saturday at s1%.to 6115 declined. though
gradually, and closed weak 2t6%c lower
at 61 July rallied a little from its bot
tom price. but closed very weak, with
loss of sc at sic.
Wheat ruled weak after a momentary
firmness at the opening on prospects of
rain. Gables were lower in Liverpool
Paris was closed and receipts showed
heavy percentage Of new wheat The
visible supply increased 6Ss,OOO bushels,
against a decrease of only 1000, 600 bushels
last year. These influences, together
with those attendant upon the corn break
and reports Of a few showers in several
western states. the crowd began selling
freely and September wheat, which open
ed shade lower to 1sGAc higher at
1917 to 73s4c. declined steadily as the ses-
sion advanced. Primary receipts were
fairly large al 9S6. 900 bushels, against l.
$4,000 bushels last year Local receipts
were 90 cars. six of contract grade and
s. of new stuff. Minneapolis and Du-
luth received 534 cars making a total for
the three points of 627 cars against Loss
cars last week and GA year ago World
shipments were Il. 7O1 600 bushels against
s263. 600 bushels last week and 1852. 900
bushels a year ago. Breadstuf on pass
age decreased 2.2SS, 900 bushels. Seaboard
462. OOO bushels Inc estimate Of $50 cars
for tomorrow was received bearishly.
Oats had something Of a setback to-
day as result of free offering by farm |
ers Of the new oats in order TO take ad- !
vantage Of high prices. Offerings in Hi /
nois were particularly liberal according I
to the reports. Favorable weather over |
Sunday and a general Improvement in /
crop prospects precipltated selling. Sep
TENDER sold of over 1c. selling as high as
S31k at the opening and closing weak.1ls /
Gr.c down at S2ssc. Receipts were 81
cars.
Provisions were rather quiet but held
up well in the face of a weak hog mar
ket Lard was inherently strong and
aided other products Of the list The
outside bought early bat both pork and
ribs lost most Of their advances. Septem- !
Der pork closed 2izo lower at $ls.s71z. Sep
TENDER lard TIC up at 81 42iz after touch /
ing Sis. and September ribs a shade !
higher at s10SG1os7lk
Estimated receipts tomorrow: Wheat, |
$50 cars; corn. SIS cars. oats, l75 cars:
hogs. 200O head
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