The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-21

OF Three and One-Eighth Cents, and
: Starts Corn One and One-Eishth Cents
Higher Than Saturdays Close and Sends
? it Three-0uarters Better Than That Yet
When the Frost News is Ventilated
Half the Advances Tumble on.
Chicago, May 2o-The frost damage
scare and general buying fever sent
grain prices skyward today, but after
sensational advances the markets all
broke mOdera tely, closing about mid
way between the top and bottom fig
ures of the day. The net result for the
day left wheat since the close Saturday
IL cents higher; corn Is cent higher
and oats unchanged. The closing slump
4 in wheat was accelerated by sale Of
10000 bushels of May wheat, which had
to be offered down TO IL cents under
the July prices before a buyer was
found for it. Provisions followed grain
closing at good advances.
The freezing weather since Saturday
gave wheat its opening push The
start was most confusing and Irregular.
| Brokers within a few feet of each other
| were buying and selling wheat stimuli
| taneously at - and 721s cents for July
| In less than five minutes ii had risen
TO 1872 cents, and in another five min
| uteS 1t was down again to 721a cents.
| and in another five minutes more ii
| had jumped again to 1855 cents. The
signal service Issued a bulletin about the
time of the opening which did not tend
| 70 soothe the minds of the shorts 1t
! reported killing frosts on Sunday night
/ In Wisconsin, Michigan, Dakota and
! Nebraska, and predicted for tonight
/ frost in North and South Dakota, Min
/ nesota, Iowa, Kansas, Nebraska and
! Wisconsin. The foreign markets were
| but slightly appreciative of the bullish
/ state of affairs ruling here. Liverpool
/ early cables reported an advance there
| or only L pence per Genital, with one
J half of that lost before the market clos
ed, according 10 private dispatch.
| The expectation OF heavy Russian ship
ments was given by the Liverpool ca
( bies as reason for their lack of sympa-
thy with the advance here. The Paris
market went its own way without the
slightest regard to the great strength
displayed here, -four and wheat both
being quoted lower by from ten TO TWEEN
ty confines. After the fluctuations re-
corded above the price bobbed I'D and
down half a dozen times between 73
and 1872 cents. but got out of that rut
about a quarter past eleven o'clock 1
and took jump to Az cents. Mime !
apolis wired that kilograms were pour |,
ing in there which described the spring |
wheat as having been cut to the ground /
by the frost over the greater part of /
its area, and st. Louis wired that there /
were more countrymen on their ex-
change today than they had seen in A .
year and that they were all loaded with /
crop damage reports, and, added the /
sender of that report, LOADED with /
long wheat" Perhaps as important a
matter as the very poor outlook for do
rt-n,, 4
a special cablegram from Liverpool
that the reports concerning the Rus !.
sian wheat crop were unfavorable.
Minneapolis and Duluth received today
go cars against 326 a year ago. The
Atlantic seaboard clearances amount
ed to 100000 bushels since Saturday. of
which 302, 900 bushels was in raw grain.
Not the least of the long list of bull
ish influences was the visible supply
decrease, which amounted to 3,S19.000
bushels, the quantity of ocean passage
decreased 100000 bushels and the Ar
gentine shipments for the week were re-
duced to 1880 bushels. Another
mater of great significance was that
between Saturday morning and a. m.
today the rail shipments of wheat from
Chicago amounted to 24S,000 bushels.
With such an accumulation of radically
bullish news it is not surprising that in
the latter part of the session the price
]
utes of the session the complexion OF
the market was changed completely.
SO many kilograms were being received
from st. Louis. Toledo and the north
west stating that the reports of dam
age We're either greatly exaggerated or
so quickly that from 745s cents it went
false that people having a good :
profit in long wheat thought best to
snatch il. So many made up their mind
10 do the same thing at the same time
that the market slid from under them
down to 73 cents like lead from a shot =,
tower, and the closing price was 1875 !
cents. II
The corn market was as much torn I
up and nervous as wheat. The frost |
was of course the motive in corn also. :
That the trade in the end came to the
that the damage from the )
frost was being taken too seriously is 4
observable in the manner of the mar
ket's closig. July, which closed on Sat
urday at 53h cents, opened this morn .
ing a from - to SAY cents and almost /
thereafter it brought 50 cents. =
II had another quick change Of a diff ,
ferent kind. 1t dropped back to "a
cents and even to 531a cents later, but
again recovered to So cents and kept g.,
that and dropping back y :
cent in rapid succession for a consider :
able portion of the day 1t was at % {
cents near the close when wheat be- =
gan TO show the white feather and IL ]
declined in about four minutes from |
AS cents to 53l5 cents, closing at the i
after price. The receipts for TODAY I
we're $50 cars and for tomorrow 600 :
,ars are expected. The latter fact was
)ne of the hardest things the bulls en-
but il was made known
when other influences of a bullish car
acter were at work. II was not lost o
tight OF. however, when wheat began =
i. Y \
let was firm and IL pence higher. The b
-isible supply decreased 4it.000 bushels
against $4,000 bushels a year ago.
\ very nervous and unsettled market
vas experienced by the oats traders. n
Prices We're following the movements =
4 wheat and corn very closely and ?
bowed little independence. Bad re- =.
,Orts of crops tended TO create a little
trength. aside from that influenced by y
he fluctuations Of the larger markets. s.
.ongs sold out freely on the advance .
nd their offerings were readily con- D.
umed by the shorts and country or
eTs. Local parties bought and sold
: well. The early advance carried c,
-ices up from = 70 * cent above Sat h
Tday's closing prices and the decline b;
Tought them back. 10 within a very
mall fraction OF the same
The provision market started at 10
ents per barrel advance for pork and
= cents per hundred pounds for lard o.
nd ribs. The hog market was quoted %
I'm and the advance in wheat and y
1rn gave provisions their send of At -
he close the market was well IN hand a.
nd did not break 50 badly as did ~
heat and corn. There was cutie z -
Faction. however. from the top jricss 70
the day July pork opened at SI255
]se u Si3 and closed al Sl2S2I5 JULY
I'D. from $3.50. reacted 70 s. 50 ross.
, = and closed al $3.50 RIBS al s. 80 VI
: the start advanced 10 Ss55 and clos =