The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-15
|GRAINPITS
IN TUMULT
One Firm Corners No 2 Wheat
and Causes Erratic Prices.
HEAVY MOVES IN CORN
Danger of Manipulation Is Yet
Totally UnreIieved.
MOVES IN CORN

Chicago. August 14.-Ragged grain
markets. the result of renewed manipu-
lation. We're the rule today. Traders
thought that with the end of July deals
and with excellent harvest in sight, trade
would get back on a natural basis. But
the middle of August finds the floor in a
tumult again. One firm is supposed TO
have all the No. 2 red wheat in sight and
consequently the wheat trade today was
erratic. Four big houses are moving in
the December corn and some of the same
people have out long lines of oats. The
new harvest TO date have done nothing to
relieve the danger of manipulation. Ad-
verse weather has worked against the
grading to such an extent that contracts
are low. All the conditions had turns at
the markets and the result was a see
saw of wide and inconsistent fiuctua-
tons. AT the close crop figures had some
weight with spectators Septembet
wheat closed AQ2sc lower, December &c
down; September corn &c lower and Sep
TENDER AQ$c up. Provisions closed 12c
higher to 20c lower.
Wheat opened weak because the bad
weather predicted yesterday for the
northwest harvest did not materialize.
Cables also were Indifferent though later
they dipped. With unbroken fair weather
and the continued heavy movement of
winter wheat. the bears could see moth
i'm hftf
selling movement and in a short time over
1000, 900 bushels of September We're thrown
overheard The crowd thought the lead
ms bull was receding from his position.
After the preliminary break influential
buying evidently for manipulators, start
ed goodly rally. Contract stocks were
small and grading was poor The big
bull with nearly seven million bushels
OF September, was feared. Talk was to
the effect that an effort was to be made
To control the cash market hold to the
line and eventually take all the Septem-
Der long stuff. Insiders said this was a
scare and that this big line was being
reduced on the bulges. The oversold
crowd bought literally and sent prices
up sharply only to sell again when thet
manipulators put on pressure again. Sep
ttmber opened very irregular sake to
3eqlc down at 692tc to 3sisc, sold up to
1essQS4c, sagged TO zoe, rallied again to
the high figure and closed weak it6zsc
down at $3.50. December sold between
size and 6sl1c was less zmenable to bull
news and closed sc down at 6644aHc.
Local receipts were 279 cars of contract
grade; Minneapolis and Duluth reported
$50 cars. making total for the three
points Of 42s cars against S5S a year ago
and 5lS two years ago. Primary receipts
" ere $4,000 bushels against 922. 600 bushels
last year. Seaboard clearances in wheat
and -four equaled 594,O bushels. Export |
ers held aloof from the market arguing |
that with December at &c premium over i
September, purchases were irrational
Corn broke early with wheat and on |
good crop reports. One statistical jour |
nal stated that the total harvests in the |
principal grains would total 1,IOo. 900 600 |
bushels over last year. Corn was said |
10 be in promising condition and as /
cables were easy. prices sagged. Septem-
Der started sc down at SIC dipped to Sic /
and then rallied on fair covering and the |
wheat reaction, TO 52@sc. Other options
held somewhat steady on talk of manipu-
etion in December. Commission houses
were on both sides of the market and
fluctuations We're Irregular Receipts were
small at 81 cars and news reports were
that the country was almost bare of
corn. Late weakness in other pits started
selling again and September closed sc
Town al 5lSc.
Oats again showed better strength than
anything on the floor. Heavy buying.
for the old time bulls. sent
September up over 1c early. Liberal OFFER
ngs worked against the bullish influence
If good cash demand and poor grading.
The late corn weakness also caused some
elling. Trade was not large. September
old from SeS.c TO s2isGl4c. and closed firm
4a3sc up at Sl2sc. Receipts were s4s cars.
Provisions We're irregular under the in
iuence Of outside liquidation and
weaker hog marker. Lard was offered
most freely but was absorbed fairly wen.
cry good support was under pork and
lbs. September pork closed sc of at
1875; September lard 2oc down. at SO. 30
nd September ribs 12izc up at 50 62lk.
Estimated receipts tomorrow. Wheat.
20 cars; corn. 400 cars: oats, 300 cars;
logs. 1890 head.