The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-05
BREAKS TWO CENTS
WHEAT EMS WITH 4 GENT AND
TERBEQUARTERS NET LOSS.
All Other Markets sympathize. Corn De-
clining Half Cent, Oats Three-Eighths
and Provisions sharply-Trsders tx
cessive!y Nervous and Ready to be
Ignores Recent Advances on This Side
and Even Fails Away Bears get in
Their Work in the New York Market

Ignores Recent Advances on This side
and Even Fails Away Bears get in
Their Work in the New York Market.
Chicago, Feb. 4.-Wheat broke cents
bushel today. II wound up with a net
loss OF 12z cents. The news all day jus
titled the break, but whether il is
merely pause in the advance, o. the
beginning Of material decline, the op-
orators were puzzled 20 determine.
There was notable absence of support
by the heavy operators. All other mar
kets sympathized, corn declining y cent
and oats Is cent Provisions also had a
sharp decline.
There was a good deal OF realizing in
wheat at the start and a considerable
amount of short selling. under which
there was a break during the first few
minutes OF nearly cents from the high
point reached yesterday. The first
transaction was al fully ! cent decline
from yesterdays close and went off full
~ Il cent more soon. The traders were
as nervous and unsettled in their views
as they haze been for a week. The ap-
pearance Of an order in the Pit 10 buy
or sell 100000 bushels would set the en-
lA4E NiONu " 1OilONlHS N 44ur Will Tx
direction Of the order and occasionally
the would Lead it. making the execution
OF instructions given 10 broker exceed
ingly difficult. After two hours of quite
active business the pit simmered down
10 comparative quiet for a time. The
foreign markets signifed their en-
phatic dissatisfaction with the advance
here yesterday. Liverpool did not bulge
this morning as shown by unchanged
quotations and in the course of the fore
noon advised a decline Of = pence. In
addition TO the Indifference Of foreign
markets, the receipts at Minneapolis
and Duluth numbered 664 cars. a sur
priSingly large increase. A report from
San Francisco saying that three cars Of
wheat bought for Australia had been
resold, helped 10 continue the weakness
with which the market opened. The re
port, however, proved TO be a fake, pure
and simple. and the result was a grad
ual growth Of confidence and q cent ad-
vance il price, but the selling again be-
came active and y cent was lost before
noon. May opened az 672s cents. sold at
67l2 cents. broke 10 Co.'S cents, then
gradually TO 67ss cents, OFF 70 67ls cents
and at noon was 672s cents. The mar
ket turned very weak under renewed
heavy selling during the last hour and
terday, and Ia cents below the close
last night May went TO 661a cents, bu.
reacted fraction closing comparative
ly steady at 66@ cents.
Corn ruled quiet and weak. The
weakness in wheat had a depressing
influence but the small estimste for to-
morrow steadled II some. May opened
about Il cent lower at Boss cents. fell 10
SOS cents and at noon was about 30Ie
cents There was decided weakness dur
ing the last hour and May closed at 30I4
cents with liberal offerings at that fig
ure.
Oats were quiet and Joined in the gen
eral weakness. May opened = cent at
219sqH15 cents, sold Gown to MS. and
was offered al 2114 cents at the close.
The trade in provisions was light IN
til the last hour or so of the session,
when 1t became active at the expense
Of values. The option was at a decline
of 10 cents in pork, 2Ia cents in lard and
from 10 az cents in ribs. Pork, which
closed sl0.75 for May yesterday, wound
up at 5000 today. May lard dropped
from 1896 at the close yesterday TO
$3.50 at the end OF today's session. May
ribs at $3.50 as compared with $3.50 on
the day before.
Estimate for Wednesday: Wheat %
Ne%4 - vi II ~ NdLSB OdLS lou cars uQES
$4,000 head.
NEW YORK WHEAT.
New York. Feb. 4-Lower cables and
a top heavy market gave the wheat
bears their long looked for opportunity
today and they jumped on the market
vigorously, causing the bulls TO put out
a large part OF their holdings and break
ing the market nearly cents a bushei
Trading was heavy at intervals, total
sales aggregat!ng 6.255.OO bushels. The
action Of the foreign houses IN selling
large quantities at the opening served
10 intensity the feeling of weakness and
stimulated the longs TO even more
strenuous efforts toward unloading.
May opened at 1874 cents. advanced
during the day TO 1885 cents. was sold
down in the last hour 20 7224 cents and
closed nervous and unsettled a that
price. The decline brought out a little
export business. some 80. 900 bushels Of
spring wheat being worked. This was
regarded by the bulls as demonstrating
that Europe wants TO buy American
wheat. and is likely 10 take advantage
OF a break in values 10 repienish hex
stocks