The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-01-30
GETS A BIG SCARE
GOLD EFFORT PANIC SENDS WHEAT
DOWN BY THE RUN.
Spectators Stand Shaking in Their Boots
From the Very Start-Foreign Markets
Have Nothing Cheerful to Say-Holders
Begin Oferiar Fellow Mondays Closing
-BuyinS Against Puts Breaks the Fall
Also, Receipts Favor Holders--Corn
Shares in the Rush to Seil-Oats Active
and Makes a New Low Price.

and Makes a New Low Price.
Chicago, Jan. 29.-Under the influence
OF the gold export scare, the selling of
wheat became panicky, May dropping
IL cents, but covering near the finish
on sales for export and buying against
puts caused a reaction. May closed IS
cent lower, May corn closed / cent low
er, May oats Is cent lower and provis-
ions at liberal declines
AT the opening of the session, the
wheat spectators gave unmistaka BILE
indications of what they thought would
be the effect upon the trade Of the gould
exports and the strained financial sit
u2ion resulting there from. The weak
ness Of foreign markets in the face of
ye3terday's advance here was likewise
an element in the distrust which pre-
vailed at the opening. May wheat
which closed yesterday worth 531s cents
opened with sellers Offering it freely
at anywhere from 53 cents down to 80
cents. No general demand sprang I'D
until it touched 5212 cents and such as
sprang up at that price was against
puts which had been bought good for
today at from 521s TO 53A cents. Smith
who was said to have bought puts on
100000 bushels at the prices named,
was credited with purchases Of 100000
bushels of May wheat at between 52ia
cents and 52A cents and that along
with similar purchases by others who
held puts, priyed check for he time
being TO the impending panic which
threa tened the market. By IL 80 o'clock
the price for May had been reduced
to 81 cents with January or cash wheat
at 40 cents. Decentralization had by
that time spread to every speculative
market on the floor and agitation be-
came extreme for a minute or two, but
was checked again when a fresh de-
nland was struck at the decline last re-
ferred to. Apart from the demoraliZinS
effect Of the national financial situation
upon the foreign and domestic grain
markets, the other matters pertaining
to supply and demand We're encourag-
ing to holders, and that, more than
anything else, encouraged the buying,
which prevented the market from
drifting into state of helpless panic.
The sum total of the primary market
receipts today was only 10000 against
10000 on Tuesday of last week and
compared with 233, 900 on the correspon-
ding day of the year before. The eX-
port clearances from the principal At
lantic ports amounted to 200, 900 bushels
Of wheat and about 10000 bushels in
the shape of flour. The purchase for
export from New York of about thirty
boat loads and from o:tports of from
ten to fifteen more and the taking Of
about 1901 600 bushels of spring and win
ter wheat here caused some covering
Of shorts in the last half hour Of the
session and May reacted to 90 cents
and closed with buyers at 52ts cents.
The general decentralization which
strcck everything on the speculative
list this morning was nowhere more
conspicuous than in the corn pit. The
receipts were only 247,000 cars against
$50 estimated. But the break in wheat
~ the opening caused holders of corn
10 rush their stuff on the market re-
Eardless of everything but keeping it
md standing up to fresh margin calls |
''h- country holdings which UP to with
attempts at dislodgment, have been
gradually undermined and topping
over. Today there was a general cave
in as may be seen in the fact that May
corn, which closed yesterday worth
z41Z cents, was offered for sale at 421a
cents before noon. A recovery OF L
cent per bushel in the price of wheat
near the end and the reported sale at
the seaboard of twenty loads of corn
for export caused some demand here
and a reaction to 435s cents. The most
% the late buying was, however, cred !,
tied to shorts.
The market for oats was active al !
most from beginning to end. The heavi- Z
ness existing was the principal feature
and was very great. Corn was weaker 2
and quiet influential in creating lower |
prices in oats. Cash oats were very /
slow of sale and suffered a decline of /
about l cent per bushel which was also |
extended into the speculative crowd !
The selling of May was quite general /
and two or three firms We're credited |
with again raiding the market. Bart |
lett, Frazier, Patton Bros. and Uudyke !
were Offering very literally the buy |
ing was limited and confined to scalp |
FRS and few stray shorts. May start
ed at from % TO 29Is cents and gradually !
dropped off to 21A cents, which is an
other low price of the crop and Is cent ,
below the esta blished bottom this same !
day last week. Later on the market |
rallied to 2S9s cents at which price it |
closed.
The provision market fell into line
with the declining grain markets and
suffered a severe break which it only
partially recovered from in the end.
May pork which closed yesterday at
si05112 opened with sellers at $3.50,
and in the course of the forenoon had
declined to 1915. 1t recovered to s1G15
and the late trading was at $10.0212.
Lard and ribs pursued a similar course.
winding up with a loss for the day of
i112 cents in the former and 27lA cents
In the latter. The extreme weakness
of the corn market was the principal
incentive to the selling of provisions.
Hog receipts We're y 600, and 5000 are
estimated for tomorrow.
Esrimatesd receipts for tomorrow: !
Wheat, twenty cars; corn, lis cars;
oats. sixty cars.