The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-07
Days GRAIN NAEnT
Corn Displays Strength and
Activity
MAKING A NEW PRICE
Pork and Ribs Show DepreS-
sion and Lard a Loss,

Chicago, April s.-Corn displayed great
activity and strength today and attained
new high price, Nav closing &c higher.
Oats in sympathy closed shade UP, but
the wheat market in contrast sue
cumbed to a formidable array of bearish
influences and closed 11sc under Thurs
day. May pork at the close was IS cents
| depressed, while lard and ribs each
showed a loss of TIC.
May corn opened wild, with bids rang
ing from a to 447c, the highest price
OF the crop lot delivery next month.
These prices were = TO lac higher than
the close the previous session, and mark
ed complete recovery from the demOr-
allz1ng break of the first two sessions
Of the week. Phillips, the Dull leader who
is credited with having control of the
market, bought moderately for custom
erS, and declared that he sold nothing.
The demand was broad and heavy from
country interests, and at times frantic
from local shorts The aggregate amount
OF the days transactions was undoubt-
edly enormous. For a few minutes at
the opening offerings were light, but they
became freer soon Longs, profiting by
recent experience, realized that the mar
ket still has two sides and took profits
There was, however, no indication Of
any bear movement, but on the contrary
some OF the shorts who covered were
those who had led in the raid Monday
and Wednesday. The market yielded
with the greatest stubbornness. Shortly
before noon May touched 44c. From this
It reacted to A3sG414c and closed sc
higher at 443sc.
The strong opening was due to wet
weather west and to light country Of
ferings- The reaction was influenced to
moderate degree by the pronounced
weakness of wheat. But sentiment,
which apparently had returned TO its
cases, was mainly responsible for the
tone Of the market. The pit was damned
full and despite the activity of the wheat
and oats, the coarse cereal held the spec
ulative leadership Of the floor. Receipts
for two days were 5l5 cars, 107 Of con-
tract grade.
The wheat market was a striking con-
trast to corn. 1t was easy at the open
ing, weaker as trading progressed and
weakest at the close. May opened un-
changed 10 VIC lower at TIA to nc for one
brief moment, sunDorted by the corn
strength. There were no cables, and
the array of news offered anything but
cheer to the holders. Argentine ship
ments were $4,000 bushels, and Snow 3
crop report averred that in 20 years the
spring growth had never been better at
The new. century opens" said this
report, with wheat in uneXcelled con
dition and an acreage the largest on
record" Added to these was the expecta-
ton Of bearish statistics Monday. The
lightness of Australian shipments and re-
ports of sharp cash inquiry and heavy
-four sales, did little TO check the decline.
Bears hammered the market down TO Tic
during the first two hours. At this
point gtop-loss orders were reached and
a further lump to 70%c followed The
close was weak, 1kc lower at 1880. Sea-
board clearances In wheat and -four were
equal to $4,000 bushels, while primary
receipts were 800, 900 bushels, compared
with 559, 600 bushels last year. Minneapo-
lis and Duluth reported 498 cars, against
1853 last week and 46S a year ago. Local
receipts were 1856 cars, one of contract
grade.
Oats were handled in considerable
quantities, and the market showed an
undertone Of strength in sympathy with
corn and on the wet weather which was
said to be delaying seeding. There was
a heavy commission house demand, as
well as covering by shorts, while local
longs did most of the senIng. The reac-
ton following the opening was in SYM
patby with corn and wheat. May sold
between 261z and 255sc and closed a shade
higher, at 269sQ25$tc. Receipts were 3Sl
cars.
Provisions, especially pork, were easier
on liquidation by longs although there
was nothing Of a particularly bearish
character apparent on the surface. Trade
on the whole, was dull May pork sold
between $15.25 and Sl4 S21z and closed 35c
lower, at s14.S5 May lard s. .521s, closing
nc down, and May ribs between S.
and s. 121s, with the close nc depressed
at IS. 12la.
Estimated receipts Monday; Wheat,
so cars; corn, 175 cars; oats, 220; hogs,
1900 head.