The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-06
TWENTY CENTS HIGHER
May Wheat Rises in Chicago
10 $3.50 a BuSheI.
NEW YORK REACHES Sf.45
European Situation is at the
Bottom of the Advance. !

Chicago, May 5.-May wheat rose 20
cents on the board of trade today. II
| closed at s15o per bushel, the highest
point since 1888. The excitement in the
wheat pit during the closing hour was
! intense
The market nuctuated violently all
morning but gave no evidence of the pyro-
technics to come. Joseph Letters brokers
were quietly at work and during the first
hour brought about 100000 bushels of
July, principally short sales. July opened
only e cent above yesterdays close. or
at 9932 cents. For a moment it got over
the dollar mark and thin dropped back
to 9S9s cents. Pit traders sold short and
soon found themselves in deep water. The
Liverpool market kept up Its sensational
advance, closing 14Q51k pence hightr than
the day before. Bead riots were reported
in Spain, Italy and France. The French
government had removed its import duty
and Spain and Italy were said to be con-
templating the same action. Great as was
the wheat famine abroad. that article was
found to be equally as scarce in the Chi
cago pit, when the bears tried to cover.
May, which opened cents higher, at s1.S7,
had declined to s1.31. At u o'clock it had
crept back 10 S1.37. July was hanging
about the dollar marak. Leittr announced
that he had just sold 100000 bushels OF
No. red wheat to a French syndicate at
s1.47 per bushei. Pit traders were STAN
peded. July rushed up to s1.o2, after SELL
ing down to 1885 cents. May jumped l. /
III 10 nd
and closed there. July fell back to s1.O214. /
closing a that "a net gain of 39s cents |
compared with net gain of 20 cents in
May.
THE BULGE AT NEW YORK.
New York, May 5.-Wheat bulls were
again at work this morning in an effort
10 forct prices still higher on the strength
OF the French demand for our wheat, now
that the duty has been removed With
the excited aid OF short interests they
opened May all the way from 80 TO s1.35,
about to II ctnts advance
over Tuesdays close. The July option.
being less subject to manipulation, opened
with a cents rise a raise Of 33sG15 cents
over the curb price yesterday and cents
over Tuesday. Heavy local buying at
4
little setback all morning Corn, oats,
four, in fact every staple on the floor,
oartook of thte general firmness and ex-
oerienced sharp advances. It is said that
France will require not less than Sc OO0 900
bushels of wheat from us in the next two
months. T0here Is also talk of other
European countries removing or reducing
heir duty on grain.
The sensational feature in wheat this :
fternoon was furnished by the May op-
ion In steady leaps and bounds Of several I
ents at clip it bowled along until stop {
ed by the closing gong al $145, the high I
st price since the days Of "Old Hutch"
IN this basis cash No. red would be e
ominally worth S1.47 in this market The e
uly option kept very strong all the after
Don and closed finally az S1.092i after +
ales at $11OA, representing advances of
3 cents over Tuesdays close and 2st
ents above Yesterdays curb price. Nav /:
losed % cents higher than Tuesday and is
cents above the low point this week. c
was simply gigantic squeeze of shorts. ii
lade possible by the duty removals in a
rance, Italy and Spain, which is expect a
to swing an enormous export business Il
lis way in the next two months. In &
eeping with the jump in wheat there has II
cen a corresponding big addition 20 the n
rice OF our, amounting to 10 cents for the is
eek. :
BALTIMORE'S ADVANCE.
Baltimore, May 5.-Wheat took another
ap upward today and reached the high
It price since 1877. No. red for inome- {
ave delivery closed al s1.2S bid. an al
'nce of six cents over yesterdays fne1 II
cure. Flour is following in the to- N
cps OF wheat and has advanced 30 cents -
barrel in two days. al
------- do
RAIN AND PRODUCE MARKETS =,
The following official range Of prices ., es
ain and provisions at Chicago 10 - ~
shed by the Christie-Street Comnissinn :.
!. Board of Trade Rnnrns Sod.--..Ntt OF