The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-30
BULLS GET
IT IN NECK
Made-to-0rder Weather Cau-
SeS Serious Slump in Prices.
OLD HOLDINGS RUSHED IN
Wheat Closes 5-8c Lower and
Corn 3-4c Depressed.

Chicago. May 2e-Bum spectators in
grain who figured confidently on rally
in prices after yesterdays serious slump.
came to grief again today. For a time
they took hold Of few early bull arsu-
ments and upheld the pits, but made-to-
order weather and indications that the
farmer wa. rushing his old holdings TO
market pushed all prices down to level
July wheat closed sc lower; July corn
&c depressed and July oats l.GSc down.
Provisions closed PIC lower TO PIC
higher
Most Of the influences in the wheat pit
favored sellers. yet support from a strong
quarter and the comparative hrmness Of
the foreign markets kept prices fairly
firm for the first hour. Cables showed a
little decline but were not bcarish Ad-
vices did not state, however, that there
was pressure to spot wheat upon the
English market, 4 great quantity OF stun
due to arrive of coast and fine weather
abroad. Buying by a big house that sug-
gested satisfaction with the price brought
IN 4 number OF "taiIers' and helped
prices. For time corn helped wheat.
but it soon became apparent that the
bears had the situation il hand again.
The weather in the winter country was
warm, with rains. and in the northwest
clear and warmer. Bears laid great stress
on this argument and were thriving on
fine crop prospects Receipts were in
creasing. In the way Of novelty q car OF
new Texas wheat was shipped in and OF
its harvesting the southwest sold. No
additional export business came TO the
relief and everything slumped- July
opened 1sdEc 10 shade lower at 72ssc
to 7224c and dipped 10 nc. closing weak
sac down at 72Is 11tc. Local receipts were
twenty-one cars. one OF contract grade
Minneapolis and Duluth reported 2os
cars. making a total for the three points
Of 224 cars. against rs last week 4
year ago the day was a holiday. Pri-
mary receipts were 314ooo bushels; sea
board clearances in wheat and -four
equaled 80 90 bushels.
Everyone with interests in corn was
alert at the opening to see what stand
the farmers would take upon the Chi
oago bids sent out last night These bids
OF course were reduced under those which
brought out the big acceptances yester-
day. but still the country let 20 between
300 go and 10000 bushels. Cables. how
ever showed indifference TO our slump
yesterday and the big bull crowd sup
ported fairly well for time. This kept
July firm early to its yesterday closing
price. Then came the advice that the
receipts tomorrow would be 295 cars. This
looked 20 the traders very much as
though the farmers we're rushed their
stun 10 market. Trade turned very bear
ISL: bears sold short and when the small
support of the Wall Street crowd was
taken away, prices dropped one cent
Good crop reports keep coming 70 mar
ket and weather reports are as good as
can be desired. The cash demand was
only fair. July opened a shade higher to
l.d..c lower at IS to 52ssc, slumped 10 &c
and closed weak and &c under al 621sdisc
Receipts were excessive at 226 cars
The only feature in the trade in oats
was the nervousness accompanying the
MAY deal" several small trades in this
option caused fluctuations Of one cent
otherwise. the market was dull and IN
changed. shorts in May are settling
quietly with the operator who successful
IL cornered that delivery. X - no"
thought the deal is practically over
and that no excitement viii witness the
close OF Saturday. Crop advices for the
growing oats state that they are in bet
ter condition than any OF the grains July
new. sold or from s7lsc. upon the weak
ness in the other pits to 35ssc. and closed
weak i.G%c down at 5s7sc Receipts hb-
eraI at Us cars
The strike Of the teamsters Of the big
Chicago packing house began 70 have
bearish effect on provisions today At
the opening. prices were strong on run
OF hogs. 1900 head under the estimate
Packers manipulated the pit for his prices
and they unloaded lots 81 ribs. This to-
gethsr with the grain weakness and the
strike. lost the pit ali q it early gains
and brought net recessions II some op-
lions. July pork closed &c down AZ sll-cs
July lard shade lower At ISIS; July
r;bs nc up at 1875. Estimated receipts
FOR tomorrow. Wheat. p cars corn. -
cars. oats 1s5 ears; hogs. 2e,ooo head
Tomorrow being Decoration Day and a
legal holiday. there viii Be no business
upon the board az trade