Daily globe., 1879-05-17
THE MILWAUKE EE MARK EFT.

Large Fluctuations in the Price of JVheat
The B"N Ring Not Untoadiny-Specu-
lnttoM as to the Future.
The wheat market opened this morning at
991a cents for June, ami Immediately ad
vanced one cent. Then the clique began
selling, and the reports from Chicago were
to the effect that the bulls were offering big
blocks. The reports had the effect to
weaken the market here Immediately, and
the advance of the morning was lost on
Change. The recent rains and otherwise
favorable weather seemed to have no per-
ceptlble effect on prices, the manipulators
alone forcing or depressing the market A
gentleman from Kansas, who has recently
made tour of that State, was on Change
to-day, and to the Times reporter he ex-
pressed the opinion that the wheat crop in
Kansas would not be up to the average,
his estimate being that the harvest would
show not over two-thirds of crop. AS the
gentleman is interested in milling, and
| therefore naturally bear, his statement
| would seem to be entirely unprejudiced. One
hundred and thirty-one cars of wheat we're
received to-day, against one hundred and
fifteen yesterday. The percentage of No. 2
is falling off again, the inspection to-day
showing seven cars of No. l, twenty three
cars of No. 9, seventy cars of No. 8, thirty
two cars of No. 4, sixteen cars of rejected
and six cars of condemned. The amount of
No. now in store here is l, ,757,568 bushels,
showing that the heavy shipments are most
ly of the lower grades. Receipts 69,41O
bushels, against 84,41O the same
day last year. Shipments, 141,s2s bushels.
Stock in store, 2,113,OOO bushels, against
| = 80,
was reported here to-day that Angus Smith
bought $4,000 bushels June in Chicago, yes
terday. The clique seller, to- day, was Mr..
Alex. Med. Young, and when the top wat
reached he began offering largely; but the
takers were so numerous and SO anxious tc
) get it that they drove him out of the pit
, Indicating that he did not wish to get rid o
any wheat, but merely to help break th,
prices. The demand for vessels was linn
, tied.
, At the afternoon board there was intens'
3 excitement at a complete break in prices
: June going down to 975sc. The market wa
very active. The general belief is that tn
ring have simply let go to get better hold
as the clique have sold heavily both her
and in Chicago, and it is quite certain tina
prices did not reach their objective selling
out figure. Even at the break, broker
known to be in the interest of Smith and tn
: Youngs were pounding the market all the,
; could but it is certain that the ring here
: at any rate, is not trying to unload il
e earnest.
The highest price for June to-day wa
t $L0o4 and the lowest 9755s cents. The mai
# ket closed weak at SO cents. There is dit
/ ference of opinion among operators concern
ing the fluctuations to day, some considerin
that the sudden rise and collapse was OWN
entirely to the p,anipulations of the bu
d ring, and therefore indicates their strength
C and ability to handle the markets just a
t. they see fit, and others maintaining that th
d decline was wholly unsupported by the clique
o and that it had great difficulty in preventing
decline to much lower figure than ths