The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-04-19
DRIVEN BY SHORTS
MAY WHEAT STARTS JUMPING AND
LANDS A CENT HIGHER
Increasing Exports and Diminishing Re-
ceipts Frichten the Shorts Half Out of
Their Wits--COuntry Reports are OF Re-
duced Acreage and Winter Wheat in
Bad Shape Closing Cables Firm--Corn
Moves Up Reluctantly Business In Oats
Results in an Advance for June--Pro-
visions Decline.

Chicago. April 1S-Excited shorts
scared by increasing exports and dirnin
fishing receipts drove the price of May
wheat I'D / cent today. Corn followed
reluctantly, gaining Il cent; oats closed
unchanged for May and provisions
finished with slight declines.
Wheat started with a convulsive
jump today. The first bids for May
/ ran all the way from 571s cents to So
cents with very little sales below SIS
cents ais compared with 5II4 cents sell
lers at the end of yesterdays session.
For an hour there was free realizing
by the general crowd of longs and
an equally widespread buying by scared
shorts and some other mysterious in
terest which took the offerings at such
times as the shorts would withdraw to
give the thing a square chance to drop.
The price bumped on SIS cents more
than once and struck up against 5S
cents on sevral occasions prior to II
O'Clock. Once near the noon hour the
I fright of the shorts became rather hys-
terical and they could not get enough
May wheat until they had 5S9s cents
for it. The figures of the days move
ments We're quite encouraging to hold
ers. Minneapolis and Duluth receipts
were 154 cars compared with 200 a
week ago and 1S9 on the corresponding
day of last year. Primary receipts all
told were only 162, ia bushels compared
with PIG, 600 bushels last year and the
Atlaatic port clearances amounted in
wheat and flour to $50 coo bushels. The
cables were firm. Reports from the
country We're of reduced acreage and
POOR appearance of winter wheat and
of restriction in the area being sown
to spring. In the local pit situation
it was observed that Partridge was
apparently unmoved by the advance,
that the trading of his brokers was not
heavy, and consisted of moderate pur-
chases of May on soft spots. and cor
responding sales of July on the bulges.
He was called heavily for margins by
several houses and responded with
alacrity. margining May wheat up to
around 81 or 63 cents per bushel, ii was
said. Closing cables were firm. The
market closed at 5SkMA cents for May.
Corn was very quiet and prices pTac-
tically refused to move during the first
hour or SO OF the session, but later the
great strength of the wheat market
brought in buying orders, and fuc-
tuationS after that were over much
wider range. The opening price for
May was ASS cents and a few sales
We're made at 451a cents. 1t kept be-
tween those prices the most of the first
half hour, then rose to IS cents, drop
ped again ~ 4512 cents, advanced to
45% as Genes and closed lower after
fluctuating for a time between that and
ASS cents.
There was a good general market
business transacted in the market for
oats The main features were the
chaning from May to June. The re
suit was an advance of Il cent in the
price Of June, while May closed barely
! steady, and ruled easier principally.
Armour sold freely early in the session.
The firmness in wheat and corn govern
ed fluctUa tions in the more remote
futures, all of which ended at an ad-
vance May sold from 2S1s@2SA cents
to % cents, Up to 2S$s cents and rested
at 2SA cents. July started at 2fs
cents. sold to 27as cents and closed Il
cent higher at that price.
Provisions were weak early on lower
live hog prices and looked like going
lower than they did, if it had not been
for the sustaining influence of the
wheat market. Near the end it became
known that a big demand for cash
product existed and that heavy sales
had been effected and upon that the
market closed with declines Of ID cents
in pork, 10 cents in lard and ~ cents
ribs.
Estimates for tomorrow: Wheat, Is
cars: corn 20S cars; oats, 1913 cars; hogs,
&c. 900 head.