The Wichita daily eagle., 1894-02-17
DROPS AND REACTS
WHEAT BEGINS BY MAKING A NEW
LOW PRICE RECORD.
But 1t Receivers and Closes at the
Days Top Figures, After Wide
FluctuationS-Kum or I'M
pending Failures in the
Trade Cause the Early
Slump, Several Firms;
Said to be Short.
Corn Holds
Its Own.

CHICAGO, Feb 16.-May wheat sold at 511a
cents today, but rallied and closed Il cent
higher than yesterday, Rumors of i'm
pendiug failure here caused a weak opening,
and free selling sent the price down to the
new record; but covering by shorts and buy
ing orders sent values up, and May closed at
5s34 cents. May corn closed Is cent higher:
May oats a cent higher, and provisions closed
strong and higher, after an early decline.
The wheat market opened at still lower
level today. There were few sales for May
low as 5734 cents; but the bulk of the first
transactions were at So cents to shade
higher. Then there was drop of from y to
.sl cent since Yesterdays close. Rumors Of
impending failures in the trade had been
freely circulated on the "curb'' yesterday af
ternoon One firm was short about $4,000
bushels after the close yesterday, it was
claimed. There was a wave ofreturning con-
f1dence, which endured for about
twenty minuNs after the start, but displac-
ing sales by unrerved holders, at the slight
advance which occurred when May touched
5S1a cents sent prices tumbling again, and
before forty five minutes of session, wheat
had passed the price of May, and dropped to
571s cents, new low price record. The Liver
pool market was weak, and the continental
markets came lower for futures. There had
been a recovery here from 571s cents for May
to 5s3s cents, but the decline in continental
cables caused ano' her downward reaction to
5712a575s cents. There were plenty of buying
orders late in the day which gave the market
a firmer tone toward the end and 585s cents
was the ruling price about half an hour from
the close. There were few sales near the
close at 5s1s cents, and there were sellers at
that when the closing bell sounded, and May
closed at the top. May opened at So cents, de-
clined Il cent, advanced Il cent, declined l
cent and reacted u cents, to the close, at
oS34 cents
Corn was moderately active, fluctuations
being within limits of 5sa1h cent. The general
tone, with the exception of a short spell at
the opening, was firm and the closing showed
a gain. The opening was fractionally lower
and sold off a shade more, but at the decline
good demand was developed, and advanced
ssaZ cent. The market ruled firm at the
close, May closing at the day top figures.
In oats there was fair trade and an irregu- |
Tar feeling. The opening was weaker and
1sa14 cent lower, but reacted and closed |
higher. There was moderate selling early |
but later a better buying movement de- |
velopec. The rally in the other grains also |
helped the market. good demand existed |
for cash lots which also assisted in making |
the tone better, and May closed at the days |
top figures.
There was.a fairly active trade in provisions |
1t better than yesterdays prices The lowest |
price of the day prevailed at the opening and |
the highest at its close. Hog receipts Were !
II, ,500 instead of 80, 900 as estimated yesterday.
The quotations from the yards showed a de-
cline of from 5al0 cents, which aided in the |
early decline, while the later action of wheat
and the rather free buying caused the subse-
quent advance. There was gain for the day
at the close of 2715 cents in May pork, 10 cents
In May lard and l2l4 cents in ribs.
Estimated receipts for tomorrow: Wheat
IS cars; corn, 430 cars; oats, 81 cars; hogs,
IS, 600 head.