The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-16
BEARS HIGH SPIRITED
Prices are Pounded at Un-
mercifuIly TO the End.
DAYS CLOSE IS LOWER
Market Opens Firm but Is
Weakened Down.

Chicago. Jan I5.-Bears in the grain
pits were IN high spirits today and IN
mercifully pounded away at prices until
after 2 firm opening. Nay wheat closed
za7sc lower; May corn &c depressed,
and May oats &C down. Provisions
closed 71z016c lower.
Wheat trade early was quiet. with a
strong undertone. After Yesterdays de-
moraliZalion a firm opening on cables and
dry weather was very reassuring 10 the
bull professionals. Liverpool started
somewhat better, and in face OF the
decline here, lent confidence n the pit.
The effect Of l.le heavy Phillips liquida-
tion yesterday had evapOrated and the
market was On its old footing again
Perhaps the most noticeable result OF
yesterdays tumult was the absence OF
the usual volume OF outside business.
Shortly after the opening OF May. lsdi4c
10 lose higher, az sll&dS12sc. there was
an effort made at supporting the mar
ket, and al one time on a revival OF COM
mission buying a recovery seemed tnnli-
neut. As il was, May rose 10 size
Bears. however. had the bulls virtu-
ally by the horns and pressed steadily on
prices. Heavy selling set IN on all sades.
News came that Liverpool was declining
( Some shorts took advantage OF the stu
alton 70 cover for profits but the amount
/ OF wheat thus absorbed was trifing.
/ Weak holders everywhere were forced
out by the heavy calls for margins by
houses that feared other failures might
result from yesterdays hard pressure
To abet the bearish argument, the coarse
grains were being pounded. Cash corn
was especially weak. May wheat during
the last hour slid of rapidly 10 soc and
at the close OF the session was weak, "a
&c lower, at So14c. Local receipts were
~ cars, , OF contract grade. Minneapolis
and Duluth reported 2s4 cars, making a
total for the three points Of 439 cars,
against 404 last week and ss5 a year ago.
Primary receipts were $1,000 bushels.
compared with so 600 bushels. Seaboard
clearanees IN wheat and -four equalled
1900 bushels. The seaboard reported
Is cars taken for export.
Corn started firm and higher, with
wheat, and on fairly good cables. Some
Of the corn sold yesterday was replaced
and there was some small country buy
ing Receipts we're very light, but coun-
try offerings were reported freer. When
wheat advanced corn followed after, but
soon turned heavy on its own poor cash
situation. and later broke badly IN wheat
company. Cash houses reported sc de-
cline for car corn IN as many days Good
weather curtailed the amount needed for
stock feeding, and the absence Of demand
worked against the pit Liquidation on all
sides set IN about the noon hour, and
prices slUmped IN q panicky fashion
May, which had opened steady at 65t4 TO
6512c, and sold up TO 65@sc. dropped almost
cents to 634c- AT this figure shorts
took profits enough 10 steady the mar
ket at the close. The session ended with
May wheat 1ssc down, at 63zsc. Receipts
were 50 cars.
Early IN the day oats ruled rather firm
and independent OF the other pits. Prices
opened higher in spite Of the more lib
eral country offerings, selling as high as
457sc Finally under the corn influence
oats began 10 tumble. Large quantities
Of long stuff we're thrown out. The pro-
vision people who were already short
large quantities, began selling more. A
leading professional unl0a6ed considers
BILE but there was q firm stand by the
bulls TO support the market, and this
tended 70 steady the tone May sold off
TO 4ia.c and closed weak. sc down az
447sc Receipts were III cars.
Provisions were fairly active They
started out with good evidence OF a bull
market on country demand and a
strong hog market at the yards When
corn collapsed. however, the early bought
stuff was thrown overheard and prices
slid of. Nav pork closed loo down, at
ST. G11z; May lard TIC lower, at So ID, and
Nay ribs nc down, at 3 .60Qs .62is.
Estimated receipts FOR tomorrow:
Wheat, 20 cars: corn, 10 cars; oats, l6o
cars; hogs. 81 Geo head