The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-01-08
FEVER RAN R0T
Chicago Wheat Market Ends
in Marked Weakness.
LOCAL LONGS DID IT
Trading for the Day Was
Almost a Record Breaker.

Chicago. Jan. 7.-speculatve fever ran
riot in nearly all of the grain and pro
vision markets today and trading was
the heaviest in some time. A strong
realizing movement. broke wheat badly
near the end Of the session, May closing
at a decline Of 4 to &c. Corn held part
of an early advance, closing &c higher
Oats advanced sc and provisions closed
PIC higher to 1Oc lower, the decline he
! ing il pork
It was evident from the wide range of
( opening prices in wheat that opinions as
to the future course Of the market
varied greatly. Initial prices for May
which closed Saturday at 79HQ79sgc,
ranged from 70 to 7912c. For a time the
volume of business was tremendous. I'm
mense buying orders, many of them from
the outside, were in the hands of Bro
kers, but local longs, with big profits
in prevailing prices, We're more than VIII
ling to sell. and from the start the ten
dency was downward. The crowd ap-
( parently believed that Wall street in
fuences were at work and big comm-s-
sion houses were closely watched. soon
y
weakness developed from the liberal re-
ceipts and the weakness of the north
western markets, but the appearance If
any large buying or selling order in the
hands Of a prominent broker seemed to
have more effect on the crowd than any
statistical news. After touching 785sc the
market gradually steadied and under
heavy buying by a prominent commis-
sion house, which started a scramble 10
lers, an advance took place which car
ried the market to the highest point Of
the day, 1870. After that nothing Of
interest transpired, though price changes
were frequent until near the close when
local longs flooded the market with their
realizing and prices slid off with amaz-
ing rapidity. The close was at 78c. the
lowest point Of the day, with the mar
ket exhibiting considerable nervousness.
Total receipts were ia cars, two of con-
tract grade. Northwest receipts were
573 cars, against ATS last week and sos
a year ago. Total primary receipts were
$4,000 bushels Seaboard shipments of
wheat and -four aggregated 6080)0 bush
els. Worlds shipments last week We're
only 5.S2 bushels The visible supply
decreased $4,000 bushels
light receipts, poor grading returning,
unsettled weather and light country ac-
ceptances, made the market for corn in
dependently strong. There was a good
demand for the cereal all day, and
though late in the session the marked
weakness of wheat had some effect part
of the early advance was maintained,
the market closing steady. Commission
house buying was a feature Of early
trading. Liberal local receipts were $50
cars. The visible supply increase was
!, 4S9. 900 bushels. May ranged from $50
381sc to 1850, and closed nc lower, at
3S5sdSS2zc.
Oats were fairly active and at times
the market showed real strength. A fea-
ture was the outside demand. buving
from that source being steady all day
Receipts were 36S cars. May ranged from
251s to 259lc, and closed &c higher at 25ss
Provisions were fairly active and r.
regular. Sharp advances were scored at
the opening. the firmness Of yard prices
causing good general buying. Reactions
followed quickly. pork especially suffer-
ing from liquidation. Packers were
sellers on all bulges. The close was ir-
regular, May pork 10c lower at SIS. 70;
May lard unchanged at S7.32]k, and May
ribs PIC higher at 81 or.
Estimated receipts Tuesday: Wheat.
100 cars; corn. 10 cars; oats, 315 cars;
hogs, o 900 head.