The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-06
WAR NEWS RULED PIT
Prices Fell Early in the Session
Only to .RecoveS
WHEAT WAS ERRATlC
Price of May Option Varied
Over Two Cents.

Chicago Feb. 5.-War tension today
overcame a violent setback in grain
prices. due to enormous realizing sales.
Losses. of cents a bushel were made
in the May deliveries of wheat, corn and
oats but the war news offset all other in
fiuences and caused recovery of all
the loss, closing prices being at the top.
Compared with last night. todays final
figures were as412c lower for May wheat,
&c higher for corn, with oats unchanged.
Provisions We're easier, the May products
closing 5@17lzc lower.
Exceptional activity was displayed in
the wheat pit at the opening. Prices
were extremely erratic and showed wide
fluctuations. Owing to the acuteness Of
the war situation, shorts appeared de-
ternined TO even up trades. with little
regard to prices. in this effort the price
of the May delivery was forced half
cent above the high record mark reg
istered yesterday, the opening quotation
being 2sd12c lower to 12q3sc higher, at
95d96c. July was a shade to 1ed5sc lower.
at S5js@85&4c. Within ten minutes from
the time May had touched Soc, the price
had fallen to 93l2c, a drop of 2i4c, while
July had sold off to size, or 114c below
the top figure. After the first minute
of two of trading there was a flood of
long wheat poured onto the market and
ii seemed as though everybody had wheat
for sale Under this heavy pressure
Prices began to decline. StOp-lOss orders
coming out increased the downward ten
dency and for a time the situation
looked extremely critical. The leader Of
the bun crowd however, supported the
market on the break and a fair rally
occurred From 93lkc May quickly ad-
vanced to SAC, while July steadied
around S4$4c. Trading then developed
into a rather tame affair, but the market
was nervous. Outside of the signs of
impending war, the early news con-
tanned several items of exceedingly bear
ish import. Receipts in the northwest
We're heavier than last year. Weather
conditions on the Pacific coast and the
southwest were somewhat improved. Ar
gentina reported much more liberal ship
mentS than a year ago. These factors
Were influential in bringing out lot of
July wheat and incidentally had a de-
pressing effect on the May option. Fresh
war rumors were circulated in the pit
late in the day. resulting in another
active buying movement the big bull
operator being reported on that side of
the market. The demand became so
urgent during the last few minutes that
the loss was nearly regained. Just be-
fore the close July sold up to S6lsc, and
final figures were at S57sdS6c net gain
for the day of nc. May closed at 95c,
a loss of 2sdlac. Clearances Of wheat
and -four were equal TO 2b,o00 bushels.
Primary receipts were 559,700 bushels.
Minneapolis. Duluth and Chicago re-
ported receipts Of SCI cars.
Aside from the heavy liquidation early
in the day. the most conspicuous hgure
in the corn market was the relative
strength Of the July delivery. Heavy
selling Of May by some of the prominent
holders caused a severe break early in
the session. The opening on May was
unchanged to nc lower. at 5512456c.
Prices started downward Immediately and
before any support materiaiZed Ma"
had sold off to 5424c. Late in the day
the market became exceedingly strong
and prices advanced above the opening
level. May closed sc higher, at 56isc,
after selling at 56l4c. July ranged be-
tween 51ssc and 53l9c, closing with a gain
of 1szGl7sc, at $3.50. Local receipts were
100 cars.
oats followed the course OF other
grains. The close was at the top and
on a level with yesterdays prices. Local
receipts were IS cars.
Trading in provisions was active. but a
weaker tone prevailed. The decline IN
the grain pits and lower prices for hogs
had a depressing influence early in the
dav and the market was unable to regain
losses sustained under liberal liquidation
at that time The close was steady at
a small decline, May pork selling Oft lZle
at S1S 90: May lard was down l12c, at
$50. while ribs were sc lower. at SITE
Estimated receipts for tomorrow:
Wheat. % cars: corn. POO cars; oats, 10
cars; hogs. 230o0 head.
The leading futures ranged as follows: