The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-04
DAYS GRAIN MARKET
Titanic Forces Combat Each
Other in the Pit.
FIERCE ATTACK OF BEARS
Longs Lead by Napoleon"
Phillips Suffer
FIERCE ATTACK OF BEARS

Chicago, April S.-Titanic speculative
forces combatted each other in the cereal
pits today. A fierce attack by the bear
contingent compelled a sharp decline in
all the grains. Longs, led by Phillips
( suffered severely, but retired from the
field still unbeaten. Phillips was driven
from the wheat market, but held to corn
and oats, which he is credited with con-
trolling. May wheat closed rs to &c
lower; May corn 17sc down. and May oats
/ Aq7sc depressed. Provisions closed 1870
higher TO 15c lower.
Bear forces, which had been gathering
their energies for the onslaught meant,
1t was believed by many, for the crush
ing of George II. Phillips, credited with
being in control of the market, broke
OUT AT the opening OF the corn market,
as they also did in wheat and oats. EnOr-
nous selling pressure Influenced some
what, perhaps, by weak cables, was ex-
eILed at the opening. May was solu from
IA 10 42c, compared with Monday S
close at 4512c. This marked a decline Of
over cents since Saturday, yet Phillips
ana his following, controlling many mil
hons of bushels, held fast. Phillips on
the contrary, acting through new force
OF brokers', rallied to the support of the
market, and added still more to his hold
lngs, even then estimated close to 10, 000,-
wv bushels. May gradually worked back
TO 43c, when the bear attack, aided by
weak longs, again began their tactics and
sent May back to 40%c under q deluxe
or corn. The bulls, aided by shorts, who
covered TO secure profits, forced the price
pack to 423sc. This was followed by an
other sharp reaction and the close was
weak, May 1%c under Monday, at 42sc.
Local receipts were 1874 cars, 93 con-
tract grade for two days. Country offer
1ngs were meagre. but the shipping de-
mand was also slack.
neat was active and weak under the
combined influences OF the corn market
weak cables, heavy receipts and good
I%eather May opened y to 19sc lower at
7SB to 7Sc, under hquidation led by Phil
lips. Twice slight rallies took place IN
Ger reports of heavy sales, but the liQui-
dation continued and May yielded to IN
qll9s Profit-taking by shorts caused a
weak, May 1bG2c lower, at 729s97255c.
Export sales were said to aggregate more
than l,000,00O bushels, 100000 bushels from
here. Primary receipts were 1,240, 900
bushels, compared with LOO, 900 bushels
last year, while seaboard clearances in
wheat and flour were equal to 582, 900
bushels. Local receipts for two days were
II cars, OF contract grade. Minneapolis
and Duluth reported Al cars, against BOG
last week and 374 year ago.
oats showed remarkable steadiness in
the race OF surrounding weakness, and
there was considerable buying for a re-
action In consequence In this market,
as in corn, Phillips, heavily long, stood
firm. Good outside buying and an excel
lent cash demand also worked to sus-
tain the market May sold between 255s
early and 241k, and closed %Gzsc lower, at
24Kc. Receipts were 1854 cars.
PriVisions were active and irregular.
The market being strong for lard and
ribs, but weak for pork An excellent
cash demand led to heavy buying of lard
and ribs for future delivery. May pork
sold between SIS. 65 and Sic. 40, and closed
l5c lower, at SIS -; May lard, between
sS.8 715 and $500 closing TIC up. 1T IS Az;
and May ribs between s. 20 and s. 80. with
the close sc improved at IS. %.
Estimated receipts tomorrow: Wheat,
80 cars; corn, 255 cars; oats, $50 cars;
hogs, Is, 900 head.
GRAIN AND pRnnIcE MApKrrc