The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-12
BEARS DRAG
GRAINS DOWN
Reaction in Wheat Brings
Slump in All the Pits.
BIG LOSSES REGISTERED
Wheat Sells | 1-8 a | IA
Lower at Close.
BIG LOSSES REGISTERED

Chicago. Jan. 1.-THE reaction in wheat
that bears have been predicting came
with d rush in the latter part Of the short
session today. The influence y the
break brought a slump in all other pits
and the net losses registered at the close
were I1kGlitc for May wheat sc for Nay
May corn and isa%c for May cats
Provisions closed PIC to sc lower.
Heavy selling by leading professionals
a somewhat bearish crop report and the
advee OF numerous brokers 10 their
clients to sell on this bulge. brought the
slump in wheat. Conditions seemed ripe
for a bad break and all over the pie trad
ers were predicting a bad dip today and
still lower prices Monday. At the out
set the market was rather quiet and fear
less. The cable list was slightly improved
and combatted the bearish influence OF
the government wheat crop report This
report indicated a condition of S6.7 or AS
bushels per acre for the year 1901 This
suggested a Total yield OF 67S.661, 400
bushels compared with the September es-
innate OF only s26. 900 00O bushels. May
opened 1sGltc lower to ;s6iSc up TO S3is to
&7s between these two Influences The
GALES set a fair number Of outsiders 10
buying and the price went TO S5ss1S4c-
Commission houses. however werc the
only buyers and the report OF poor cash
situation bot hat Kansas City and Min
neapolis and the prediction that rain
would fal in the winter wheat belt % re
lieve The disastrous condition. depressed
the tone OF the market materially. Alto
gether there was practically no support
to the market Winter wheat was re-
ported still scarce and bringing higher
prices than futures in the pit. but there
was no foreign buying orders even with
p, o=f i'm Oh < 4 : Hf
market broke short sellers seized the op-
portunity TO pound prices and sem May
down 10 S2ssc. The close was very weak
at 11kd1A lower at S2ia. Local receipts
were 81 cars none OF contract grade;
Minneapolis and Duluth reported al cars.
making n total of the three points OF 51S
cars against go last week and AIS a year
ago. Primary receipts were 522,o 90 lush
els. compared with EeS000 bushels las.
year. Seaboard clearances in whea- and
-four equalcd ~ 600 bushels Australian
shipments Of the week were 66I,0l0 bush
els. as compared with z72.o00 bushels q
week ago.
Corn shared in the wheat slump and its
break was bad The opening was weak
on cables and shaved little tendency 70
gain strength from the other pit. Re
ceiDts were light, but on the other hand
clcarances were only 1900 bushels \ S com
pared 10 $4,000 bushels the correspond
ing dav a yea ragO There was no foreign
demand and the demand in the west was
reported unimproved. Receivers were
sellers IN moderate way, indicating o
freezer countr ymovement. though moth
ing considerable. The selling was large
~ professional ana of liberal size. on
the wheat break. short sellers pressed the
market sorclv and May slid down TO a
weak close. sc lower az 6528. Receipts
were 4s cars.
Oats opened somewhat firm. but weak
ened on the wheat decline. Trade early
was light. There was some small com
mission business. but in general the local
crowd controlled. Late in the session. the
pit ruled heavy Un6er general selling
by long holders. Tie buying was only
scatter Cd May sold down TO weak
close. 1zdss lower AT 532en.<c C. Receipts
were IL cars.
Provisions ruled duh and heavy thrr ugh
out the session under the grain influence.
The opening w1s weak on slump n hog
mark IT. There was some early Ortside
demand. but Tie ASH situation was dull
adding TO the general depression and the
close was weak. Nay pork closed SC
lower at sl71e01712ik May lard sc lower
az IS aud May rirs ~. sc lower at 81 so.
Estimated receipts for Morday, Wheat
Is cars; corn. % cars; oats $50 cars. hogs.
3 coo head.