The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-11
SLUMP
In July Wheat at Chicago,
With 5 Cents Recovered.
CLOSING PRICE Is S1.14
Bears Have Their Inning at
New York--CIoSe at S1.22.

! DreaR ana recovery IN Ju4y' We" LIS II
price records were made in both May
and July at s1.S5 and s1.25 respectively.
| but it was the break that caused the
excitement It was an excited. uncertain
market, with price quotations one cent
apart for the same delivery in various
parts of the pit for nearly an hour after
uous than the buying. the conditions OF
the previous day being reversed From
s1.25 July worked back to t116, from
which point genuine panic carried the
prices down l and 2 cents OF a clip to
$1.05. Purchases Of wheat were made at
this price. although $L06 was the low
price generally quoted. The top price
for May wheat. s1S5, was made on the
purchase of/25.Ooo bushels. said to repre-
sent part OF the Lindblom business which
had not been transferred The move
ments of May and July were not closely
allied May never sold below the open
ing figure. S1.73. and closed at the top
price, s1.s5- The offerings Of the July
break was from all directions, and Letter
brokers were said to be bidding for Sep
bember at the time the July break start
ed. At s1.0S which was the price OF
calls, the market turned and worked
back to a close at s114
There were no failures to clear IN the
morning, although the action Of Letter
In furnishing financial assistance was no
doubt responsible for the prevention Of at
least one failure Letter reported sales
Of 900 bushels abroad in small lots.
BEARS DAY AT NEW YORK.
New York, May 1o.-The bears in wheat
had a chance to retaliate today, and did
so with vengeance, particularly in the
last hour, when their persistent attacks
upon the market resulted in a wholesale
tumble of values, July losing nearly 1Oc
a bushel in haIf-hour's time. From the
standpoint of fluctuations, the market
was by far the widest seen in years.
Speculative trade was not quite so fever
ish as on yesterday, outsiders being gen.
orally absent although there were
heavy dealings on the last break There
were frequent changes In the market of a
half cent and cent a oushel, between
traders all dey. The immediate opening
was SIC lower. at $123 for July, on a Sc
we're reaction at Liverpool. This depres-
sion did not last long, however, as the
crowd was very nervous and yielded
easily to strong bull movement. which
excited heavy covering, and rushed July
in quick stages up to s1-31N. which was
the top for the day, and also for the
present bull movement, exceeding YES
terday's price by &c per bushel. From
that figure there was steady downfall
during the afternoon. resulting, as noted
in collapse near the close. Not until
July sold at s1.19as was the headlong
rush checked, and then there was
quick reaction to s12S, with 1.22 the clos
ing figure On the curb further sailing
pulled the price down to s12o1s. Only
the most intrepid professionals dared en-
ter the pit today, and business therefore
at times was very dull, rousing M ouiclx-
ly into sessions OF great activity. For
eign houses bought freely during the
forenoon. but later turned sellers. The
feature in May was late advance m
S'sl, exceeding the previous high point
by 1c bushel, the close being the ton for
the day and SIC higher than last NIGHT
although July and the later months clos
ed at net loss of 41sG611c a bushel. The
decline in wheat had a sentimental effect
upon -four, but was so ezra tic that mills
refused to make any important concee-
sion and the later market, therefore
closed at yesterdays advance nonInaIIv
sustained
WILD SCENES IN ST. LOUIS.
st. Louis, May 1o.-July wheat broke
IA cents bushel about an hour before
the close OF the regular market TODAY
It was the biggest drop in the price Of
wheat that has occurred since civil war
times. One OF the widest scenes ever
witnessed on the floor Of the exchange
resulted. The decline represented ire
mendous losses to many Of the traders
and they became panic stricken. From
H14l4 the price dropped to s1o0lb May.
September and December followed JuIv
wheat IN IT'S drop. There was little
trading in each OF these options aud their
decline was not so sharp. Just before
the close of the session a reaction set in
and July slowly rose TO s1.O6, the final
figure for the day May showed no
change from yesterday. while July was
SIC. September 4s4c and December nc
lawer than yesterday.
GOVERNMENT CROP REPORT.
Washington. May 1.-the May returns
to the statistician OF the DEPARTMENT of
agriculture show the acreage IN winter
wheat to be SIS per cent greater than
the acreage last year. the comparison
being not with the acreage harvested in
1887. but with that sown in the fall OF
1895.
While there is an increase OF - na-
cent in Kansas. more or less marked
increase in every eastern and southern
state, and some increase also on the Pa
cific coast. the large expansion thus in
dicated IS 70 some extent Offset by de-
crease Of g per cent in Indiana. , psr
cent in Ohio L per cent IN Iowa. e rs-
cent in Missouri and Is per cent in IIi- (
nois- The reduction IN area in the las,
named states is due to the fact that The
fall OF 1885 was one 81 the finest seeding /
seasons ever known. whereas that u
1881 vas one OF the most unfzvorah'e
The average condition or winter wheat IS +
s6-5. against So or Nay OF last year. (
In the nine states with ore million
acres or upwards in This product the .
average areas follow: Kansas I15; Penn 4
sylvauia, g; Michigan AID Tennessee. I
each g: Missouri, S: Indiana s.: H. /
nois. st; Ohio. s.. ana California. 3.
Correspondents agree IN reporting the .
crop q California 70 BE one % the small .
est ever raised in that state On the +
other hand. the crop ot Kansas bids fair
TO be the largest II SIS history
The ave-a e condition q winter ac-e-