The Montgomery advertiser., 1904-01-27
ohica D Grain and provisions.

CHICAGO, Jan. 26.-Another sharp break occurred in wheat prices today following the slump of yesterday. Heavy sales attributed to the principal bull interest caused a decline of 2h@2ssc in the price of the May delivery Ac- resulted in not only a complete recovery but a gain over yesterdays closing quotations final figures on May being up sc. May corn also gained h. while oats were %c higher. Provisions were 21sc higher to 7Mc lower.
 The action of the wheat market today was more or less of a riddle which few traders pro. fessed to be able to solve. One thing seemed certain. however, the key to the situation was held by the leader of the longs, whose enorn- ous selling yesterday resulted in a break of over Sc in May. while today 6 selling move the price over 2c farther away from the dol lar mark. The action of this one powerful trader was the only factor in the pit. all gen eral news being totally ignored. At the start the Armour interest was open buyer For the first hour while the demand from the leader of the bull crowd continued, prices were firm May May opened hgNc lower to 1sGNo higher at S9hge9S slight advance was made shortly after the opening, the price rising to S0k@ 9s%. No sooner had the buying from this source ceased. however. than the crowd ap- peared to have wheat for sale in unmeasured quantities. large part of these offerings was supposed to be for the account ofthe ArmourE The pit was void of buyers. In consequence May dropped 2hG2ssc in ten minutes going down to 97k before any support was offered At this point the leading long apparently de. cided to check any further decline for the re- N DenevHO Armour interest was an active buyer The market responded readily. the rally was almost as rapid as the decline. Purchases of 3, ,0O0.- OOO bushels not only caused a recovery of aiI the loss. but May sold up to eo1k an ad. vance of 27s from the low point The close was firm at se%Geo. a gain of E over yes terday's close. The July delivery did not ex. perience as sharp decline. After opening at SInqSI% the price slumped to S0k a break Of E. but closed hQSc higher at SI7s Clear ances equaled 300, POO bushels Primary re- Hnintg R1n aroA R year ago. The worlds visible supply. accord ing to Bradstreet's showed a decrease of 3SI 900 bushels Minneapolis. Duluth and Chi cago reported receipts of 2I5 cars. against 47o last week and 42s year ago.
 The early corn. market was easier in sym pathy with lower cables and favorable weather conditions for the drying of the grain. There was selling by local bears. but commission houses were fair buyers and the price yielded but little. The break in wheat prices was felt in corn Later there was good demand from elevator people and commission houses which resulted in a strong tone. Light receipts and continued shipping demand were bull factors May closed 49E. The opening was H6Nc lower at 4e%@49. The low point was made at 49ss. Receipts, 304 cars. one contract.
 Buying credited to the leading long had a tendency to create @ firm tone in oats although there was disposition to sell early in sym pathy with the weakness in wheat. A quite general demand developed during the latter part of the session and continued until the close, which was firm. May opened un- 4lE and closed at 42la Receipts, POP cars
 There was large trade in provisions. The market was steady on early buying by com mission houses and packers, but later weak ened on selling by Western interests. After several advances and declines the market closed barely steady Selling due to prospects of increasing hog receipts was responsible for at $I3.4o; May lard 2ltc higher at S7IS2is9 7.55 and ribs Q shade lower at S6 SO
 The leading futures ranGod NOII0Wsi