The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-06-02
WILL NOT BELIEVE
TRADERS DEVELOP A FINE STREAK
OF INCREDULITY.
Very Little Wheat News Gets . Hearing
Outside of the Weather News, Which is
Bad Enough to Satisfy the Thickest-
NecI1ed Bull In the World, but Some
how Total Failure Reports are Offset
by Sheer Doubts of Their Truth, and
Calculations Based on Clearances, the
Visible, and the Like.

Chicago, June Wheat showed an
advance of Us cents around the OPEN
| ing today, compared with yesterdays
| final sales, but lost "a of it and closed
| z cent above Fridays close. Corn
fuctuated within a range of q cent
and closed with a gain of x cent. Oats
are * cent higher and pork 12k cents
! lower.
| The most extraordinary weather ever
known at this season of the year gave
! further evidence of its eccentricities
between the close of yesterdays ses-
sion and the opening this morning.
Hotter than ever, dryer than face pow
DER and continuation OF such condi-
tions predicted for another forty-eight
| hours at the least. News of any de-
script;on other than that referring to
the vagaries of the climate and their
damaging effect upon the crop was
very little regarded. Total failure OF
wheat crop" was reported again and
again from some of the best wheat rails
ing counties in Illinois, Indiana and
Missouri, and from Ohio and Michigan
the reports Were only a few degrees
less alarming. That the market did
not more fully respond to the disas-
trouS news was owing to the fact that
the majority of the traders refused to
believe it. The price of July when the
market opened, was anywhere from
79l4 10 1872 cents. or about 1 cent per
bushel higher than it closed yesterday.
1t kept within a range of 1885 cents
and 79h cents during the greater part
Of the session with quick recoveries
every time it got below 20 cents. The
prediction of the signal service bureau
in for fair and hot weather tonight
nd in T,16i
and lower Michigan, Wisconsin, Mis-
souri,, Iowa, Kansas, Nebraska and
Minnesota. With that before them
the traders, although unbelievers in eX-
tensive crop damage, did not care to
go home short. The following matters,
however, prevented the believers in
crop damage of an unusual destruc-
tiveneSS from becoming too enthusi-
astic on that account. The visible sup
ply is not expected to show more than
from ! 900 coo to $4,000 bushels deere
ase, but the gueses this season are not
very reliable. The weeks clearanceS
of wheat and flour both coasts amount
ed 2,426,0O0 bushels compared with 1854,
600 bushels the previous week The
shipments from Chicago for the week
We're COL 1863 bushels, the noticeable fea-
ture of which is that only 10000 bushels
of it was for points east of Toledo. OF
the red winter wheat now in the visi-
BILE supply only 1000, 900 bushels is at
points outside of Chicago and Of that
quantity 100000 bushels is in New
York New York spectators were the
sellers here today. They do not ap-
pear to be moved by the prospect of
the red winter wheat in their elevators
being at premium over the hard
spring they are now valuing so highly.
The failure of the red winter wheat
crop will certainly bring about the
change in prospective values suggested
if it approaches the extent now pre-
dicted for it. The price remained very
steady and firm in the last 40 minutes
at around 1914 cents and that was the
value at the end.
The corn market was firmer and
little higher on account of the hot
dry weather predicted for the forty
eight hours and the strength was not
disturbed by any estimated heavy re-
ceipts. as for several days back. The
prices paid at the opening of the mar
ket were the highest for the day and
closing sales were at the bottom of the
range and at Il cent above the latest
quotation of the day before. July
opened at So cents and closed worth
525s cents.
Only a fair business was transacted
in oats. Orders were not very urgent
and sellers did not seem over anxious
to dispose of stuff. A firm feeling ex-
listed and values at the close were from
"a to 81 cent higher. The strength was
due mainly to sympathy with wheat
and corn.
The receipts of hogs We're liberal. the
quality poor and prices lower with a
large supply estimated for the coming
week. Pork was most affected, show
ing a loss of so cents at one time, but
closed only l212 cents lower than yes
terday. Lard and ribs were steady,
and show losses of > cents and ~
cents respectively.
Estimated receipts for Monday: |
Wheat. Sc cars: corn 5S7 cars; oats, 260
cars; hogs, Il. 900 head.
Freights-Vessel room in good de-
mand: firm al IL cents for corn; rs
cents for oats to Buffalo.
Chicago Market.
The leading futures ranged as follows:
Articles I Omen High Low I Clos