The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-03-18

CHICAGO. March 1z.-Weevil in a car load Of
wheat loaded in the river was the warcry of
the bears today. Chnch bugs in the winter
wheat fields, replied the bulls. The weevil
was at home and was felt more than the bug
bites on the growing wheat, and consequently
prices dropped Compared with yesterdays
closing prices, May wheat is IS cent lower.
Corn. oats and provisions were even weaker
than wheat. Corn declined 4 cent, oats %
cent and pork 20 cents per barrel.
The heavy cash business In wheat reported
from New York yesterday was fully confirmed
this morning Commission houses with New
York connections said the amount taken
there by millers yesterday was not short OF
l,250000 bushels, and there was further in
curry here this morning from the same
Sources AS a result the market started firm
At Il cent over yesterdays closing price for
May and July, but the longs apparently re-
ceived that a formal opportunity to realize
q little profit, and theirs was the selling which
caused the subsequent decline. A report was
circulated that cargo of wheat in a vessel
here had developed weevn and was being IN
loaded in consequence. 1t turned out that the
cargo in question had received some damage
from the weather through imperfectly batten-
ed matches and about 600 bushels becoming
heated, developed weevil and was taken out
TO prevent the weevil spreading. 1t had the
effect, however, of turning sentiment from
strength to weakness and caused, along with
the previous realizing by the bulls, decline
in May wheat from 5S34 a5S5s to $50 cents The
receipts here were thirty mine cars, against
963 cars year ago. Minneapolis and Duluth
reported 337 cars, compared with 2S5 cars last
year. Atlantic export cl.arances yesterday
were light, but for the week, from both coasts,
Bradstreet's reported clearances of wheat and
-four at 3,25S,00O bushels, against 2,S5l.000
bushels the week before and s, sS6, 900 bushels
the corresponding week of last year. The
weevil discovered in the cargo of wheat was
made the most of by the bears. The market
ruled weak to the end, and closed at the
lowest of the days range, 5S1s cents for May.
Liquidation oflong corn was the feature of
the trading in that article. Schwartz and
Others who had at one time felt that corn was
low enough, have evidently changed their
minds. in view of the liberal receipts on top
of heavy visible supply, and the prospect for
an early planting for next crop. Receipts
were 359 cars today and estimates for Monday
are 474 cars. Business was dull for half an
hour, but at the end of that time Bartlett
Frazier and one or two others increased their
offerings. and pressed them with redoubed
Sigor at the same time May opened at 31$S
cents, or at the same price ii closed yesterday.
1t was easy at that, however, and soon began
to yield, About half an hour from the close it
was down to 3655 cents. There was recovery
to SOS cents, and that was the closing quota
ton.
A moderately active business was transact
Cd in oats at considerably lower prices.
Provisions were heavy with the packers free
Eellers of the day. They are bearish on the
expectation of plenty of hogs throughout the
summer There were only 900 head received
1t the yards today. The total for the week
$50, 353 against S9215 head on the correspond
Ing week of last year. The shipments this
Teek were 81 1893 compared with 3s $3.50 head
year ago. The opening prices were about the
same as the closing values of the day before.
Prices declined all day with few reactions,
and the close was the bottom.
Compared with last night May pork is 20
rents lower, May lard IL: cents lower, and
May ribs 10 cents lower.