The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-11
SHORTS ARE SAVED
THERE Is A SUDDEN HALT CALLED
ON BULLISH NEWS

Good Trade in Wheat Within One Cent
Ranse-May Closes Three-Ouarters Be
low Saturdays Close-Bearish News
Consists of Northwestern Receipts,
Black Sea Shipments, Snow Protection
and Warning From Eastern MilIers-
Steadying Influence in the Export situa-
tion-Cash Demand at the Decline.
Chicago, Feb. 10-There was a break
today in the run of bull news which
wheat has been having for the past
week or two and short sellers recover
ed some of their losses, May closing
q cent lower than Saturdays closing
price. Corn is practically unchanged
and oats Is cent lower. Pork declined
~ cents. lard 21z cents and ribs .
cents.
In wheat there was a pretty good
trade, the market having l cent range.
The feeling developed was weaker dur
ing the early hours, but later a stead
Ter tone prevailed. The early news was
quite bearish and holders were inclined
to realize. Northwest receipts We're
slow; Liverpool and Berlin markets
were weak, and the Black Sea ports
shipped much more heavily last week
than they have been doing Of late. The
fields are already protected against Sc
we're cold and reports from eastern mill
ers were to the effect that wheat was
relatively higher than flour and preclud-
ed the idea of further purchases of spot
grain in market and pending the read
justment of its value 10 the price of
the manufactured article. All this had
decidedly weakening tendency, and
May wheat which on Saturday closed
worth 67hsGA cents, opened this morn
ing at from 665s cents, down 10 66%s
cents, and had worked down to 66A
cents in the course of another hour.
The market was steadier by the liberal
exports, the total of wheat and -four
aggregating $4,000 bushels; Of which
215,000 bushels was in -four. There was
good cash demand reported at the de-
cline, and this was also something of a
factor. the total sales being 10000 bush
els. The decrease in the visible was
$4,000 bushels. against a reduction Of
1854, 900 bushels last year. More sell
ing was induced on the anticipated large
local receipts for tomorrow and the
price had a further decline, first TO GO
cents, around which point there was a
protracted struggle, and then $50 cents
where the contest was arrested for a
time. The weakness continued during
the last hour and May wheat went to
65%s cents, or IL cents below the close
Saturday. After that it rose quickly
10 6611 cents and left off at 66% cents.
The recovery was due 10 the report that
in January the worlds stocks of wheat
and -four decreased p, $3.50 bushels,
and to the taking of about 200, 900 bush
Il of n sa1
and twelve boat loads at New York for
export.
Corn was quiet and a shade easier
with wheat, but light receipts and free
exports prevented any material loss
Trade, however. was dull and narrow.
May opened unchanged 70 302s cents,
sold TO S0Ss@12 cents, and off 10 30ls
cents. There was a little rally during
the closing hour and May reacted to 304s
cents, at which ii closed.
Oats were quiet and heavy, influenced
by similar feeling in wheat. May
opened Is cent lower at 21H cents, sold
at 2l2s cents, declined to q cents and
closed at az cents.
Provisions were inclined to weakness
at the opening on account of the I'M
eXpectedly large run of hogs, but buying
orders quickly absorbed the offerings,
and prices held we'll. But the heaviness
Of the grain markets in the afternoon
had a depressing effect, prices declin-
ing before the close TO near the lowest
figures made at the start. May pork,
which closed Saturday at s1oS21a, open
ed at from S102712 down 10 $40. 2215.
recovered to s10.35 and closed al Ns.25
hid May ribs opened 3 cents lower, at
S5.271a, sold at S53Oa535l5. and closed
at s5.2712 bid. May lard opened 212
cents lower at $685., sold TO $5.6712 and
closed at the opening prices.
Estimated receipts: Wheat, $50 cars;
corn, 800 cars; oats, 260 cars; hogs 5000
head.