The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-29
Is / PEACE Or VAR!
This is the Question on Boards
of Trade.
BELIEF IN THE FORMER
Causes Sharp ReCOverieS in
Grain at Chicago.

| chicago, March B-Ine question OF
peace or war overshadowed all else on
| Change today. Assumptions of a peace
full solution of the Cuban question re-
suited in sharp recoveries from early de-
| clines and with the exception of oats ev-
erything closed strong and higher. Wheat
| advanced &c for July and nc for May.
| Corn closed 9sG1zc higher. oats a shade
| lower and provisions 21zG1212 cents higher.
Wheat started with an appearance of
! firmness that gave way almost immedi-
ately to one of weakness. There was a
mild disposition shown at first to cover
| short lines on account of the low temper
| atures prevailing in the northwest. Heavy
rains were reported over the winter wheat
countries and fears of further damage by
the cold, coupled with unexpected
strength at Liverpool where some futures
were 7sd higher, started the market, as
far as July and the more distant fu-
lures were concerned at prices a shade
better than Saturdays close. Smaller re-
ceipts in the northwest also offered en-
enlargement TO the bulls. But the mar
ket turned weak at once. What little de-
mand there was from shorts had been
soon satisfied, and as no other support
Of consequence materialiZed, the decline
for a few minutes was rapid, July sell
ing off from S3A GS51Sc, its opening, to
S29sc. Some liquidation by the large
worlds wheat shipments. which were s.
000, go bushels. Another source was the
large addition to contracts. Besides the
q cars received from regular shippers,
240 and 10000 bushels No. ! north
ern were received from mixing houses, a
total of about 100000 bushels in all. Chi
cago receipts were 121 cars. Northwest
receipts 236 cars, against 473 cars last week
and "a cars year ago. After the de-
cline to S25sc in July, there was rally to
S27sc, under covering by scalpers, but pri-
ces sagged again in a short time to $3.50,
and held around that figure until about IL
o'clock. Then the market began TO i'm
prove. The decrease in the visible sup
ply, 1856, 600 bushels, was much greater
than was looked for. But everything else
was lost sight OF in the consideration Of
the news relating to the crisis between
the United States and Spain. Reports
that Spain had accepted suggestions from
this government in regard to Cuba, and
the tone of the presidents message to
congress. started a buying demand that
increased in volume as the session bore
on, and did not cease until the closing
bell sounded Shorts of every description
were driven to cover and investment buy
ing, which has been almost totally lack
ing for some time. was in evidence.
Half an hour from the close July had
advanced to S41kc Realizing was quite
heavy at this point and the price reacted
to S37sc, but rebounded again very short
ly. The close was strong at SAC bid. May
was traded IN very little. 1t opened &c
lower at S1.021a, but advanced at once to
s1.O4 and during the activity in July sold
up as high as s1.G5a. 1t closed at s1O5l4.
Corn was fairly active and firm with
the exception of a short time after the
opening, when some decline took place in
sympathy with wheat. The rally in wheat
and the unfavorab BILE character of the
weather turned the market very strong
later, shorts leading the buying. May
ranged from 2s1l G2S3s, and closed $sq12c
higher at 291sc.
Oats were heavily raided during the
morning by all classes Of longs. Liquida-
ton was general and prices broke sharply. /
The market reacted when the turn came
in wheat and corn, but the recovery was !
only to previous prices. Shipping demand
was slow May ranged from 254Q252sc TO .
24&.c, and closed a shade lower at 25ls8
2514c.
Provisions, like everything else. were
weak during the first part of the session. /
Heavy hog receipts and talk OF yellow fe-
yer possibilities in the south resulted in
mild liquidation and a decline in prices, I
but the market very easily recovered on I
the more favorable Washington news and .
the rallies in grain. At the close May pork I
was 1917 cents higher at $3.50; May lard I
2I5 cents higher at S495, and May ribs .
cents higher at s5.02I2.
Estimated receipts Tuesday: Wheat 12o /
cars; corn, 220: oats, 300; hogs, %, 600 head. /