The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-28

Bears Have Climb for It--Ouick Tran
sitions From Buying to SeIling--Starts
Eighty and Half, Reaches Eighty One
and Three-onarters and Closes at Sew
| thing Else Lower.
Chicago, May 27-Wheat was few
| erish, with sudden and wide fiuctua-
| lions, covering a range of from 2ii
| cents above to is cents below the clos
| ing figures of Saturday and closing q
cent lower. Corn was weak through
out and closed rs cents lower. Pork
| was bulled by country buying at the
| start but eased Off and closed a cents
| gain.
The session commenced with the now
| daily repeated extravagant excitement
| in the wheat pit. The bulls already
held the whole of the grain in the WISH
| bic supply and had bought for future
delivery all that Will be harvested from
the growing crop. and were still clam
| orous for more. The bears shouted for
some of it. 1t come high, but they
mad 10 have it. July wheat, which
barely could be sold for 1914 cents at
noon on Saturday, readily brought
from eV12 cents up TO 61% cents at the
opening this morning. The most gen.
orally current price at the start was
SOA cents. From that point it rose
IN Few minutes to S112 cents and
dropped back again to S01a cents 1t
started up again and for the second
time it touched 91a4 cents. The heavy
orders ceased coming after that and
WITHIN the Stacking up Of the volume
OF business, the price declined to 792.
cents. The price continued to rush up
ana down in the most nervous manner.
one minute sellers were everywhere
and buyers seemed to have dropped out
or the market. In the next there would
be no sellers, while the crowd of buy
erS competed with each other in the
rapidity with which they advanced
their bids. At times stop orders could
not be filled within from 5sG1a cent per
bushel OF the limit. That was good
OF stops on both sides of the market.
The changing aspect of the visible sup
ply had much to do with the feverish
changes III the price of wheat When
New York stocks were given at 995, 600
bushels more than they amounted to a
week ago, the price had its tumble to
'gA cents and when a total decrease at
all points of about 100000 bushels
seemed likely. the price took an up
ward shoot to S0$4 cents, climbing to
that from 1885 cents in about ten min
utes. Inside of the next twenty min
utes, 1885 cents became again the trad
ing price. The realization OF a 2,OOO-
600 decrease in the visible supply an
peared for time as if it had been dis
counted by the advance to S0sI cents. I
because, although it was found when
the figures We're all in that the actual
railing off for the week was 2240.000
bushels, the market did not rally for |
fFln l.
though little later it was up to S0A !
cents. The Liverpool market was |
quoted from ~ to ? pence per GENITAL I
higher for futures, with heavy specu- /
lanve demand reported by the private |
cables. The great feature of the news. /
however, was that which had reference |
to the domestic crop situation and the |
visible supply. The latter did not per-
Influence the market and |
neither did the news of damaging
frosts in some parts OF the northwest
and crop damage reports from Indiana
Of the most distressing description. The
feel1ng began to spread that the buy
ing enthusiasm was about over and
was corrOborated by the fact that
country orders today were principally
-or fVes and tens instead Of fifty and |
hundred thousand lots. as for some !
time back. The foreign shipments for
the week were heavy and that, to-
5ether with rumors of Oregon wheat on
the way to Kansas City and St. Louis !
added to the bearish feeling which pre-
vailed all afternoon. The price in the
asst half hour kept dropping to near rs
cents and rushing up again to about
- cents every few minutes The lowest
ouched was 1915 cents and it closed at
So cents.
Corn suffered from the inspection
nto store of 1924 car loads since Satur-
lay and estimated receipts for tomor-
'ow of 1.120 cars The cash demand
vas slack and only elevator people
eemed to want the offerings Argen-
inc shipped $4,000 bushels last week.
tew York reported four loads sold
here for export today. The visible
upply increased 1.411 900 bushels for
he week, compared with a decrease Of
$4,000 bushels on the corresponding
week last year The opening price for
uly was from 1885 cents to $3.50 cents
nd the highest prices of the day were ,
made at that time. The lowest point,
owever, made near the end of the ses-
ion, was 52la cents and it closed at
25s cents bid.
Oats were heavy with heavy bust (
ess transacted. Prices at the close
rere from q to Il cent under Saturday
asst quotations.
The provision market opened weak {
nd lower on account Of the days run
f hogs numbering 1900 head Those
eavy receipts appeared to have been
alculated by the bears to make Il
eavy market, heavy enough TO permit
ehm to cover their shorts without caus '
IS the price TO recover while they did
D. In that they were mistaken for Il I
1ok very little buying in the decline
Y the bulls to cause a lively reaction
nd convert a bearish into a bullish
larket. Pork, from an early break of
= cents, rose 421A cents and closed
18th a net gain of 1712 cents. Lard at a
lie close was barely 2ia cents higher e
IAN on Saturday and ribs only secured (
ON 2i2 10 cents of an early gain OF
ON 10 to 1919 cents. Much OF the
lrly buying was on country orders {
Estimated receipts for tomorrow: b
Theat, IS cars: corn. 1,Ic0 cars, oats, n
% cars; hogs, $4,000 head. +
Fret ghtS We're firmer at 17s cents for a
heat, ia for corn and rs cents for I
ats to Buffalo and IL cents for wheat +
, Toledo. C
Chicago Market. y
The leading futures ranged as follows: @