The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-04-13

CHICAGO, April 12.-There was heavy
Days business done In wheat and much weak
ness resulting in q decline Of ~ cents early In
the session. Thht was succeeded by return
Of buying confidence, and at the close the
price for May was only % cent lower than on
yesterday, and for July only q cent lower.
The reports of crop damage were very numer-
GUS from the frost-bitten districts and almost
startling from the drought smitten areas OF
California and western Kansas, and this
caused the later firmness. Heavy selling was
responsible for the decline. Corn was firm
without much change, after averaging weak
throughout the session Armour got his arms
around the shorts in the pork market and
squeezed So cents per barrel profit out OF
them.
Wheat start'd active at shade under yes
terdays closing price. The first bid of May
was COZ CENTS and it sold sparingiy In a mo-
ment after at sos cents. There was big
trade around 6014 cents, but there came upon
the marfet perfect ayaanC he of selling or
ders when it was seen that all the outside
markets were very much weaker than Chi
casc, and liquidation by the holders OF May
appeared TO be general. Houses with orders
to sell for that month found il extremely diff
hcult TO find buyers without offering their
stuff Is cent lower at every fresh attempt TO
dispose OF IL. The pit became worked up TO a
pitch of noisy excitement. IL was better
market without an iota OF bullish feeling in II
from rom, abont ten minutes after the openns
until 10 O'Clock. In that time May dropped
TO $50 cents. There was an exciting struggle
at that price with millions changing hands
every few seconds, but the pressure of long
wheat was terrific and another slump to 5Sts
cents was the result. All the large commits
sion houses with New York connections APP
peared for a matter of ten minutes TO have
fneXhaustible orders to sell.
There was nothing of a par ticulariy bearlsh
character that did not previously exist the
dry weather in weste II Kansas and California
was still unreieved and reports OF an eX-
tremely poor outlook tor Friday and Satur-
day was general Reports of drouth began to
have some effect after the heavy liquidation
had run It's course. and when in addition TO
that it became known some cash wheat had
been worked, the market gradually stiffened
itself and a recovery to 5934 cents for May had
been effected about forty minutes from the
close. A further recovery took place before
the close May rising to co.'s cents and closing
at 591 70 60 cents. The premium on July rose
from IL cents at the opening to 211s cents. and
the spread was within Lilo of cents at the
close.
The corn market gave no signs of anima-
ton and was raj her weak. The opening TOR
May was $50 cents, or a cent below the price
II closed at yesterday. 1t recovered to 1878
cents for a moment and after that il was
dragged down by wheat to So cents. May
closed al 3s3s to 3Sl5 cents, which was the best
price of the day.
There was only small business transacted |
In Oa:s and the marke ed ruled slow with prices /
EASIER AT the opening some strength was !
felt. caused by quite a good many buying /,
orders at hand, but with almost every body /
trying TO sell, those orders Were quickly filled /
and the feeling grew heavy. May sold from |
81 cents up to 32ls cents. and then gradually 1
ueclineu 10 3l1s cents, May sold again at 81 1
cents and was Offered at that price at the |
close.
weak hog market started provisions on |
downgrade. but they were arrested in tl.eir |
decline before they had proceeded far in that !
direction. The decline was recovered from
and an advance over yesterdays closing
prices set in and in the course of two 'uTs
the market had assumed a adically bullish |
appearance which il retained TO the close.
Offerings were extremely light. Nay pork
stopped at Sl2.75. May lard and ribs likewise
felt the effect of Arlnours heavy buying, lard
closing with gain OF l212 cents, and ribs
with an advance of 27ls cents.
Estimated receipts Tor tomorrow: Wheat,
q cars; corn, 40 cars: oats, los cars hogs, %
100 head.