The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-08
BULLS hit N HERD
All Grain Pits Experience Sink
ing Spell.
WHEAT CAUSES DECLINE
Markets Close Is Lower After
Nervous Day.

Chicago, Jan. bulls in all the grain
pits today experienced setbacks after yes
terday's soaring markets. An over-bought
wheat market Influenced the declines. May
wheat registered a net loss Of 7sQ1c; May
corn &c, and May oats sc. Provisions
closed to 1215c down.
Trade in wheat was large and extremely
nervous. Jumps of &c in either direction
occurred with great rapidity. A tense feel
ing was present throughout the session
based largely on an overbought state Of
the market. There was stin a decidedly
bullish tone prevailing rs result Of the
higher outside markets, especially in the
southwest. But the crowd seemed afraid
to carry any very large lots and ran on
any appearance of a selling movement.
The bearish factor that started the decline
was the unexpected weak condition of the
Liverpool market. The only explanation
offered for the slump abroad was that it
was natural result of the heavy advance
the day before. Influenced by the for
eign tone, May opened weak Il to 1zc low
or at SIC to S4Ac. Bears at once began
putting out short lines and there was
of outside buying orders which took in
everything offered. Prices made up their
loss quickly, but selling seemed popular
and there was repeated says. Mime
apolis reported an advance of 10c in flour
and a good cash demand and the winter
belt still complained of lack Of moisture.
The bull enthusiasm, however ,wavered
and though May sold to S415c, liquidation
soon brought a loss of 1c and q weak
of1
ceipts were 60 cars, one of contract grade;
Minneapolis and Duluth reported 324 cars.
making a total for the three points of 3S4
against 50 Scars last week and 81 a year
ago. Primary receipts were only 43S,c00
bushels compared with 557, 600 bushels last
year. Seaboard cleare noes in wheat and
flour equalled $4,000 bushels.
Corn experienced the same early trouble
as wheat. The enthusiasm of the day be-
fore in the Liverpool market seemed to
have vanished and today's cables were
weak in spite of the better feeling here
Yesterday. The May influence was the
wheat market which this pit followed
quickly on the declines but not so well on
the recoveries. The country seemed to be
offering more corn as was indicated by
the selling at times by receiving houses
Bears were somewhat active, trying to
press the price down every time wheat
=
lower ,sagged for time and then regain
ed its closing price of yesterday. 677sc. On
the heavy selling in wheat, however, il
turned weak at the close and sold &c
down at 67lsc. Receipts were 176 cars
Oats had the best tone of any Of the pits.
Trade was extremely heavy in July, being
the most important. Although the close
in May showed a decline and July did not
hold all its advance, traders were pre-
dieting bull movement in the latter de-
livery. The argument that was back Of
the heavy bull speculation in July was
that numerous professionals have been
selling this option short In large guam
titles. July ranged or &c under May
almost ever since 1t began to be quoted.
Bulls ridiculed The idea that there should
be such a divergency in prices and began
to buy heavily. July gained 1lsc though
it closed with a net gain of only s at
402tc. May gained some strength from
this influence as well as from the scanty
and poor condition of local stocks. The
near future opened slightly lower with the
ether grains. sold up quickly on buIling TO
&c, but closed sc down at 46l5c. Re
ceceipts 30 cars.
Provisions were dull and easy. The bear
ish incentives weer a large run Of hogs
and lower prices at the yards and some To-
cal selling There was some country buy
ng May pork closed 121ac down at L 22i5
and May lard 5GI7iac lower at s9.S215 and
May ribs sc off at $S776.
Estimated receipts tomorrow. Wheat
80 cars; corn, Go cars; oats, 100 cars; hogs, /
% 900 head.