The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-03-13
BEARS SAVE THE DAY
Go to Extremes and Easily
Start Covering.
DAYS CLOSE IS HIGHER.
Wheat Alone Closing a Shade
Under tuesday.

Chicago, March 12.-Strong bearish ar
gument in the shape Of news OF copious
showers all over the southwestern wheat
fields influenced liberal sales il both
wheat and corn today. but bears went
TO extremes and oversold the markets
As result few bits OF otherwise IN
important news started covering and
May wha-. closed only shade under
May corn $sq1zc higher and May oats
sc up. Provisions gained - 10 10c.
Bear started 70 sell wheat Literally at
the opening on the rain reports. The
southwest which has been reported as
suffering madly for moisture seemed 10
have received a good drenching. AT any
rate the bear argument was strong and
as depressing Is traders except any
news 10 be Tor some time. In the spec
ulatiye mind the danger from damaged
crops is past. This started May wheat
aus TO 1aq3sc down at 10 10 I6c, and
Influenced a further dip 10 1890. News
apart from that OF the passing OF the
drought was given little attention. Ca
ules were slightly lower, but receipts
were small and the coarse gains seem
ed TO have an abundance OF latent
strength Trade va only moderate but
u was nearly all on the selling side until
covering set in. Two days ago Nay
wheat was selling at SIC. At the low
price today short sales made al the high
ugureS made good profits and the crowd
soon saw that the market was oversOld.
On top Of this came news OF a disposi-
ton toward better business at the sea
board May sold up sharply 10 76@4c and
closed almost nrm, a shade lower at
l612c. Throughout the day shorts were
nervous. The corn strength also dSFelop-
Cd an effective influence late. Local re-
ceipts were . cars; no contract; Mime
apolls and Duluth reported 216 cars max
ing total for the three points of 30l
cars against go last week and 3S3 q year
ago. Primary receipts were 500 90 BUSH
els compared 10 6lS, eo bushels the same
Gay last year. SeabOard clearsnCeS in
wheat and -four equalled 2S3 .000 bushels.
The seaboard reported % loads taken for
export. fifty were said TO be OF Manitoba
wheat.
Corn opened a little easier on the wheat
weakness and bears did some short sell
ing The rain. however. started the bulls
10 talking Of a further htndrance OF the
movement TO market TRADE was not
active. but receipts were small as usual.
As the wheat weakness began TO disap-
pear corn picked up marked strength.
shorts were nervous, the market get
oversold and covering WIS the order IF
the day. This sent May up from 61Ss to
exc, and brought q firm close ssf1ac
higher at 62ssQ1zc. REGENTS were 103
cars.
oats fairly active and nervous at the
opening. The tone was strong on a fur
Their withdrawal Of $3.50 bushels Of no. ,
from stocks making a reduction Of one
third of the total Chicago stocks since
Monday. May opened unchanged a 442.c
and advanced quickly TO 451zC. Trade then
turned dull and was q scalpiug affair.
The late corn strength and short cover
ing gave the closing impetus and May
ended the session strong. &c up at 45sc.
Receipts were only 81 cars.
Provisions were duh, but ruled firm
with coarse grains and higher prices for
hogs. MAY pork close Ice up at SIS. -:
May lard. PIC higher at 50. 4215; and May
ribs. PFC higher at IS. 421h.
Estimated receipts tomorrow: Wheat,
3 cars: corn 10 cars; oats IS cars; hogs
. 900 head.