The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-05
Strength Of STOCKS
Induce Early Buying on
Wheat by the Crowd.
LITTLE CHANGE AT CLOSE
Symptoms That a Corner of
July is in Progress.
LITTLE CHANGE AT CLOSE

Chicago, April 4.-The stock market TO-
day again became the most prominent
| factor in wheat. Wheat was higher al
| the opening, principally on account Of
| firm cables. July starting 1zd2s cent high
er, at S41zqS45sc. For few minutes the
! market hesitated, liberal northwest re-
ceipts. favorable crop reports, large con-
tract additions and large worlds ship
ments causing considerable scattered real
izing, under which the price dipped to
Size. Then the influence of Wall street
began to be felt. The sharp advance in
Spanish stocks. coupled with reports in
dica ting a peaceful solution Of the Cuban
difficulty, resulted in a contraction Of the
offerings and shorts who tried TO cover
found q good deal of difficulty in doing
so.
Worlds shipments were reported by
Beerbohn at S,40o 900 bushels. Northwest
receipts were fairly liberal, 357 cars,
against 325 last week, and 30 a year ago
Chicago receipts were sixty cars. There
was another large addition 10 the contract
stocks today. 81 cars coming from regular
sources, while mixing houses contributed
81 cars and g, $50 bushels. a total Of about
loSrspJ DuSlelS- Ou the OLHEI manu-. LlF q -
pool was IA higher for spot wheat
though futures were irregular. The
strength shown BY stocks was the real
incentive for the early buying by the
crowd. Then another factor was develop
ed. Heavy buying of late which has been
credited by some 10 Armour was contin-
ued today, and strengthened the belief
that a corner in July, similar to the one
in May, was in process Of formation. The
belief in this was general enough to scare
shorts, who made a concerted rush 10
cover when what was supposed TO be
Armour buying was renewed. Offerings
were much too limited for this demand,
and the advance TO S55sqS524c resulted.
A marked reaction then followed. India
shipments. rather staggered the bulls, ex-
ports from that country being placed at
about 900 bushels. Another big sur
prise was the increase Of I62 900 bushels
IN the visible. The trade had been led TO
expect a decrease of about 100000 BUSH
els. Quite free realizing took place, the
price being forced off to S5c. Here the
market turned again and the highest
prices of the day were reached about
noon, July getting up 10 S55sc. Letter re-
ported further cash sales Of about 800.
000 bushels. Atlantic clearances amount
continental and Liverpool markets at the
close had also a good effect. Liverpool be-
ing y to Id up on spot wheat, with fu-
lures i2Q5sd higher. Paris was UP TO
10 centimes and Antwerp 371z 70 80 CEN
times higher. Late in the day another
spell of realizing caused a reaction in
July 10 S5L4c, that price being reached
near the close. July closed at S54 assoc
Corn was influenced mainly by the ac-
ton Of wheat. Trading was quite ac-
tive early, with doubling up on some i'm
porrant long lines, and prices advanced
materially. There was also an urgent de-
mand from shorts. Clearances were heavy
and local receipts light. Realizing later
caused some recession, but the market
closed firm. May ranged from 292a 1850
to 292sc and closed 1sTHc higher at 295sc.
Oats were firm, but very inactive, hardly
anything more than a little scalping and
changing in trade. Light receipts and the
Of wheat were the influences.
May ranged from 255s TO 25asc. and closed
lsG1lc higher at 25l2c.
Provisions were decidedly active. Prices
sharply during the morning IN
der influence OF light hog receipts and
small stocks. buying being general Offer
ings were heavy al the top and a sharp
reaction followed, but the market later
hrmed up again under a renewed demand,
and closed steady May pork closed 22Ia
cents higher al 1855. May lard 121a cents
higher at S5.321z and May ribs 10 cents
higher at S5.25.
Estimated receipts Tuesday: Wheat.
100 cars; corn. 260; oats, go; hogs, 1900
head