The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-06
SHOCKS THE SHORTS
WHEAT GOES UP 4 Gent AND 4
HALF THE FIRST HOUR

And This Notwithstanding the Selling Out
of Millions OF Bushels of Long Wheat,
And the Close is Three-quArters of
Cent Higher Than Tuesdays - Liver
pools Indifference tn American News
Has the Opposite Effect to the Same
Condition the Day Before-Corn and
Oats nchaneed-Provisions higher.
Chicago, Feb. 5.-Wheat furnished
painful surprise to the short element
today. 1t went up cent and a half
in the first hours trading and notwith-
standing the selling out of many mil
lions of long wheat, closed q cent
higher than yesterdays closing prices.
Corn and oats show scarcely any
change and provisions closed generally
a little higher.
In wheat there was good buying at
the start by prominent local trader
whom the crowd had tried 10 follow of
late, the selling evidently being led
generally short over night and rushed
by New York. Room traders were
10 cover early, resulting in the sharp
advance. The market had its first i'm
petus from the uprising strength Of
cables, Liverpool coming steady IN the
face of the cent break on this side
yesterday and was a surprise to the
trade. There. was also more Argentine
news and renewed talk of damage TO
the crop there by rain was also some
thing Of a factor. Yesterdays cash
business was no doubt something Of
70 h. -Afo
about 200, 600 bushels, and a good de-
mand was also reported today. Ex-
ports were very fair at 34S, coo bushels,
OF which $4,000 bushels was in -four,
and this added 10 the strength. San
Francisco reported stocks at that point
reduced 1,139 900 bushels during Janu-
airy, and was taken as a bull factor.
Among the bear Influences We're the
con tinued liberal arrivals n the north
west, and moderate weather condi-
tons. Later in the day, the market
was given further strength by the re-
ports from Washington on the bond
subscription. This news gave the bulls
renewed confidence. but on the rally
there was considerable realizing, which
caused Z fair reaction TO set in, but
was only Of short duration as Brad
streets came in showing q reduction
eco, 900 bushels last week. For the
same week last year supplies were re-
duceI $4,000 bushels. Closing cables
came a pence higher and were also
productive of some strength. May
opened p cent higher at 67GAc, rallied
quickly 10 6Slac, reacted to 677sc, and
advanced again 10 6S1kc. During The
last hour there was a big break, caused
apparently by free local realizing and
there was a ruch by the leaders to
slug 1t and after touching 6Sbc, II
broke quickly TO $3.50, and recovered
to 67Ac. Heavy buying by a promin
ent broker started q good reaction
right at the close, and as the bell
sounded 673sc was bid.
Corn was firmer, largely in sympathy
with wheat, and the small local re-
ceipts. There was not much specula-
lion but some shorts covered. May
Germ opened unchanged at 30Ac, adj
vanced steadily to 305sc and at noon
was 301Ac. The market followed the
break in wheat during the last hours.
and May sold off TO 3OAQ9sc split,
closing at that price.
Oats were very embarrassing from
start to finish. Fluctua tons were mar
row and uninfluenced entirely by the
action of wheat. May opened pTactic-
ally unchanged at from 21A 10 213sc,
sold at 221ac, declined 10 21l4c. and
closed at that price bid.
Provisions started rather weak, but
on the decline packers bought liber-
ally o fMay ribs and that steadied the
market. With the assistance of wheat
the products ruled firm during the
latter half Of teh session, and at the
close pork showed an advance of 7l2c
for the day, lard a decline of PFC and
ribs a gain of &c.
Estimates for tomorrow-Wheat so
cars; corn, 40 cars; oats, ITO cars; hogs
o. 0O1 head