The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-01-21
WHEAT IS CLIMBING
Seems to Be Going Steadily for
the Dollar Mark.
SHORTS WERE WHIPPED
They We're Forced to Bid up
Two Cents to Cover.

Chicago, Jan. 2o.-wheat climbed stead
lily toward the dollar mark today The
pit was almost bare OF offerings and the
market did not require any support from
the bull leader. shorts holding prices, up
on themselves Professional SPECTATORS
in New York and St Louis are counted
among the principal shorts. 4 new high
record mark was made for May wheat.
S2isas2l4c, a gain of 2I4c compared with
yesterday. The close was practically at
the top. Other grains We're affected b.
the action OF wheat. May corn closing
1zd5sc higher. and oats sc higher Pro-
visions were 2iz05c higher.
The wheat market was feverishly strong
from start TO finish. The advance today
was due largely TO the same cause as
the rise yesterday. the congested condi-
ton of the market, an enormous line of
wheat for May delivery being held by Ar
mour interests. Notwithstanding that,
aside from the Armour deal. the situa-
ton seemed bearish, opening prices were
firm. May ranging from a shade lower
TO 1zGSsc higher. at ss7.GS0l2c. An adj
vance in the price of British consols in
dictated more optimistic feeling in re-
gard to the war situation. Rains in the
southwest where the winter crop had
been suffering from drouth. was another
bear indication. No attention. however
was paid to matters like consols and
rain. 1t was a question of too small a
supply for liberal demand The leader
of the bulls showed no sign of parting
wit n
smaller holdings were encouraged to
maintain firm grip on what wheat they
had. Offerings were, on that account,
extremely light and were eagerly sought
for by belated shorts. The demand was
large for the May delivery. In efforts 10
cover shorts advanced prices rapidly.
Stop-loss orders coming out on the rise.
accelerated the upward tendency. The
market continued to gain in strength as
the session advanced and within the last
five minutes of trading May had reached
S2Isd9214c, a gain of 21sQ214c. The close
was at s2isc. Clearances of wheat and
-four were equal to 4S4 600 bushels. Pri-
mary receipts were 7S5 100 bushels against
542, 900 bushels a year ago. Minneapolis.
Duluth and Chicago reported receipts of
43o cars. against sos cars last week and
329 cars year ago.
The corn market was strong throughout
the entire session. A new high record
mark for May delivery was also made
in this pit. May opened a shade lower
to a shade higher. at s4Q4s7sc. and
after selling up to 505sc, closed at 507sc.
Local receipts were 81 cars, none of
contract grade.
The strength in wheat and corn sus-
tanned oats and prices made further gains.
May opened a shade lower to a shade
higher, at H2.@417sc, advanced TO i2Ssc
and closed at 422sa4219c. Local receipts
were III cars.
Provisions were firm, in the face OF
lower prices at the yards. The strong
grain markets were the principal source
of strength. Commission houses were
good buyers of lard, while packers were
fair sellers of ribs. Pork was more or
less neglected. but closed firm, with May
up &c, at s15.25; May lard an dribs were
each 21ac higher, at s7.20 and $50
Estimated receipts for tomorrow:
Wheat. 60 cars; corn. go cars; oats. l25
cars: hogs Sc. 600 head.
The leading futures ranged as follows: