The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-01-23
BEARS ARE ON TOP
They Squeezed the Bulls in
the Grain Pits.
WHEAT LOST CENT OR MORE
Corn and Oats Lower with
Provisions up a Bit.

Chicago, Jan. 22.-Bears vanquished the
bulls in the wheat pit today, forcing prices
to a lower level. Declines in foreign grain
markets and favorable weather in the
southwest were instruments that aided
in the onslaught. Closing prices were
near the bottom. with May 1a:@l1sc
lower. Corn lost &c and oats ss@lkc Pro-
visions closed 21s0l0c higher
On account of crippled wire service out
side trading was light in the wheat pit
The market opened weak, largely be-
cause of lower cables and large Argen-
tine shipments. Another factor was a
report of additional rain in the south
west, effectually breaking the long
drouth in that section. May was a shade
to @sdi3c lower, at 9l5aG917sc The senti-
ment among pit traders seemed TO be de-
cidedly bearish and they were inclined
to sell freely. During the first half
hour prices declined rapidly and May was
soon selling at 91lsc. Opening buying by
the big bull operator temporarily checked
the downward tendency and some recov-
cry was made. On every bound the prom
inent long would send in buying orders
in an endeayor to support the market.
but his efforts were of no avail. Prices
continued TO sink until May had touched
901sc, & decline of &c from the opening,
which was the high point of the day. The
close was weak, with May at 9O1ac. July
ranged between S14c and SIC. closing at
S13sc, a loss of 17sc for the day. Clear
ances of wheat and -four were delayed on
vira trouble of
wheat and -four for the week, according
to Bradstreet's, were equal to 3,35S. 600
bushels. Primary receipts were sos, 400
bushels. against $50, 500 bushels year ago.
Minneapolis, Duluth and Chicago reported
receipts of S66 cars, compared with 44s
cars last week and 37s cars a year ago.
Corn was subjected to about the same
experience as wheat with the possible ex-
ception that the pit crowd was less fear
full of selling corn than wheat. The
early market was comparatively steady
owing to the firm tore of cables and the
large shipping business done yesterday.
With the break in wheat however weak
ness soon developed and prices declined
shorply. The market received good sup
port at times. but it was sufficient to
cause early slight rallies, and offerings
continued to come out on small bulges.
Closing prices were weak, at nearly the
bottom figures. May opened a shade
lower to a shade higher, at 497sd50c, sold
down to 4S7s@4sc, and closed at 49ls1 49, &c.
Local receipts were 312 cars, with 2 of
contract grade.
Oats displayed some weakness early on
selling of half a million bushels of May
by q prominent commission house. The
crowd was under the impression that the
big long had finally began to dispose of
his holding. but when it was discovered
that such was not the case a fair de-
mand from commission houses and local
traders soon caused a steadier feeling.
The market was affected somewhat by
the weakness in wheat and corn. After
opening shade to sc lower, at 421sG4214c,
May. sold off 10 f1ssc. but closed steady,
at 417sc. Local receipts were l45 cars.
There was realizing in lard on an I'M
usually large scale, but in spite of this
selling provisions ruled firm. A strong
hog market was the principal bull factor.
May pork closed sc higher, at $l332l2;
lard was up loo, at 1896, and ribs 214@5c,
at 1915
Estimated receipts for tomorrow:
Wheat 30 cars; corn, 235 cars; oats, 40
cars; hogs, 10000 head.
The leading futures ranged as follows: