The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-03-03

Chicago. March 2.-The local market had
today. The sharp bulge and equally sharp
break there were closely followed here, the
May option closing al a 1Sc advance, after
selling a cent above that figure, the ses
sion being the Tyel.est seen an some time.
All the other pits were very dull, corn and
oats closing at substantially unchanged fig
ures, ard provisions at 5q7lz cents de-
cline.
Russian crop damage TO wheat was new
string the bulls had to play on when bus
mess in the pit commenced. They twang
ed upon it to so much advantage that in
an hour the price of May wheat had ad
vanced IL cents per busheL Whether in
spired by the example OF Chicago or be-
cause the Russian damage was the slim
ulus at Liverpool, wheat, which there open
ed with the modest gain of from 4 70 I'D.
was 13.d higher for the day when next
heard from. That market made its in
1uence decidedly felt all day. May wheat,
which closed yesterday at 751.d75@sc, open
ed today at 75SsG7512c, and sold at 76%.c
before an hour had gone by. The bull mu-
sic kept up until about 1870 o'clock, when
a cablegram from Liverpool to a prominent
house here threw It into a bowling discord
which gave the bears their opportunity.
The Liverpool cable referred to read: "Ad-
vance in futures due to shorts covering;
spot wheat pressed for sale without buy
ers; Russian offerings increasing" That
and a sudden collapse OF previously pro-
nounced bullish wheat market al s.. Louis
caused stampede of the bulls here. ST.
I vi ..h 10 "a al
May wheat at S71sc, hoisted it in the first
hour today to S91sc, and let the bottom
fall out of II afterward. The suddenness
of the drop made SPECTATORS fairly SILVER
and sent May tmbiing from 7624c to 755sc.
Chicago receipts of wheat were 50 cars and
shipments by rail, III, 534 bushels. Mime
epol;s and Duluth reported 359 cars received
against COO week ago and 399 last year.
Atlantic port exports of wheat and flour
were together equal to only 215,00o BUSH
els. Bradstreet's statement of the worlds
visible gave it as having been reduced T.,
0s5, coo bushels last week 100000 busels OF
it her and 2,2560G0 bushels in and afioat
for Europe. May rallied from Use to 1913,
but the bull feeling had been so largely
squeezed out that it turned down again
to 759sc, and closed at 75ad757sc.
Corn was very quiet all day and even
when wheat traders were tUmbling over
themselves in their easerness to buy or
sell, no sympathetic interest was displayed.
The general feeling was firm, but fiuctua-
tons were confined to sc. Receipts were
liberal and exports were much lighter than
of late $4,000 bushels. May opened I'M
changed at 2i1sc. advanced TO 2il4c, then
reacted to N1sc, where it closed.
The market for oats was dun to the ex-
tent of stupidity. Business was much
smaller than an average neglected session
aggregates and absolutely nothing of any
interest was reported of trade. The feel
ing was steady. a shade higher. May open
ed ct 17Ac, sold at 172sc, and closed at
171sc.
Provisions were easy and dull. 1t was
in a measure a day of liquidation by
longs, the consequence being that yester-
DAYS advance was all lost. There was
but little outside demand and the hog mar
ket was weaker. At the close May pork
was IL cents lower at si05, and May
ribs cents lower at A1712.
Estimated receipts Wednesday: Wheat,
IL cars; corn, 24O cars; oats, 80 cars; hogs,
30 600 head.