The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-09
ALL TAKE A DROP
WHEAT PLAYS SBE-sAW, CLOSING
ON THE DOWN STROKE
Indifference to Fridays Ad-
vance is Matter for Early Discourage
ment-Bulls Then Take Hold and an
Advance Ensues, Which Is Knocked on
and More Too by Heavy Selling, Accred-
tied to Armour-Corn Business Small
and the Market LifeIess-Oats Easier
Observation-Disclosures Raided.


and the Market LifeIess-Oats Easier.
Declining-Provisions Raided.
Chicago. Feb. s.-Wheat played see
saw today. After recovering from early
loss caused by disappointing cables, local
influences controlled the market almost
exclusively, May finally closing a cent
lower. Corn and oats were affected bv
the late weakness in wheat and closed
fractionally lower, and provisions made
slight recessions.
Wheat started moderately active but
the strength which was expected to follow
the announcement ca-bled by the Liverpool
Corn Trade News yesterday that wheat
and -four in and afloat for Europe had
decreased 100000 bushels in January
was not forthcoming. The main reason
tor the weakness with which this market
started was the indifference of the Liver
pool market 10 yesterdays strength, com
blned with the report from LIVERPOOL that
the weeks shipments from Argentine
amounted to $4,000 bushels, and the large
receipts at minneapolis and Duluth, 81
car loads. The bearish features held sway
IN the market for half an hour at the
end or which time the bulls commenced 10
give fresh exhibition of their faith in
hl2her prices. The opening prices of May
wheat was from 67S4 lI671a cents, with one
or two small transactions as low as 673s
cents. After a big business had been
done at around 6% cents, the price grad
ually worked off to 6712 cents again, and It
was then that the bulls took a fresh hold
and soon had the prices up to IS cents.
The news from Argentine about extensive
damage to the Drop was again renewed
and there can be no longer any doubt of
its substantial accuracy, and leaves this
country and Russia substantially the only
sources of supply for the importing cOun-
tries. The market remained all day in its
now normally feveTsh condition. After
touching 6S1s cents. the price tumbled
supposed 10 be for Armour, and wound
up at 6Tj.Q67'l cents, which shows a loss
of l cent per bushel for the day.
The business in corn was small and the
throbs of the market were light and life
le5s. May opened fractiOnally lower a [
3Ol2 (l3Es cents, and kept inside of 30lk0
3O6s cents until about half an hour from
the close, when wheat had become weak. /
1t broke 10 3o2sQ3012 cents and closed at
that, against 305s cents on the day before. {
Oats were easier, influenced by the
heaYiness in wheat May opened shade /
lower at 2iQ2l12 cents, sold at 2212 cents, 4
declined to 2l3s cents and ended with sell /
ers at that price.
The provision market was subjected to .
something having very much the appear
ance of an organized raid. The opening I
prices were at a reduction from yester-
days closing prices. There were plenty
of buyers at the decline, and some i'm
provement followed, but near the close
the sellers again predomlnated and
brought prices hack to little under the
previous days final figures. May pork
opened about cents lower from S10.371a
down to $10321a, and after recovering to
SO. 471a the close was at S1033l2 the low
est price Of the day. Lard suffered a
loss of cents and ribs closed unchanged
for the day.
Estimated cars for Monday: Wheat, 20
"a rs. corn $50 cars. oats l85 cara. hogs, /
Is 900 head.