The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-16
Corner Is Either Broken or a
Bail Is Ready for
NEW CROP OF SUCKERS
Traders Took Slump as a
Matter of Course.
RECEIPTS VERY HEAVY
Nearly One thousand Cars on
me Market

Chicago, July 1S.-Buls in the corn PIT
who engineered the corner in July options
Abandoned their position today and the
yellow cereal left~to itself. fen from its
lofty price and Aoundered % CENTS under
yesterdays best figure. Two causes were
attributed to the action OF this market
the immense arrivals Of corn tempted 10
this market by the fancy price. and set
tement with many Of the July shorts
by the Gates-New York bun clique OF
cornerers. Whether the corner has been
broken or whether the action Of the bull
party today is simply a bait for the out
/ side trade is yet al . loss 10 understand.
Common rumor. however. has il that the
July deal is over and all that remains
to be done is for the bull crowd to get
nd of the cash corn that has been de-
livered 10 il Naturally most Of the in
terest in grains today has centered about
July corn. AS a result the effect OF the
break was felt in all other grains. Yet
naturally conditions were bearish enough
10 break prices. and fine weather and
lower cables besides the heavy receipts
caused such general selling IN ali the
pits that September wheat closed IGI5sc
lower: September corn 1ssG1l4c down;
July corn Ike lower and September
oats 7sQIc lower Provisions started
strong, but could not Withstand the pres
sure OF the grain break and closed a
shade TO 2oc lower.
At the opening al signs pointed toward
lower prices for corn. The fair weather
Of the last four days had done much to-
ward drying out the fields and enabling
farmers 10 rush stuff TO this market 10
take advantage Of the fancy price ruling
for contract corn. Elevators were busy
drying stuff with greater rapidity. Yes
terday it had been estimated that the
receipts today would be about 100 cars
and the expectations of the traders were
practically realized. Arrivals were ST
cars. the greatest run for the crop. with
as Of contract grade. The unlicensed
elevators turned out 1I6 cars and 50 GOO
bushels. This amounted TO a good half
million bushels Of contract stuff which
stared the bull crowd IL the face and
which had TO be taken in al SIC a bushel
# the price was 10 be maintained. The
bulls refused to take the corn and the
bears forthwith proceeded 10 hammer
prices until practically all the artificial
strength was taken out OF July. Other
natural conditions. such as fine weather
and lower cables led 10 the bearish sen
timent and September. December and
May options fell of in sympathy There
was no marked excitement in the pit
-rs~a- Sacra1 81 mildly
Much OF the action Of the congested
option was a surprise TO many traders
but they took the slump as matter Of
course. Fluctuations were very erratic.
The offer Of "a FIVE" was enough to
break the price lc and a bid for ten
put the price up once &C. The general
tired Of opinion was that the corner was
broken S c. Scotch. general manager
fer Harris-Gates & Co. stated shortly
before the close OF trade that private
settlements had been made with many
q the shorts and that the interest in
supporting prices BY that firm was AZ
an end Il is probable that shorts now
out can finish setting in the open market. I
July started &c TO &c of at-Soc 20 PC and /
began plunEing downward There was F,
almost no cessation to the recession until 1
s5i.c was reached. a break OF l57sc since /
last night and almost sc under the>5op 4
price. s5c. which was reached July s. The /
close was fat at loss OF l51sc at 65ize. /
September opened unchanged TO sc /
down at SIC 70 eossc; slumped 10 5sssc /
and closed very weak l1sql15c lower at I
5ss=GSc.
Wheat ruled weak on the natural /
causes Of lower cables. fine weather and I
big receipts. but was pushed on down 4
by the corn market Everybody had I
fair quantities OF stuff for sale New
wheat was coming 10 market freely. /
helped BY the good receipts and warm
weather. The corn bull crowd bought 4
over lopoo 80 bushels OF September
wheat on the early break but the gen
sraI bearish sentiment prevalent on the
Hoor worked against the rally ard prices
fell back. September opened as61zc ID
s.aa.c u 72lsc. dipped 10 he. rallied
10 72zsc and closed weak l9ilzc lower
at he Locad receipts were 20 cars.
. Of contract erode and 81 OF rev.
and Duluth reported 3is cars
making a total u the three points q
IL cars against * last week and So
year ago. Primary receipts were 7neQo
bushels against 7ss.eo last year. Seaboard
in wheat and -four equaled
sss 90 bushels Oats made sinl further
recessioas. Influenced By good weather
and the general slump IT coarse grains
July suffered On the expectation q liberal
offerings before the end q the month.
Commission houses sold freely ard many
~ ~ h-.sIs -ra-a srr-~aas-sf n have fz- q,
The weather was reported 6oirs much
sor the crop. which Is aaiSing harvest
ing IN May places. September soid u
from 2 70 zssc. and closed weak and
7s7ic lower at sl@Gs4c- Receipts were
az ii cars me cash demand
fell oT somewhat
Provisions opened strong On small -
,eip1s and better prices for hogs - the
Yards The grain weakness. however.
vas 700 mach Tor the small s1Pport ard