The Wichita daily eagle., 1894-02-27

CHICAGO Feb. 26-Wheat was weak at bot h
ends and strong in the middle of todays ses-
sions, closing with loss of Il cent for May.
A decrease in the visible supply caused a
temporary firmness, but free selling, caused
by the increased amount of wheat and -four
on ocean passage and rumors favorable to
"Farmer" Hatchs anti-option bill, was too
much for the bulls, and the market was gen.
orally weak. Corn closed 3s cent lower; May
oats, u cent lower, and provisions lower all
round.
The opening trades in wheat were at de-
cline of from 5sI34 cent, compared with
the prices current at the close on Saturday.
There was a gradual hardening of the price
for an hour and half during the time the par
ticulars of the visible supply statement W ere
coming in. That being satisfactory to the
bulls, when it was completed the hardening
process continued for few minutes and then
dissolved entirely. The trade had been light
during the time referred to, and those who
felt disposed TO buy wheat on the encourage
ment of a decrease of ], ,4l0, 900 bushels in the
visible suppy-which was the change an
nOunced in the weeks stock-had already
done 80. when Partridge and Leeming came
upon the scene with selling orders, which for
time appeared to have no limit. There
were no buyers left On the spot to take these
offerings sufficiently fast, and the result was
a collapse. The opening decline was ascribed
TO the following causes: The amount Of wheat
On ocean passage showed an increase of 81,
00G bushels since a week ago; the Liverpool
market was a shade easier for futures, quot
ing Il pence decline; the New York stock and
cotton markets had a weak start, and the
weather was not suggestive of any danger to
the wheat plant. The subsequent rally
owing To the decrease in the visible as the re-
turns came to hand. The opening for May
was at from 591a9595s cents, and 1t gradually
worked up to $4,000 cents, and then dropped
like a struck steer to 591s cents. The clear
ances from the four principle Atlantic pO' is
amounted In wheat and flour to about 126, 600
bushels. The Indian shipments for the week
were 160, 900 bushels. The taking of the Hatch
Rnti-option measure out of the hands of the
ways and means committee and placing it
with the agricultural committee in the house
today, seemed a further stab administered to
the market which caused it to fall again before
ii had recovered from the previous assault. The
closing cables were discouraging, but, after
break to $50 cents, May recovered trifie,
closing only IS cent from the bottom.
There was fair trade in corn, though prices
did not cover a wide range. The feeling was
weak and the tone heavy from the start. The
large receipts were factor which induced
considerable selling. The opening trades
showed declines of 1SGs4 cents, but the mar
time, the buying of a qaurter of a million of
May by "A prominent concern staying the
market. There was also good buying by com
mission houses, which was credited to a large
individual trader which also helped TO check
the decline. After these buying orders Were
executed the offerings again increased, and
prices sagged down At93s cent, rallied frac-
tion, became quiet, and closed with May but
II cent from the days bottom figures.
m fS was 81 cal there
being free selling by several large operaio ors,
but their offerings were well taken. Late in
the day the trading was light and offerings
not large. The influence was mostly bullish.
The visible supply decreased 10000 bushels
and local stocks decreased 5000 bushels last
week. Receipts for the day Were but 1875 cars,
with 100 cars expected tomorrow. May
opened "a cent lower, advanced Il cent, and
reacted q cent, to the close, midway between
the days top and bottom figures.
With the arrivals of live hogs at the yards
largely in excess of the est ,lnates and de
cline in prices for them, provisions opened
weak and lower, and then ruled fairly steady
for a time on the support accorded by a
prominent commission house and two lead
ing packing Institutions. The volume Of
trading was light, with corresponding offer
ings. heavy feeling manifested itself SUBJ
sequently. the market suffering further de-
cline, on the weakness in wheat, the hogs ar
irving, and the fact that there is practically
TO short interest out. The trading was quite
light There was moderate reaction near
the end of the session, the packers bidding up
the wheat, especially for pork, the greater
part OF the decline being recovered, with the
close steady. Compared with saturday, May
pork is 20 cents lower; May lard, ~ cents
lower and May ribs, 71s cents lower.
Estimated receipts for tomorrow: Wheat, 20
cars; corn, $50 cars; oats, 100 cars; hogs, 26,-
400 head.