The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-02-17
ALL SIGNS FAILED
SUPPOSED BULLISH FACTORS DO
NOT CONE TO TIME
Assumed Light Wheat Reserve In Farmers
Hands Contradicted by Large Primary
Receipts--Wheat Makes One Bold Stand
Then Flees ut the First Fire--Longs Get
Discouraged and Sell, Followed by the
6calpers-Corn Drops Back to Second
Place and weakens With Wheat--Oats
Active and Easy-Provisions Decline.

Chicago, Feb. 16-The markets were
weak, wheat more especially so. Com
pared with the closing rates of yester-
day, wheat is about l cent lower, corn
a cent lower. oats s. cent lower and
provisions 10 cents down The faith OF
the wheat bulls rested upon founda-
ton Of trust in the estimates of small
reserves in farmers hands, and the
present rates of receipts tending TO I'M
dermine the belief caused the selling
OF long wheat, which precipitated to-
days decline. Corn is coming in too
freely for the amount wanted for ship
ping purposes, and provisions are feel
ing the effect of the heavy receipts OF
hogs.
At the opening the wheat market
looked for about two minutes as II IL
might rule firm for the day, but II
quickly faced about and became weak
May wheat opened with buyers at SoAa
cents and sorne sales at the same time
at 53S cents. Before 40 minutes or the
session had gone by'it was down TO 32as
cents. The weakness was the outcome
Of the increased receipts at the pri-
mary markets this week. leading to the
belief that the previous falling on IN
the market was entirely the result OF
the severe weather and not of any
scarcity of wheat in first hands. The
foreign markets were about steady
Besides the increasing primary market
receipts, the quite moderate export
cIearances were likewise matter OF dis
couragement. BradStreetS StatemSnt
of weekly clearances of wheat and -four
from both coasts showed total or D.
572 900 bushels this week, OF which l.
159, 900 went from the Pacific side. The
western primary markets received a
total of 307, 900 bushels against $4,000
on the similar day of last year. Tx
port clearances from the Atlantic sea-
board for the twenty-four hours In
wheat and -four together was 225,O0O
bushels. The feature of the trading was
the freeness of the selling. Long
wheat came first in large lots and that
encouraged the scalping crowd TO add
their offerings, thus swelling the guam
tity for sale to an extent which caused
a further break TO 52H cents. The lat
ter price was touched about ten min
utes from the close and was virtually
Unrecovered from, the latest trading
being at 522s cents.
Corn dropped into its natural second
airy position today and became weak IN
sympathy with wheat. There were
reasons other than the drain in wheat,
however, for corn selling down. The
movement from pOlHtS u
creasing and of the receipts now ar
irving here, a considerable portion is
bought to go to store, the shipping de-
mand not being sufficient to absorb II
ALL May, which closed yesterday at
44s@45 cents, opened this morning at
44s cents and at once began to drop
off more decidedly. 1t sold down to 4i&s
cents and some of it at "A Lie. Pri-
mary market receipts We're 81, 900 BUSH
els against $4,000 bushels on the cor
responding day of the year before At
the decline shorts were said to be buy
ers and the longs were selling.
Oats were quite active and met with
a good sale for Saturday. The feeling
was easy, influenced entirely by the
action of corn. The early market could
be called quite firm. Updike is report
ed to have bought quite freely, covering
short sales. May started at % cents,
sold off to 2S5s cents and closed at that
price bid.
The provision market was steady at
the opening but weakened in sympathy
with the weakness of the grain mar
kets. Pork and lard were relatively
weaker than ribs when the price began
to give way, pork closing with a net
decline of 10 cents, lard ~ cents and
ribe only 21a cents. Hog receipts were
u, 900 today and the total receipts for
the week were 236. 600 The receipts on
the similar week a year ago were $780,
000
Estimated receipts for Monday:
Wheat so cars. corn 236 cars, oats ga
cars, hogs $4,000 head