The Wichita daily eagle., 1901-01-19
MY pRIGE RECEDED
One Hour Sees a Big Decline
in Wheat Market
LIQUIDATION CAUSED 1T
Corn Was Irregular With Firm
Tone TO Provisions.
LIQUIDATION CAUSED IT

Chicago, Jan. B.-Liquidation by large
and small holders was the feature Of to-
days wheat market. The May price de-
clined 5sQSlc under the pounding it re-
/ ceived. Small receipts and light ccun-
I try acceptances helped corn, The mar
ket closing = to &c higher. oats de-
clined 5sc. Provisions showed 2lac ad-
! vance in all meats at the close.
For a few minutes following the
opening in wheat it appeared that the
END of the recent heavy Liquidation W.
in sight. An advance at Liverpool IUi-
lowing yesterdays decline here encour-
aged buying at the opening and restri t.
ed selling, the result being an init a!
75ss 10 751ac almost Immediately under
the demand but long wheat began to
I come out at once and il was evident
7 by the character of the liquidation that
heavy holders had no faith in the sta
bilty Of the market. The dumping Of
important long lines brought small ira
ders into the market with their offerings.
In less than an hour the May price had
receded to i4c, or &c below the lowest
point reached during yesterdays slump
During the decline there were strong
evidences Of Wall Street unloading
which had anything hut a uuieting infu-
ence on longs. At 74c the market was
given support The local crowd aprar-
emily believed that a rally vas due and
for a time bought confidently. their ef-
forts sending the price back TO 735kc and
though there We're frequent periods Of
liquidation during the latter part of the
session. yet in the main the market ex-
hibeted a fair degree of steadiness IN
huent1 traders, however. apparently
had little faith in the market Tie feel
ing rather ~ ~ oT III /,
May at 7fL0742sc bid Northwest re
ceipts were go cars. against 47t last
week and S97 year ago. Caicag0 r.
ceipts were Il cars. 10 of contract grade.
Total primary receipts were 452 coo bush
els Seaboard clearances Of wheat and
-four aggregated $4,000 bushels. The sea
board reported 30 loads taken for EXPORT.
Argentine shipments were reported at
64S 90 bushels the small amount being
a factor in the orening strength.
Corn was irregular The market was
active and high early. with buyers in a
decided majority, influenced by light re
ceipts and small sccepet7nces by the
country. Influential traders were heavy
purchasers, and a material advance was
scored before the influence Of the wheat
weakness was felt. Late i'm the session
an easier feeling developed with the To-
cal crowd sellers May opened 4 to &c
NlEHeE. at s0@suoStsc- advanced 10 $3.50.
and declined to 385sc The close was AZ
Ssslc. Receipts We're 256 cars
The market for oats was dull and al
most without Independent feat atures. /
was shown early irAsympath thy
with corn, but the market quickly fol-
lowed when corn started downwsr I'd.
Trading was almost entirely local Re
ceipts were 10 cars. May opened shade
hirher. at 271lT252sc and sold between
25asc and 25d251sc, closing 1sc lower, at
25lkc
There was a firm undertone to provis- /
ions. although prices changed inmate
rally. Light hog receipts and highar
yard prices encouraged some outside
buying, enough to keen prices a little /
above Yesterdays closing figures. There /
was some proft-taking by local holders. !
At the close May pork was 21b Gems /
higher, at S14171z: May lard 21bo higher /
at $50; and May ribs PIC higher at
= 175.
Estimated receipts Saturday: Wheat, /
. cars: corn, AIS cars; oats. 225 cars: /
hogs, 1900 head.