The Wichita daily eagle., 1894-03-13

CHICAGO, March l2.-Wheat went up and
down the scale today with the ease and celer-
fly of a street piano, landing cent lower than
Saturday, after q weak opening and an early
advance of cent. The government report,
lower cables, large northwestern receipts and
free selling overcame the advance caused
early by brisk buying. and May closed
at Il cent from the bottom. Corn aver.
aged firm and closed with May unchanged.
May oats closed unchanged, while provisions.
in sympathy with wheat, closed weak and
lower all around
Wheat at the opening showed the effect of
the government report of farm reserves,
which came to hand Saturday afternoon. The
opening sales for May were at from 5914 and
80 cents with 3he tendency for a few minutes
to settle down around the lower figure.
There was q sudden recovery brought about
by some demOnstrative buying by Armour &
Co.'S brokers, who took several good sized lots
which were being offered at SO cents, and Kept
bidding for more as the market kept rising in
response to their action. Buying became SO
general from the cause mentioned, that
Armour's men Were able to sell ont good
deal the wheat they bought at from 50 cents
up to 59H when it advanced to 59s4 and over,
as it did in very few minutes, following the
lead given to it. AS high as go cents was paid
for little May wheat before the frightened
shorts recognized that they were being chased
by the mere shadow of their own imagina-
tions. The price after that began to work
back to its starting point, at which some fur
ther moderate purchases for Armour & Co.
steadied 1t again. The visible supply de
creased about as had been expected. The
amount of the decrease was 100000 bushels,
compared with an increase Of Is .030 bushels
on the corresponding week of the previous
year. A second decline in the price occurred
Immediately after the decrease in the visible
supply was known. The days receipts were
only % car loads against go year ago. Min
neapolis reported 1872 cars and Duluth 81,
against 673 and Is respectively year ago.
After struggle at around SO, there began to
be perceptible weakening of the bull side
and finally the price came down with run
and did not cease tumbling until 1t struck
5ssS. A correction in the visible supply fig
ures, making the weeks decrease 1,062, 600 in
stead of 96 900 bushels as at first reported, did
not help the price much, as there were sellers
Mt 56Il as the session ended.
The corn market held aloof from wheat
when 1t went SO far in the Way of bearishness
Rs 1t did In the latter half of the session. The
government report was slightly bearsh and
Its effect was seen by decline of "a cent at
the start, as compared with Saturdays clos
ing price for May. 1t recovered with
near the start for May to 3s1s6g3S14 cents, and
worked off again when wheat was declining
until il was again down around the low point
touched in the first few minutes OF the session.
The closing price was but q cent from the
bottom.
Oats opened shade easier In sympathy
with wheat and corn. and followed these mar
kets in the firmness which they experienced
later on in the day. There was also good
many oats bought up, and with the light
offerings this had strengthening effect on
the market. After the prices had advanced
Is cent from the opening price and the buying
orders were mostly filled, the price declined
again and business was rather quiet from that
time up to the close. A, decrease of 1870
bushels in the visible supply had some effect
in retaining the strength. During the early
part of the session quite large amount of
business was transacted. Norton Worthing-
ton, Schwartz, Dupee & Co., b, fylett Frazier
and r. Z. Pratt were all free buyers. The
selling was scattered. The market continued
TO weaken toward the close and rested at or
within L cent of the last prices on Saturday.
In provisions there was good deal of realiz-
ing of long stuff today, with the shorts appar-
emily SO certain of their position that they
bought quite sparingly. The decline, which
was the result of the days business and the
slump In wheat, started at the opening. There
was temporary recovery while wheat was
having its early bulge but that did not last
long, and, with the subsequent weakness in
wheat, provisions became very limp and had
q had break. Compared with Saturdays
closing prices pork is 271a cents lower, lard is
OF Is cents and ribs are also Ii cents lower.
Estimated receipts for tomorrow: Wheat,
6ocars; corn, $50 cars; oats, 22O cars; hogs.
240OO he, n