The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-01-27
WHEAT WAS A RIDDLE
Few Traders Were Able to
Guess the Market.
PRICES DECLINED FAST
Then Came a Rally Almost as
Rapid as the Break.

Chicago, Jan. 26.-The action of the
riddle, which few traders professed to
be able TO solve One thing seemed GER
tain. however, the situation was held by
the leader Of the longs whose enormous
selling yesterday resulted IN a break OF
over &c in May. which today a selling
movement originated from the same
source. carried the price over two cents
farther away from the dollar mark. The
action OF this one powerful trader was
the only factor in the pit. all the news
being totally ignored. At the start the
Armour interest was All open buyer. For
the rest of the hour while the demand
from the leader Of bull crowd continued,
prices were firm. May opened 1s@kc
lower to sake higher at ss14c TO SSasc. A
slight advance was made shortly after
the opening the price rising to Ss$4 I&c.
No sooner had the buying from this
source ceased, however. than the crowd
appeared to have wheat for sale in I'M
measured quantities. 4 large part of
these offerings Were supposed to be for
the account of the Armours The pit was
void of buyers. In consequence May
dropped 21sQ2ssc in ten minutes of trad
ing. going down to size before any sup
port was offered AT this point the lead
ing long apparently decided to check any
further decline. For the remainder of
the session it was believed the Armour
interest was an active buder The mar
ket responded readily to the demand. The
rally was almost as rapid as the previous
a. Dr. - ~, oh,
els not only caused a recovery of all of
the loss by May, late in the day, sold
up TO 9Olsc, an advance of 23sc from the
low point The close was firm at 1890
90c, gain of 1sc over yesterdays final
figures
The July delivery did not experience
as sharp decline. After opening at S11a
to S1s4, the price slumped to S0I4 break
of lac, but the close showed a gain Of
i442sc at SNc. Clearances of wheat and
-four Were equal to $4,000 bushels. Pri-
mary receipts were 520.5OO bushels COM
pared with 643,S00 bushels a year ago. The
worlds visible supply, according to Prad-
streets, showed a decrease of 33l, 900 bush
els. Minneapolis, Duluth and Chicago re-
ported receipts of 215 cars. against 40
last week anu 4-3 cars q year ago
The early corn market was easier. in
sympathy with lower cables and favor
able weather conditions for the drying
of the grain. Closing prices were at the
top, with May at 1850. The opening was
sc to 1sGAc lower at 4S3s649c to 49c. The
low point was made at 1850 Local re-
ceipts were 304 cars, one OF contract
grade
Buying credited to the leading long had
a tendency a create firm tone in oats,
although there was a disposition to sell
early in the day in sympathy with the
weakness in wheat. May opened I'M
changed to sc lower at Also to 41s.c, sold
off to i115c and closed at 42isc. Local re-
ceipts were POP cars.
There was a large trade in provisions
and prices fiuctuated nervously Market
strong early on buying by commission
houses and packers but later weakened
on selling by western interests. After
several advances and declines the mar
ket closed barely steady. Selling due to
prospects Of increasing hob receipts were
responsible for the late selling. May pork
closed nc lower at 1910. May lard was
up PIC at 1920 .55c, while ribs were
shade lower at 6.s0c.
155 cars, corn $50 cars. oats So cars, hogs
&c, 900 head.
The leading futures ranged as follows: