The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-05-03
CHICAGO MARKETS.

CHICAGO, ILL., May 2.-Wheat opened strong
and closed weak to-day. The early cables again. as
the day before, filed the bulls with enthusiasm
and encouraged the buying of wheat at the start at
an advance Of 14@134c. July opened with buyers
willing to pay all the way from 651sc up to 6512c
and for about twenty minutes the pit kept on
the boil at and around the top figures
of the opening range. During one of its high
kicks the price struck $3.50, but inside
of forty minutes from the start il had tumbled
back to 6412c, and wobbled up and down between
that and 6434 for more than an hour after The
early cables quoted the following advances Liver
pool Id higher and strong; Paris 10 confines
higher for flour and centimes higher for Nav
wheat; Berlin, higher. the equivalent OF 31ac per
bushel for May and 214c per busheI for September.
Those quotations, together with the dry weather
east OF the Mississippi and the fear of what the
men who control the cash wheat might do, made
the combination winch put the price up Rain in
generous quantities in many of the winter wheat
districts and light showers over wider area, with
a general rainy condition drifting steadily east
ward, were the reasons for the decline which fol-
lowed the first advance. The market had a Quick
reaction from 6412c for July to $3.50 before ,
O'Clock, the orders to buy at the decline proviDo
more than enough to absorb the offerings and re-
awakening the earlier panicky feeling OF the
shorts.
The foreign cables to the Board of Trade giving
the close OF the markets, quoted strong advances at
Berlin and Paris the former being given at an adj
vance equivalent 70 Hsc per oushel Tor May, 214c
for September, and the latter about 2c higher for
poln the present month ana the foeptemDer-Decem-
Der term These strong cables were given as the
reason for the second bulge already referred to-
but as the handlers OF cash wheat reported no de-
mand, an abundance of July wheat was for sale at
65c and over, the market became weaker than
ever, and the price broke lower than on the earlier
declines. July closed at e4Ssc.
Corn was firm and in good demand at yesterdays
closing price. when trading began It began to
bulge very rapidly under the influence of the opeu-
ing strength in wheat, but only continued strong
when it was thus encouraged In the afternoon
the feeling was weak. and prices very considerably
lower than in the morning. July opened at 1880
and advanced 501Ac, but declined again TO 1876
rather quickly, but, on another bulge in wheat, ran
up again TO Soc. At the close ii touched ACC. The
price OF cash corn for shipment was, early in the
day, said TO be within trife OF working basis for
export. Only fair business was transacted in
oats. The tendency Of the market was weaker in
huenced by indications of rain and a good dfspo-
stion TO sell-principally long oats
The weakness in wheat and extended TO
oats and fluctuations to great extent were ruled
by those markets May sold from 2S3z 02STec
down to 2S14@2SSsc and closed 2S5st62S5%c c
lower at the low price. July ranged from 29l6
291sc to 2S12c, resting at the latter price.
The trading IL provisions was rather light but
prices improved little and closed sc higher for
July pork; &c higher for July lard and the same
advance on ribs. Hog receipts were about 1000
below the estimates made yesterday and for to-
morrow only 16, 600 are expected. Stocks since a
month ago show decrease OF between Is, 600 900
and IA, 10000 pounds.