The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-08
CORN JUMPED
SEVEN CENTS
July Spectators Caught Short
and Squeezed.
WHEAT SHOWED ADVANCE
Provisions Made the Hand
some Gain of y Cents.
WHEAT SHOWED ADVANCE

Chicago. July Following early east
ness the grain markets rallied today on
reports Of additional rains in the west,
September wheat closing 1sGzsc and Sep
TENDER corn sc up. while September oats
closed unchanged. July corn shorts bid
the tied-up option 10 s49lc. but got little
corn 70 rtheir pains. Provisions closed
10 10 227zc higher.
At the opening wheat was sold freely
on the good weather Of the days rec
ord when the goard was closed. The
stuff seemed 10 come from ali sources.
Under this pressure the price Of Septem-
Der wheat went from 73ss q BIC. the high
point at the opening. 70 nc Here the
pressure from sellers eased up and the
market held steadily for a little tine.
Reports OF general rains in the west
stirred up excitement later and shorts
ran the market up TO a. The close was
firm. lzdssc over Thursdays close, az
737sc. Local receipts-three days-were g
cars, nine Of contract prade; Minneapo-
lis and Duluth reported s5s cars-three
OF 1886 cars. Worlds shipments were
6.56oo0O bushels for the past three days.
Seaboard clearances in wheat and -four
were equal 70 5000 bushels for the past
three days Primary receipts-three days
were l. $50 600 bushels. as against !, 0s5, 0o1
for the corresponding period a year ago.
There was heavy selling Of September
corn early on the Improvement in the
weather map While this option was
weak, however. May and December were
firm. Later September rallied TO steady
on the rain reports and reacted under
fairly active buying chiefly for the short
account. This option sold between 81 and
SPA and closed sc up at 214c July
corn, which is controlled absolutely by a
coterie OF spectators which had 4 ut
OF Mysteries for very slight cause. There
was lyittle trade in the delivery and such
as there was in the smallest possible
lots. The market opened unchanged 70
PIC up at - 70 7s1zc and remained neg
lected around the top OF this range most
of the forenoon. The advices OF rains.
however. frightened q few shorts with
small lines 70 cover and they ran the
price up TO $40 before their wants were
satisfied July closed &c up at 81. The in
cident OF Importance only as furnishing
further evidence Of what the controlling
party can do If It wishes with those
who are short Of July So far as can be
learned the big shorts have not covered. /
This may have been done in individual
cases. however, without the public learn
ing Of the facts. Meanwhile this delivery
is liable TO execute wild. fluctuations
every time some belated short tried to
cover five or ten thousand bushel lot. |
as was the case today. Local receipts |
for three days were 3S5 cars.
Oats were sick early. getting s4a1Ec /
under Thursday. but the far months re-
eovery late in the day in the corn /
strength and predicted showers. July 4
closed &c lower IN sympathy with drop 4
in cash prizes. Opening trades we're /
over wide range. and while the furry /
lasted selling was carried onward This 4
was due chiefly TO the improved weather
OF Thursday. Friday and Saturday. The
rain today and yesterday. with predic-
tions Of more, caused buying later and a
little recovery. shorts coming in freely
The easiness OF the cash market. how
ever. worked against such advances as
were scored in wheat ard corn. Septem-
Der sold between 34b.G531sc. and closed
unchanged at 3n4c. Receipts were 100
cars for the three days.
Provisions opened strong and IN the
main ruled that way throughout the day.
A sharp advance at the yards. together
with the high price Of corn and wheat
were the influence. The advance discios-
"a considerable short interest. which
sid most Of the bidding. September pork
and September ribs closed 1oc higher,
while September lard. the strongest on
The list. showed a closins gain Of 221zo
Estimated receipts tomorrow: Wheat.
% cars; corn. 90 cars; oats. 1s9 cars;