The Wichita daily eagle., 1894-02-11

CHICAGO, Feb. 10-May wheat sold down
20 81 cents today, a new low-price record, and
elosed with loss of 3s cent at SOS cents.
After steady opening, on the cold weather
and larger exports, a loss of cent was caused
by free liquidation and pressure to sell.
reaction of II cent ensued, on covering by
shorts, followed by decline at the close on
more selling. May corn closed 3 cent lower;
May oats closed "a cent lower, and provisions
closed with but little change.
Wheat started higher, with May * cent up,
at coz cents. The cold weather gave the
bulls some encouragement did also the
large exp port clearances, and they soon had
May up to 81 cents Renewed pressure to
sell, presumably on the expectation that the
Qext visible supply statement would show an
Increase, started a decline, however, and May
went down with a rush, landing at 90 cents.
The market seems to have acquired the habit
Of making new lowprice records, and the
astonishing price created but little excite
ment, and nOpanicky indications fol lowed. 1t
had been expected that decline to Go cents
would develop another demoraliZing bunch
ofstop orders, but the orders did not ma
terialiZe. This somewhat alarmed the shorts,
and they proceeded to cover, with the result
that May reacted 81 cent, and held steady tor
time at 6OZ cents. Northwestern receipts
were again, however, numbered among the
bearish influences. Minneapolis and Duluth
reported a total of 406 cars, compared with l76
On the corresponding day last year. Liver
pool advices were also rather bearish, and as
he session neared It's close the selling again
became flee and the frmer feeling wore
away, taking with it $s cent for May, and
that month closed - cent below yesterdays
closing figures. May opened at CO.'S cents,
advanced Is cent, lost cent, reacted "a cent,
and declined 81 n the clnSn at
1t is said on Change that Partridge has
cleared over s., 100000 in the last three months
by selling the market short" The bulk of
his operations has been in wheat Partridge
appeared as "bear' when wheat was in the
70s, and 1t is stated has steadily increased
his bank account as the market declined to
Its present place near To cents He is now
said to have practically closed out his trade.
Corn was quiet most of the session, but
unsettled feeling permeated the market.
Price changes were governed largely by the
action of wheat. and the decline today was
due entirely to the action of that cereal. The
opening trades showed a fractional loss, but
that was soon recovered, when offerings
again increased, and prices sagged down
La3s cent rallied 1sa4 cent declined Aa3s
cent, and closed with May but % cent above
The days bottom figures.
Oats were easier in sympathy with wheat,
On moderate selling by longs. Prices re-
ceded q cent and closed easy, after opening
unchanged. There moderate buying
rarly, but later the buyers appeared TO have
been filed up, and May finished at the bot
tom.
Provisions opened strong and higher, on es-
timated light receipts of live hogs for next
week and good bidding, prices advancing
moderately. The offerings of all kinds of
products were very little and the trade cor
respondingly so. There was an effort on the
part OF some of the local operators to'advance
values, but the weakness in wheat had the
contrary effect. Some point was given to the
market by two or three leading packing in
stitutions, prices advancing for time with
only slight reaction. The improvement in
wheat from the lowest price on record also
contributed to the strength in this market
Later on It declined to nearly the inside
prices of the day, on increased offerings and
the withdrawal of previous support with the
closing weak, most ofthe early advance being
lost. Compared with last night, May pork
is cents higher, May lard 2h cents lower,
and May ribs unchanged.
Estimated receipts for Monday: Wheat
IS cars; corn, 6o0 cars; oats, POS cars; hogs
40CO head.
No session of the board Of trade on Monday
legal holiday in Illinois-birthday of
Abraham Lincoln.