The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-04-07

CHICAGO, April Cit was a wild uproariouS
day in the wheat pit. First there was drop
of l1s cents in May. then series of jumps
until it had advanced ~ cents, and later
sudden collapse of ia cents. with gain OF "A
cent at the END. Spreader5 who had been
working on the expectation of July going TO a
premium of So cents, and who were stranded
by those months coming together with
clash, and the covering ola line ofshort wheat
for Baltimore house who found il was un-
able to respond to further margin calls, were
among the reasons for the great excitement
which ruled during the greater part of the
session. Corn and oats received some benefit
from the strength in wheat. but lost 1t all
again. Provisions were weak and dull, pork
closing at from Is to 171a decline.
Wheat at the opening was weak compared
with its feverish strength at the close of yes
terdays session. May opened with almost
the entire crowd willing to sell at "a cents and
some with ideas no higher than 631s at the
same time. The lower figures soon prevailed
and before the early competition to sell was
overcome by the buying orders which waited
TO come out, the price had dropped to 635s
cents. The swell which resulted after the
market had dug down to the buying stratum,
caused quick recovery TO 6414 cents, and
those fluctuations occurred in the first forty
minutes OF the session. The desire to sell was
not occasiOned by any change in the situation.
The main cause OF it was the profit which SO
many had in the long wheat bought within
the last few days and the attempt TO turn IL
into money. The weather was still dry in
Kansas, Nebraska and Missouri, where the
plant is reported to be suffering for want of
rain. The advices from those stats did not
offer much encouragement for the farmers
Who have winter wheat in the ground. A
more protracted drought would mean a more
aggravated loss. The Missouri state crop report
announced that % per cent of the winter
wheat in that state had been damaged by the
late freeze. The frost damage in sout bern
Illinois and southern Indiana and in Ken
lucky, Tennessee and Ohio may also be largely
reduced with the proper kind of weather.
From California the same discouraging
drought which prevailed up 10 yesterday was
reported as still doing its whitening work. All
that probably had but little further imme-
diate effect and a reaction of or cents was
confidently looked for by the bears, when 1t
became whispered about that there was some
urgency In the demand for cash wheat. When
il became known that Milwaukee miller had
bought here 100000 bushels OF hard spring
wheat TO be ground at his mill, and that the
price paid for it was within a fraction of
Cents premium over the price of regular con-
tract for May. then the bulls started up with
quickstep and the bears danced for twenty
minutes, throwing up their hands and roar
ing for wheat at the same time. until May was
up TO 65l4 cents and July 10 Co.'S cents, the lat
ter having sold earlier in the day at 65 cents.
Even at those prices, they only stopped for
breath and when they started again they put
May up TO 66 cents and July to G6j4 cents. The
bulls desisted after May had rise TO 6614 cents
and July to 6j34 cents, and the price was al
lowed to drop IK cents about as rapidly as 1t
had risen that much. AT one period of the
advance May and July for a few seconds were
traded in at the same price, and for quite a
long time the difference was only a cent. May
about 12:io o'clock was down again TO 6i12
cents and July to 6411 cents. Tn closing
prices were: May, 64s4 cents; July. 651s cents.
There was fair business done in corn and
the market went soaring at one time. The
shorts We're badly demoralized by the jump in
wheat and hat was the chief reason for the
advance which took place in the middle of
the session. When wheat came off its perch
toward the end, corn lost for a time all its
earlier advance Later there were independ-
emily strong points in the corn situation. The
market wound up firm at slight improve
ment on yesterdays closing prices.
There seemed to be general uprising In the
oats crowd today. Not only was there big
business traded in but the market was indie
pendently strong. Even at the opening, when
corn and wheat were easier, the price of oats
was up from u to Il cent. This was due to the
tact that, while the reports of the condition of
the wheat and corn crops Were conflicting,
they were universal as TO the oats crop being
badly damaged.
Provisions acted as though weary with the
load of their recent advance. There was an
appearance of the more anxious of the shorts
having come in and even of some selling on
short account. There were few short-lived
was the rampage, but the result of the
days trading was small aggregate.
Estimated receipts for tomorrow; Wheat,
81 cars; corn, 20 cars; oats, lis cars: hogs,
5000 head.