The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-06-01
RAIN IS RECOGNIZED
WHEAT MARKET SEXES ON IT FOR
A PRErEXP, AT LEAST.

Not That Anybody Supposes That the Dead
Winter Wheat Will be Resarrected. or
That There il Anything but Rust for the
Living Blade, but it is Pretty Good
Time to Even Up With Other Markets,
Anyhow-Wheat Goes Two Cents Lower
Everything Else Takes q Drop-Honor
to Gresham's Memory.
Chicago, May 31.-Wheat closed 2
cents, corn IL cents and oats rs cents
lower than on Wednesday, with much
lighter trading than has been the rule
of late. Provisions closed with moder-
ate declines.
Wheat at the opening was for sale
at from 1917 cents down to 20 cents for
July. as against sos cents at the end
Of Wednesdays session. The decline
was in acknowledgment Of the rain
which fell very generally yesterday
and this morning in the northwest and
southwest. west Of the Mississippi. 1t
was not supposed that the bad winter
wheat in that country had been re-
suscitated or that such as still gave
promise Of yield worth cutting for,
could be otherwise than injured by the
rain when followed by such a hot, mug
gy, rusting state of the atmosphere as
prevailed today. The price of wheat,
however, was generally conceded to re-
qulre readjusting with the prices of
other markets Of the country and of
the world, and there appeared to be
1eeiing In the air that some additional
sensations from the present eXtraor-
binary weather will be necessary to
make the looked for readjustment of
prices IN manner favorable to the
bulls. The winter wheat crop is not
supposed to have received any benefit
from the rain, but the speculative vigor
which has been so conspicuous was
notably relaxed today. That was an
other reason why the leveling down Of
prices here to parity with the sea-
board values should now be in order.
and all the more seeing that in a very
short time there will be new wheat on
the market and there is still some left
in the visible supply. The people who
have been down in the country, in In
llama and Illinois, have no idea that
any readjustment Of prices is likely ex-
cept one which shall recognize the fact
of the amount of damage to the crops
or those states which nothing SO far
publlshed from them has begun to ap-
proach. Well authenticated reports re-
celved today indicate a state of af-
fairs OF which nothing short of ocular
demonstration could convince the
Chicago pit traders. Some of them said
the failure of crops was complete, and
these reports were accompanied by
buying orders. A great number of
long lines were sold out today and to-
ward the close the weak feeling be-
came so pronounced that even the reg
ularly recognized short sellers indulg-
ed their irrepressible propensity. After
the opening at from rs to 7s1s cents an
advance to so cents was gradually at
fected and that proved the highest
point of the day. It declined to 1891
cents, recovered to 79A cents, and then
broke to 1875 cents, the latter being the
price at the close.
Corn opened weak and was notably
so during the session. General rains
throughout the country and a showery
condition east Of the river, predicted
for today, gave the market its down.
ward reaction. July. which closed on
wednesday at 53A cents, opened at SO
cents sellers. and a few buyers at above
52% cents. 1t declined in the course of
the day to 52ss cents, which was the
prevailing price a minute or two from
the closing. but 1t reacted to sly cents.
For a short session, trading in oats
was very heavy. Longs were selling
iCCiy ch NIic NeCllIe tndI prices eX-
perienced, and offerings were quite
readily taken up by local parties and
the crowd In general. Free selling, to-
gether with influence of wheat and corn
were the principal causes of the drop
in prices. a weaker cash market also
aided somewhat. At the opening values
were from l cent to u cents lower than
they closed on Wednesday, A rally fol-
lowed, but another decline was right
after it, and at the close there was a
drop of from rs to 13s cents. July
ranged from 291s to 30ss cents and clos |
ed at 291s cents. eptember sold from
2912 to SOA cents, resting at 3GQ2924 !
cents.
The provision business was moderate |
in volume at some decline in values. !
From an opening slump of to ~ cents |
in pork, from 2 cents to 5 cents in lard |
and ~ cents in ribs. the subsequent |
fluctuations We're light and closing |
prices were not far from the start, the |
latest trading showing the following |
declines for today: In pork 17Ia cents; |
on lard 5G10 cents: on ribs az cents |
The board adjourned at noon out of re- |
spect of the late Secretary Gresham.
Estimated receipts for tomorrow: !
Wheat, % cars; corn. 400 cars; oats, |
475 cars; hogs, $1,000 head.
From rugged New England to opu- |
lent California, Prices Cream Baking !
Powder is pre-eminently favored.
Chicago Market.