The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-17
GRAIN PITS
MARGIN MAD
All Traders Fear Being Caughi
Up Like Philips,
BEARS RAID THE PRICES
Rumors of Hard Straighs in
Other Firms Circulated.
BEARS RAID The PRICES

Chicago, Jan. 1s.-The grain pits went
margin mad today. Ever since the raid
on Phillips last Monday, brokers have
been demanding margins 70 the limit Tor
fear they might be caught in other fall
ures- Rdmors that several firms were in
dire straits were circulated late yester-
day on the curb. some say with a view
10 depressing prices. Bears seized these
rumors today as cudgels TO beat down the
weaklings and succeeded in raiding prices.
Bulls, however. jumped AT tho opportu-
nifty 10 buy IN at the low price, and with
heavy covering by the shorts supported
the market tc fairly steady close. May
wheat closed unchanged, May corn sc
lower, and May oats &c down. Provisions
lost shade to soc.
Wheat was exceedingly nervous and
erratic most OF the session. The opening
was badly depressed on yesterdays curb
weakness and lower cables. Nay opened
excited, 4 TO &c lower, at Sod7szsc. Heavy
liquidation was occasioned by q general
call for Increased margins. More STUFF
was thrown out than could be readily
absorbed, and the pit early ruled very
weak. But as no failures were reported
at the opening, a better feeling began 10
spring up, and on liberal buying prices
advanced to s01sc. Just before clearing
house hour rumors were rife again that
several houses would not be able TO settle
and selling orders came from the country
with rush. Bears pounded hard and the
result Of the commission house raid was
q quick drop TO 757sc. The outside market
Al
time seemed lost, and Liverpool declined
steadily. Everything indicated further
demoralized condition OF this Dit when
buying at these low figures set in on all
hands. May struggled braveIy against
the concerted bear action, and gradually
rallied to last nights closing price. Con-
fdence was restored when the clearing
house reported all houses settled and
Nay closed steady, unchanged at s014c
Local receipts were Il cars. 8Iinneap-
oils and Duluth reported 40 cars, max
ing a total for the three points OF 49,,
against 523 last week and ST a year ago.
Primary receipts were 81 600 bushels,
compared with $4,000 bushels last year.
Seaboard clearances in wheat and -four
equaIIed $4,000 bushels.
Corn was demoraIized under the con-
tinued liquidation IF outside longs. The
southwest was the chief source Of selling
Gables were lower and the early weak
ness from false rumors brought a jagged
opening. S to I1sc lower, az 63I4d62s+c
Nearly every house continued to make
heavy calls for margins, and discouraged (
holders. On the break active covering by
shorts and some long buying influenced
q fair rally. May selling 10 its top price
Of 6315 G63ssc- When wheat broke d sec
ond time corn sagged badly TO 62lac. AS
in wheat. there vas a revival OF conf
dence, but the depression was TOO much
to overcome by the late demand Cash /
markets were slew and May closed weak, +
sc lower. at &C. Receipts were rs
cars
Oats shared in n measure the panicky /
feeling in corn and wheat. Trade was not /
heavy, the interest in the other pits de- I
tracing from this. Outside liquidation /
depressed prices and May opened a to !
&c lower. at 4fsGH5sc. The wheat break /
pushed this option down TO $3.50, but I
professional support and short covering I
brought a rally TO the higher opening /
price. Nay closed fairly steady. Isc .
lower, at 44Ssc Receipts were IL cars
FrONlSlolS ruled lower following grams I
The opening was badly depressed, and ,
felt the added influence Of a poor hog
market at the yards. Commission houses I
sold literally. and prices were only sup /
ported by considerable buying by pack /
ers. May pork sod between 1850 and /
Sl697Iz and closed 2oc lower. at Sc. S7ia:
May lard touched So 57lz. and closed PIC +
lower at s.. 671z. ard May ribs closed a
shade lower, at $50.
Estimated receipts for tomorrow
% cars; corn. 50 cars; oats, 80
ears; hogs. 81 90 head.