The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-01-05
DID IT THEMSELVES
SCALPERS RUSH FOR PROFIT AND
SEND WHEAT DOWN.
Decline Duo to This Cause, the General
News Being Rather Bullisk-Eirm For
eign Markets Good Exporting Brings
About a Recovery to the Starting Point
of the DaY-New England Goes Some
where Elso for Corn and that Grain is
Consequently Depressed Offerings Of
Longs Cuts Oats Down.

Chicago, Jan. 4.-After q weak open
ing today, wheat and corn rallied near
the finish but closed Il cent lower for
latter. Free selling caused the decline
and the rally in wheat was the result
Of reported liberal export business.
May oats closed IL cent lower and pro-
visions finished slightly higher.
The demand for Hay wheat, which
was so urgent at the close Of the mar
ket yesterday seemed to have taken
fight this morning. There was Moth
ing to cause the desire to sell, which
inaugurated the days business except
the impotence Of the scalpers, who,
finding themselves with Il cent or so
profit in long wheat, made simultane-
us.rush to secure 1t, and defeated their
object by their own impatience. Re-
ceipts were light, foreign markets firm
and advces from the country Of a gen
orally bullish character. The price Of
May, which at the close of yesterday
session was 51& @577s cents. dropped at
the opening this morning to 5T1. cents,
with only few transactions at 1s
cent over that. Before 1t had any re-
covery it got shake down to 5714 q
5l1s cents. 1t was at the latter point
that the demand returned, and about
II O'Clock the price had recovered TO
5I9s@57B cents. English country mar
ketS were called firm and tly
higher. Continental markets were also
hrmer. Primary market receipts
amounted altogether to 236.000 bushels.
Country adviceS were numerous re-
garding the scarcity OF wheat in GER
tain sections and reporting millers to
- L.
York was weak for futures. but a good
demand for spot wheat for shipmnt
was reported. At an early hour of the
session fifteen boat loads We're report
ed sold to exporters, some of it for
France. the latter being an unusual cir
cumstance and said to be the only
wheat solo at New York direct to
France in two years. May closed at
57h cents.
The trade in corn was moderately
briske for time but later il became
quite slack and at the same time weak.
The independence of Illinois shown by
New England, which appears to get
its wants supplied from other sources
than this state this season, and the
consequent absence OF demand for ship
Inent here is the principal depressing
factor in the market. The receipts
We're 213 car loads and $50 are estimat-
ed for tomorrow. May corn opened at
47ts cents and AK cents. dropped to
475s cents. recovered TO 475s cents and
closed with sellers at Az cents.
Oats were easier and met with a
rather slow sale. The early indications
were for a steady and active market,
with quite good demand from shorts
and few sellers present. Later, how
ever, matters were better and longs Of
fered freely. This and the influence OF
corn caused al easy feeling and lower
prices. May sold from 31b to 313s
cents and back to 3154 cents, closing at
S07s cents.
Provisions apened weak on the hog
receipts overrunning what has been
considered the sufficiently heavy run
as estimated yesterday. The Cudahy
interests, which was considered 70 be
heavily short. was the best buyer at
the decline and took enough to cause a
lively rally. A rise of 20 cents per bar
rel was effected for pork; lard was adj
vanced 10 cents and ribs cents. At
tn close pork showed a gain compaT-
ed with its closing prices on the day
before of 10 cents, lard a rise OF ~
cents and ribs cents.