The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-13
BEARS SICK
OVER RAISE
Prices Take Unexpected Turn
Upwards in Grain Pits.
BULLS FEELING GAY
Usually Following
Crop Report Lacking.

Chicago. August 12.-Today was a dull
day in both grains and provisions, and
everything went up. The government
crop report which was a disappointment
tc the bears. was the cause Of the up
turn.
A revival of bull confidence and fear on
the part of the bears put through a heavy
business in wheat. The general impress
sion prevailed that the end Of the bear
| campaign had set in yesterday, and
strangely enough the low prices Of this
campaign had come before the govern
ment report. Usually a government re-
port is followed by depression. The case
was different today. Where an esti-
mate OF spring and winter wheat crop
or about 100000 bushels had gained
credence, the government suggested only
| GO ,0O9,00O bushels. Foreign markets gave
the report a bullish Interpretation, and
! sent higher quotations and the northwest
had lighter receipts. Primary receipts
I
ordinary conditions were as bearish as
hefore the receipt of the report Coarse
grains, however, also had an upturn.
Selling was almost nothing. and buying
Tor the support of September was so Wig
orous that shorts bid prices up hurrledly.
New York and st. Louis were in the
market heavily on the buying side and
there was a good commission house de-
mand all day. Arrayed against the bull
movement were light seaboard clearances
although sixty boat loads were taken for
export at seaboard points and 10000
bushels sold for shipments here later
worked against the slightly bearish in
centive and resulted in a much stronger
uptrun. There were several lapses from
high prices on the advance, but the close
was near top figures. Grading showing
but little Improvement, the local contract
stocks are fast disappearing. September
opened lsQA to 15G5sc higher, at 679s to
6's4c sold to 691sc, and closed very strong
lzg1Bc higher, at &c. Local receipts
were 400 cars, of contract grade Min
neapolis and Duluth reported 132 cars.
making a total for the three points of |
622 cars, against 719 last week and ss7 a |
year ago. Primary receipts were 1.273.-
600 bushels. compared with 963. 600 last |
year. Seaboard clearances in wheat ami |
flour equalled $4,000 bushels.
Corn showed much strength. partly be-
cause the government report showed l per
cent reduction since July l. but principally
on heavy covering by great many
shorts who secured handsome profits
Most of the business in September. The
ri OF ia.
small receipts and the strength in wheat.
cables were lower due to liberal Ameri-
IAN offerings, and at times had influence
enough. together with good crop news.
20 cause slight breaks in the advance.
Commission houses bought literally. In
he main, however, corn traders ignored
igures. cables and the generally good
weather and cereals on sentiment. The
rade was full of stop-loss orders. which
'ame out freely from those pressed on
he short side. Conservative traders
aid conditions for the crop could not
'e better. September sold as low as 5Oi5 |
nd jumped to 52ssc. closing strong. 1ksc ]
p, at 5214c Receipts were only So cars.
There was no influential buying in oats. | :
ut prices responded quickly to the bull ]
sh sentiment in the other pits. Pro-
ision houses bought fairly. and promi- I
ent bulls were taking May. The ;
trength in corn and wheat was the prin- 7
ipal influence. September sold from %
: SO1sc. and closed firm. 1q1lsc up, at @
saS01sc Receipts were $40 cars =
Provisions were irregular. Heavy COW ?
ring in the distant months and an alb {
ance OF selling pressure worked against :,
wer prices for hogs. The demand was =
OF heavy. but buying orders came in in =,
efficient quantities TO put good strength :.
to the market. Several reactions oc-
irred, but the grain strength held prices
p. September pork closed Soc UP. at
September lard unchanged at sl0.55.
Id September ribs at 221sc up, at g.
Estimated receipts for tomorrow: IL
heat. III cars; corn, q cars; oats. 2O5
rs; hogs. % O00 head. II