The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-23
CORN TRADERS
VERY VICIOUS
Big Bulls Keep Prices Going
Up and Down.
SHORTS ARE SUFFERERS
Longs Come Out on Top at
Lower Closing.


trading characterized the business on the
beard of trade today. St. Louis shorts
in wheat and corn were punished severe
ly. There was nothing particularly. bull
ish in the early news, but yesterdays
exceptional bulge in corn frightened the
corn shorts and at times there was a wild
rush TO cover. After prices all around
had been boosted 10 figures to suit the
big holders, manipulation made prices
jump back and forth eratically. In the
end, shorts suffered. the local longs Sc
cured fancy profits for their holdings and
prices closed weaker September corn
closed unchanged; December corn &c
lower; September wheat hdAc down;
September oatsl@11sc off and September
provisions suffered loss of 10c TO 20c.
in Corn Pit.
st. Louis shorts had sent orders for
heavy covering at the opening Of corn.
Prices would have gone easier to soc or
more, had it not been that the big longs
were competing with each other TO I'M
load on the unfortunate outsiders. This
willingness on the part of the bulls to
sell at fancy figures, however, did not
prevent an excited and much higher
opening September corn started 4 10 1c
up at 571lc to 5Sc, and with wide fluctu-
atoms, jumped to $3.50. Here big quaint
ties came out and some l. 200. 900 or more
had been turned over to the shorts. This
broke prices badly and as soon as it was
thought the short interest had been elm
mated, September touched 5511c. Every
bid or sale made a quick change of from
a to 1c in the market price. September
trading throughout the entire session was
sensational. Influential houses had De-
cember for sale, but the early advance
in September sustained the latter month.
Conditions that usually rule the pit were
hardly considered. There is still a fine
prospect of big harvests. Cables were
higher and receipts were still small,
otherwise the situation was practically
the same. At the close September rail-
lied and December fell of, September
closing steady and unchanged at SIC. and
December &c down at 4zizc Receipts
were only IS cars, six of contract grade.
In Wheat Pit.
Except that the weather map was
almost perfect, most of the early news in
wheat favored buyers. Cables were
strong on the reports of frosts and dry
weather in Argentina. Receipts were
lighter and contract grading was very
small. Above all, shorts were frightened
beth at the advance in wheat and the
tumult in the corn pit. ST. Louis was
heavily short and wanted over a million
bushels. The result was an excited open
ing with September AG1c to %d1sc
higher at 717s to TIC. After the rush of
buying orders was over, brokers let go
freely, the crowd followed and prices
broke to 707tc. One OF the factors was
the falling off in cash demand with Min
neapolis cash premiums off PIC from yes
terday's figures. Much of the early heavy
selling was a prominent elevator concern
that has had September options congested
for some time. After the whipsa wing
process had shaken out many Of the
tailers. there was fair rally. September
however. closed rather weak 1sGAc down
at 1ssc. Local receipts were 221 cars,
and Duluth reported 2s5 cars. making
fetal for the three points of SIC cars,
against 39S last week and ~ a year ago.
Primary receipts were 100000 bushels.
against 10000 bushels last year. Sea-
board clearances in wheat and -four we're
liberal and equalled COS. 600 bushels. Argen-
tine shipments were Us. 600 bushels COM
pared to $4,000 bushels last year.
Ihr Oats Pit.
Selling for a large bull caused weak
Eess in oats. Even the great strength
early in wheat and corn had little effect
and after a little squirt, prices fell back.
The motive for the sharp selling by longs
was said TO be the improving wheat
weather west and northwest. which is
expected 10 result soon in improved trad
ing. Shorts still wanted stuff, but when
stop loss orders accentuated the decline.
trading fell off. September sold from
34stc to CSC. and closed weak 1d1Hc down
al SSSsc. Receipts were 173 cars.
Provisions.
Provisions advanced early on a better
hog market and outside buying. later
longs unIoaded generally and the liquida-
ton caused declines in all the lists. Even
the usual advance OF as much IS sc in
hogs and a good consumptive demand.
did not prevent a weak close. September
p9rk closed PIC lower at 1855: September
lard &c down at tl077s. and September
ribs Ice OF al .l01211
Estimated receipts tomorrow. W-hea.