The Wichita daily eagle., 1894-03-03

CHICAGO, March 2.-Wheat went up with a
rush and down with a thud today. finishing
a cent lower for May, after bulge of "a cent.
The early advance was due to better cables
the prospects of a cold wave and good buying,
while the free selling and discouraging export
outlook was responsible for l cent decline
later, May closing but a cent from the bot
tom. May corn closed "a cent higher, May
oats unchanged and provisions lower all
around
Among one Or two items in the early news
of a bullish character, was one of a some
what different com mplexion, and the latter
gave the wheat market its opening drift. The
Liverpool market was called firm with an
upward tendency at 4 pence advance for
spot wheat The receipts here and in the
northwest were comparatively light, but New
York wired that banking firm there had
ranged to ship 81. $50 600 in gold and some long
wheat rushed up on the market as soon as
opportunity offered. Leopold Bloom, who
had bought yesterday some of the wheat he
had sold out on Wednesday, was the leader of
little gold panic with which the wheat
market opened. He sold through Clark
Catlin and others about 100000 bushels, 1t was
reported, within a few minutes of the start.
The buying orders were such that good deal
over three or four times the quantity sold out
for Bloom was absorbed in the time named and
the cry was still for more. More could not be
had at the prevailing price, SO bids advanced
from 60$s and 60H, which was the range dur
ing the first few minutes. The price shot up
to sos cents and a little later to 60s4 cents.
A prediction of colder weather gave addi-
tional strength to the market, and before the
wings of the budding enthusiasm could be
clipped, the price of May wheat had advanced
to 60A and 81 cents. There was another
change after that due principally to the east
ern advices reporting the impossibility of
making sales of wheat abroad at the rates
now current here, and May dropped ] cent
The Spring wheat markets of the northwest
maintained the firm tone which so long dis
tlnguished them, and sent dipatches regard
Ing an improved demand for flour export
which, 1t was claimed, they were now ex-
periencing, but export clearances were not
more than half what was reported yesterday
from the four principal Atlantic ports and
primary market receipts as a Whole, and in
comparison the shipments from the same
were quite heavy. The western markets
usually quoted received S52s5 bushels and
shipped 55 600 bushels. Summing the above
matters up together the trade probably con-
cluded that they were more promising for
lower than for higher prices and accordingly
sold May wheat until il was down to co.'s |
cents. The price declined to 597s cents for a
moment, and the closing rate was 60 cents
bid
More life was displayed in the market for
corn, very good trade taking place within a |
wide range of prices. The sentiment dis |
played was decidedly bulish and very firm |
market was witnessed with offerings all day |
bD the restricted order and at no time liberal. /
The demand was good and the limited offer |
ings appeared to bring in good mauy small |
buying orders, the filling of which stimulated
values. Today's receipts did not come up to
expectations, and the market opened at yes
terday's prices and under an urgent demand
and limited offerings sold up with very little
reaction Il to 81 cent, eased back a cent with
the decline in wheat, ruled steady and closed
with May midway between the days top and
bottom figures.
In oats there was moderate trade and a
frmer feeling, prices averaging higher, but
after an advance of a cent the close was at
about the same prices, TO a trifle easier
than yesterday. Tie market followed wheat
in its fluctuations and May closed at the bot
tom.
Continued liberal receipts of live hogs at
the yards and an excess of the estimates with
further decline I'm the prices for them were
responsible 1or weak and lower opening in
provisions. Prices fuctuated within
moderate range during the first hour of the
session with the tendency downward on some
Of the private Ware houses selling and a few
stop loss orders coming in. The volume of
trade was light. Later on the market ruled
weak and lower on slightly increased Offer
tngs. Some covering by the short interest
caused moderate reaction
in pork and ribs, with lard ruling steady all
day. There was, however, very little trading
Compared with last night May pork is l5
cents lower; May lard 2la cents lower and
May ribs y; cents lower.
Estimated receipts for tomorrow: Wheat,
20 cars; Corn, 475 cars; Oats, 170 cars Hogs,
1000 head.