The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-18
FIRM TONE
PREVAILED
After Short, Sharp Break in
Corn at the Start.
DECLINE IN PROVISIONS
And Selling Orders Were Hard
to Execute.

Chicago, March 1.-THE corn pit was
! today and a further decline of over cent
was made in the May delivery, but rally
| occurred the latter part of the day and
final figures were off 9sGAc. May wheat
closed 2s@kc higher and oats were up
hdEc. Provisions closed weak with the
May product 15c to 3712c lower.
There was only a moderate trade in
wheat, but in spite of the trade in corn
the market held up remarkably well.
May opened a shade to 1sc higher at 1915
G74c, the early frmness being due TO the
relatively strong cables, the Liverpool
market falling TO respond TO the weak
ness here yesterday. The sharp break in
corn. however. resulted in decline to
I35sc. but with little for sale on the de-
cline and with shorts covering freely and
some scattered buying for long account
the market quickly rallied and a firm
tone prevailed throughout the remainder
of the session. Dradstreets report show
ing a decrease in the visible supply of
2S00.0O0 bushels, together with a better
export demand, added to the strength and
May sold up to 74I40ssc. The close was
sake higher at 74I4c. Clearances of
wheat and flour were equal to 307. 600
bushels Primary receipts were AS 100
bushels, against266, coo bushels a year ago.
Minneapolis and Duluth reported receipts
of 245 cars, which with local receipts of
twenty-five cars. made total receipts for
=, ON
last week and 435 a year ago
There was a sensational opening in
corn and the range on May was fully one
cent at the start. The heavy liquidation
started Yesterday, was continued when
trading began today and a large volume
of long stuff was thrown on the market
the first half hour. which resulted in May
selling off to 1890. after opening I'M
changed to 1c lower at 44isc TO 45lsc. A
fairly good demand developed under 44c,
but the persistent heavy selling prevent
ed any recovery until late in the day.
when a rally occurred and an advance
to 4f5sc was made. The close was so
&c lower at 44asa1ac. Local receipts
grade.
active demand for the July option. which
served to check the selling movement in
May started early in the weakness in
corn, and with offerings rather light a
better tone developed. A good cash de-
mand and moderate receipts, 237 cars.
aided in the upturn. The close was firm
and 1sdl4c higher at 3i2sGkc. May, after
selling between 33s4c and S4d12c..
There was a severe decline In provi
sions and at one time II was extremely
dilscult for brokers to execute selling
orders The weakness in corn together
with a decline in prices at the yards,
started the selling and it was not long
until everyone seemed to be anxious to
secure profits or to stop losses and the
price on all products took a sudden drop.
At the lower level there were some COW
ering by shorts. which caused a slight
rally but the close was weak May pork
closed CSC lower at $17.52. after selling be-
tween sl7i21a and s17.S2lA. May lard was
down 15c at $3.50, after ranging between
s9.671b and s995. Ribs We're down Size at
80 80. after selling between $9.i11z and $3.50.
Estimated receipts for tomorrow:
Wheat. - cars; corn. 145 cars; oats, 100
cars. hogs so 600 head