The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-26
THIS WAS Widest
DAYS DOINGS IN WHEAT MAKE
FOLKS EYES STICK OUT.

ing AZ lnucf SIX DIS busnek. out IN
Hour After There is Not Wheat Enough
to Go Round at Seven y-Nine and q Half
--Dun's Report Gives the Early Discour-
agement, Aided by Gables and Rains
There is but One Recession, and the Re-
bound is still Higher.
many wild days in wheat Of late. but
today's proceedings capped the climax
for surprises and sensations. One hun
dred million bushels of July wheat
seemed TO be for sale al anywhere from
40 cents to 157s cents down TO 14S4 cents
at the start and much was wanted an
hour after when II was selling away
above 80 cents. After selling at I9%z
cents July wheat closed at 7S1: cents.
OF 211 cents above the price it closed at
yesterday. Corn options at the end
were neither higher today nor lower
than at the similar period on the day
before.
The bears got on top of the wheat mar
ket in great shape at the opening and
succeeded in breaking the price OF
July to 74S4 cents, or 2l4 cents before the
official closing prices OF the day before
1t went down like load of dirt from
a dump wagon and the professional
short sellers, whose light had been
dimmed for a month back, began 10
smile The smile had barely time 10
widen into grin when the expression
began to change. and inside of an hour
nothing but weeping wailing and gnasn
ing of teeth was 10 be heard in the
camp of the bears. From i4% cents at
the start the price of July shot up 10
1885 cents. A statement of r. @. Dun
& CO., in their Review of Trade did
much to influence holders IN getting RID
OF their wheat this morning. They said
that their information in regard 10 the
damage was to the effect that II was
not serious. Besides this cables were
lower and rains were reported in the
west and northwest. The first thing 10
incite buying was a prediction from the
signal service bureau of killing iroSts
in North and South Dakota. Nebraska
and the Northern part of Minnesota.
The scene in the pit after the frost pre-
diction had time 10 CONCEAL the BURN
ing desire of all, which up TO its re-
ceipt possessed the crowd. bcggars de-
scription. The soaring price was the
accompaniment of an enormous bust
ness. From the first bulge TO 1855 cents
there was a reaction TO 1875 cents the
result Of heavy realizing of profits by
longs, aided by news from number or
points west quoting the weather bu-
reau TO the effect that the conditions
were not such as to justify the predic-
tons of severe frosts. But the gram
gers had stood by their guns through
out the trouble and took on more wheat
at the decline. AS consequence the
reaction was followed by another very
strong advance to 79& cents and
slight reaction TO 7s1. cents al the clos
ing moment. The countrymen were aid
ed by further crop damage news or the
most delirious descriptions from lndi-
ana, Illinois, Missouri and Kansas. At
the opening the trading for a moment
or two was being done simultaneously
at from 10 TO TAX cents, the latter prov
ing to have been the lowest price of the
day. The week clearances OF wheat
and -four from both coasts amounted TO
2,754 900 bushels against 2,S9I,OO0O bu-
shells on the week preceding and there
is a gap of 1.5O0,0 600 bushels between the
extreme estimates of the decrease that
will be shown in the visible supply on
Monday. The extremes are 100000
and $500, 10000 bushels against $4,000 a
year ago.
Corn was again very uneaven in Its
temper. It opened weak for July from
81 cents down TO 52A cents. on account
of the early slump in condition of wheat
1t rose again with the recovery OF
wheat, was dashed down again by the
prediction Of 1.050 car lodas for Mon
day and only became firm when wheat
showed such strength near the close,
the net result, however. was that the
closing prices of yesterday and today
are Identical at 53%t cents for July and
543s cents for September. The hard
spots were taken advantage Of to sell
out a good deal of long corn.
Oats experienced another very heavy
delivery and suffered a heavy feeling
throughout the session. With the other
market at the opening a big decline
was scored. Later. however, the mar
ket rallied, influenced by the strength
in wheat, but, like corn, the closing
prices OF yesterday were overreached
but a trifle. At the close the high price
was prevailing. There is a feeling In
oats which heretofore has been greatly
suppressed by the strong influence the
wheat market exercised over il, but the
decline at the start rather gave more
independent tone to this cereal and
with a weaker cash market to assist
il, for the first time in a long period
fluctuations refused to readily respond
to the advance.
The provision market was weak until
near the close. when buying, said TO be
chiefly for account Of Armour & Co,
caused a rally and firm closing at
about the same prices as on the day be-
fore.
Estimated receipts for Monday:
! Wheat. so cars; corn, l $50 cars. oats,
$50 cars; hogs, $4,000 head.
Chicago Market.
The leading futures ranged as follows: