New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-11

THE MAY OPTION DROPS TO G5 i-i6 CENTS 4
BUsHEL HERE AND TO CO CENTS
IN CHICAGO.

BUsHEL HERE AND TO CO CENTS
IN CHICAGO.
There was again heavy liquidation in wheat a.
the Produce Exchange yesterday and for time
the market completely dsmoral!zed. The record
for May wheat broken, the price falling 70
CO lilo cents a bushel. The market opened active
at u cent higher than Fridays closing Price al
657s . In the early trading It advanced 10 c.. There
was then a big scramble 10 sell by those who had
bought Fridays lowest figure. This desire to
reap fractional profits caused decline. and under
an increasing selling a marked weakness began
and the price fell rapidly 10 g i-l6. Liquidation
stopped at this point and a rally followed 10 6s.
and then again 1t fell TO 65as. at which price the
market closed.
All influences in the wheat market were of a dis
couragng character. Unfavorabe reports came
from Chicago; the fact that Argentine was raising
good wheat crop an unpleasant factor, and
all kinds OF rumors made confidence wholly lacking.
The foreign markets were irregular At Liverpool
wheat was i2d. lower and In Paris there was
fractional falling OFF in the price The Chicago
markets for May wheat opened at IS cent higher at
CO.'S. 1t then fell to 81 and shortly afterward. on
expectations OF a break in NewYork. it reached its
lowest price at Co. The market closed at Sos The
total amount bought for foreign account yesterday
10000 bushels. The total transactions in this
city were 1855 900 bushels
Wheat has never before been SO low In the New
York Produce Exchange. There has been & steady
decline all the week. and brokers say that the bot
tom has not yet been reached. Heavy liquidation.
due TO the big supply of visible wheat. is the direct
cause Tor the decline lnfavorable news and ru-
mors have been present all the week OF panicky
nature which also have caused a steady rush sell.
chicago, Feb. 10 tSpeciaD-Aiay wheat to-day got
10 the even figure. % cents bushel. making the
a lot of intOrced NeW-Nork liquidation would begin.
but nothing OF the kind happened. The market
very soon after the opening rushed down 20 the
GOcent point In order 20 hasten along the sensation
which everybody was awaiting. but no sens%tlol
resulted. There a good deal OF wheat WAITED
discovery OF this situation started some covering
and also inspired some buying for long account.
May opened at CO.'S sold between 81 and ~. and
Closed at CO.'S cents. The from the West was
bearsh The news from the seab0ar1 4 little
more encouraging. New-lork declaring thar aboat
10000 bushels OF cash wheat had been sold Friday
and some to-day. The marvellous thing about the
news the enormous receipts everywhere. twice
as large in the Northwest and West year ago.
Every one agreed that there would be a large IN
crease in the visible next week. Monday lincoins
birthday. is holiday here. outside markets will
Corn dull and somewhat easier. May sod
from Bis 10 55As. and closed al 36AsTS6a4 cents.
Large receipts and the prospect Of an increase in
the local stock Monday OF l50o.0e bushes anected
the temper There were $50 The estimate
for Monday Coz. Oats easier. but duh. May
Provisions to-day were steady after yesterdays
sharp break. Pork closed cents over Friday; lard
and ribs at about Fridays prices. Receipts OF
hogs light. only li.Oo0 the estimate for Mon.
day: 1900 Prices Were lower May pork CLOSED
at $l2 u. May lard at 81 l5 May ribs at s. 30
Puts" on May wheat tonight were 59s: calls
els cents. Puts and calls on May corn were S5So
36S< cents.