The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-24
PRICES SID|D' Down
Bear Attack on Corn Sends
Prices TO Bottom.
WEAK CASH SITUATION
Corn Alone Loses at One Time
2 Cents.

Chicago, Jan. pa sharp bear attack
on corn, brought by the very weak cash
situation and slumps in outside markets,
sent prices in all pits sliding down hill
today. Corn broke &c, wheat 11sa1ssc, and
pork zoe. After the substance of the
panicky feeling attendant upon heavy
forced selling. there were slight reac-
tons. May corn registered a net loss Of
15sc, May wheat 1z@Ssc, and May oats 1c.
Provisions closed 21s to 2Oq2214c lower.
All speculative markets were weak. but
the extreme weakness was in coarse
grains, corn leading in the depression.
At the opening this cereal seemed ripe for
a break, and break it did. The initial in
centive was the extremely bearish talk
about the bottom being out of the Kansas
City market yesterday. It was reported
that Kansas City houses were making
hedging sales on the Milwaukee curb. and
when this market opened the supposed
weakness showed itself by heavy south
western selling here. May started y to
sc down, at 637s to 6S1zc. There was an
almost entire absence Of buying orders,
cables were weak and reports mentioned
a corn and oats blockade of l loo cars at
Kansas City. st. Louis turned a promi-
nent seller of corn, and local bears started
in to pound out the holdings on a prom
inent long professional. May broke to
622sc, a loss of &c, but at such a price
covering was profitable. There were re-
ports also of some corn being worked to
Germany, and traders taking into con-
sideration the small estimate of sixty
cars for tomorrow, brought a half-heart-
ed reaction. May sold back to 6s1lc. but
closed weak. 15sc lower, at g. &c. Re-
ceipts were 50 ears.
Wheat was naturally weak on the corn
depression. Bu- everything else was
against the price sentiment, news and
general conditions. Statisticians' reports
indicated good crop condition and IA
vorable weather. Traders were inclined
to the belief THAI they had been too eager
to accept the St. Louis strength yesterday
to bolster up values. Gables were fidgety
and finally closed lower. Foreign reports
forecasted good crops in Russia and In
dia Outside markets were lower at the
start, and May opened here y to sc down
at tsl4 TO 1850. When corn broke. May
followed after and sunk 10 7S5sc. Reports
of . good export demand, with shipments
varying from Is to 80 loads, helped prices
late. A slight reaction sent May to 79Ssc,
but the close was weak, 1aG5sc down. at
791sG79IGc Local receipts were Is cars,
none Of contract grade. Minneapolis and
Duluth reported 325 cars, making total
for the three points Of 24O cars, against
Isl last week and $50 a year ago. Pri-
mary receipts were $4,000 bushels, com
Pared to $50, coo bushels last year. Sea-
board clearances in wheat and -four
eoualled $50, OOO bushels. The seaboard re-
ported 3 cars taken for export. In the
oats pit the sentiment seemed to be not
to get caught holding high-priced oats,
regardless of what dominating profes-
SIGNALS might do. In line with the STAN
pede in corn there was a general selling
of May oats and a strong attempt was
made to raid one holder who is long so
much that he is supposed to control the
market No oats came from his quarter,
however The break was bad. notwith-
standing May selling off 19sc, to 447sc.
Some support developed at the low figure
and May sold up again TO 455sc. The
close was weak, 1c down, at sac. Re-
ceipts were 100 cars.
The early feeling in provisions was
strong, following the influence Of a good
hog market On the grain weakness heavy
liquidation Of long stuff developed and
prices eased. The early business was con-
siderable. but late trade turned dull and
heavy May pork sold between Sigh and
$3.50. and closed % to 2215c down, at
1855; May lard closed TIC lower, at
s. .42lz. and MAY ribs 2l5c down, at $3.50.
Estimated receipts tomorrow: Wheat,
% cars: corn, 60 cars; oats, 100 cars;
hogs. 81, goo head.
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