The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-03-27
THEY DUMP WHEAT
BEARS HAVE JUST LOTS OF IT AND
NEVER MIND THE WEATHER.

Dfthess sui wilmer. the IenueT fSidCe
and Bradstreet's Reports an Astonish-
ing Decrease but Wheat Goes Down all
the Same--Corn Moves very Narrowly
and Loses Three-eighths of Cent
Oats Lower and Weaken with Wheat
and Corn--Provisions Lower, due to
Packers Selling.
Chicago, March 26.-The dry weather
which has been advancing wheat for
several days was still in evidence to-
day but the big bear operators We're
proof against its terrors and dumped
wheat into the pit in large quantities.
As a result May closed rs cents lower;
May corn lost q cent; May oats 4 cent
and provisions declined sharply.
Shorts in wheat We're apparently ner-
voUs at the opening on account of the
weather scare. They bid against each
other, many Of them AT 56Is cents. and
a few even 55H cents, as against 50
cents at the close of the session yester-
day. Buyers Immediately became sus-
picious Of the righteousness Of their in
veStmentS from the ease with which
their wants had been supplied. In a
few seconds the price was 557s cents
and by 11:15 o'clock q further reduc-
ton to 551s cents had taken place. The
selling was started by some of the
heavier local operators who generally
favor the bear side, the element in the
scalping crowd who had long wheat
with a shade of profit in it followed
their leaders and made the pressure Of
offerings such as to bring about the de-
cline referred to. Bradstreet's visible
supply statement was not expected 10
show decrease in the worlds stocks
OF more than it did a year ago on the
corresponding week and that was gO4 -
GOO bushels, but it surprised the trade
with decrease of 2,S24.000 bushels and
before the sellers at 55l4 cents-which
was the status Of the market previous
10 the receipt of Bradstreets statement
had recovered from their surprise.
their neighbOrs were bidding 552sG
cents. 1t even sold as high as 55Il a 3
cents short time after, but there was
no appearance of demand for the cash
wheat here and early heavy sellers
resumed the control they had acquired
shortly after the opening by further
sales at the recovery last quoted The
price declined until ii was down 10
oi7s cents. 1t closed at 547s cents.
The corn market moved around with
in the compass of IS cent per bushel
dliSt- II ODtiNu iDE May at ~ cents,
but sellers did not realize that for very
much. Corn worked gradually down
on a very light speculative business
until 1t reached 46@s cents, which lat
ter was not reached until within ten
minuetS of the close, with 49, cents the
last trading price. The receipts We're
POI cars, Al of which We're contract
quality.
oats were fairly active. July was
principally wanted and sales were
mostly Of that delivery. Values all
around were lower, Influenced princi-
pally by the weakness in wheat and
corn. May sold from 29IS to x cents
and closed at 292sN Z cents bid July
ranged between 29l4 02S$l cents. rest
ing at the latter price bid. a decline of
4 as cent since yesterday.
The provision market called a halt
in its advance and closed with the fol-
lowing declines for the day Pork 80
cents; lard 22Ia cents and ribs 20 cents.
packers selling" was the laconic but
comprehensive reply made to all inqui-
ries concerning the cause Of the enlarge
ment of the offerings. The hog receipts
for the day We're only $4,000 head
Estimated receipts for Wednesday:
Wheat 40 cars; corn 140 cars; oats $50
cars; hogs $4,000 head.