The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-02-18
BIG ADVANCE N NAY
Scored Early at Chicago, But
Later Nearly Lost,
NEW YORK TWO CENTS UP
10 Start With, But Drops
Against. Louis Bulge,

Chicago. Feb. 17.-For a few minutes
following the opening in wheat today the
market was in 4 state of excitement sell
dom witnessed May sold up in that time
to SL06 I-2, or IA cents higher than yes
terday's close. but it dropped at once and
though showing extreme nervousness at
Times, the market closed quiet at the mod
est gain of 7-sc. War news apparently did
not cut much figure. It was a matter Of
shorts getting out and longs taking profit.
Heahzing in other markets was heavier
IMAM the demand could take care Of and
0maH declines resulted. Corn closed CSC
Inc reduction in wheat that threw the
Dit into fits in the last hour of Yesterdays
session and was continued on the curb
afterwards was renewed today before
the regular session commenced. First
curb prices were nc higher, at sL04Ih, and
during the half hour that followed it sold
as high as SLOTS. The regular opening
was as wild one as has been witnessed
IN months. A perfect howl went I'D from
The shorts who, in their eagerness to COW
CT their lines. bid all the way from 81 o.
10 SlD6 for May, and a few seconds after
some OF the more anxious ones bid 81 06I1.
That proved to be the high point of the
Gay. Thousands of bushels were dumped
on the market by longs, wheat coming
from operators who have hitherto chosen
10 hold on to their lines and mre dispo-
sltlon to realize being shown than at any
time since the recent advance commenced.
The consequence was the pric broke with
bewildertng rapidity, getting down in less
than five minutes to s1.031k. Then it re-
bounded again, but with less force behind
II, 70 81 04Fs. The market 1uctuated rapid
" for a time, but renewed realizing &C.
CURED at every rally. and themarket
gradually became more settled. Though
the disquieting news from Havana may
have cut some figure in the jump, it was
a minor factor and was little heard Of
Il was apparently repetition of yester-
days scare among shorts over the Letter
deal. and everybody was on the alert to
see what he would do today. But Letters
brokers were not much in evidence and
the fact that there was plenty of wheat
for sale at around $1.05 served TO keep the
market within bounds. About II o'clock
selling became quite heavy and the low
point, s103. was reached. Cudahy and
others were credited with realizing on
lines showing heavy profits and commits
sion houses had heavy selling orders.
This decline was followed by a reaction to
81. 04s4. the price about noon. For the
rest of the session prices rather tended
toward a lower level Foreign markets
were strong and showed good closing adj
vances. Northwest receipts were rather
small, at go cars, compared with 4l5 last
week and 1S2 a year ago. Chicago re-
ceived g. cars. 10 Of contract grade At
lantic port clearances Of wheat and -four
aqualled $50. 600 bushels. Primary western
receipts were $50, 600 bushels, against 222,-
300 bushels a year ago. The closing price
for May was sL0f4. There was a heavy
business in July, but that option did not
show the excitement May did. July OPP
sned Iaa1l.c higher. at sOq9112c, and dropp-
ed at once TO sec That was the range of
prices July closed at goo bid.
In view of the wheat strength, corn did
not act strong and the volume of trading
was smaller. The market opened higher
IN sympathy with wheat, but declined inn
mediately and acted rather weak thereaf-
ter. There was general protit-taking.
more corn being offered than the demand
could absorb There was also some new
short selling by professionals. May rang
ed from SITsc to S07sc, and closed ]sc lower
al So7sq31c.
oats acted rather top-heavy. Trading
was not so large as OF late and prices
we're unsettled. The opening was strong
with wheat but the advance brought out
profit taking and also induced some short
selling and prices declined. For the rest
Of the session prices huctuated narrowly
though the inclination TO realize was ap
parent on every rally. May ranged from
= 5-Sc 10 &c. and closed I-4c lower, at
y I-Sc.
There was a good trade in provisions.
There wss proft-taking early. This and
over hog market caused some declines.
On the break commission houses bought
freely. packers also taking some Of the
offerings Later. prices settled back con-
siderably on realizing. the market clos
ny steady. Packers ''scalped" the mar
zet. selling on hard spots and supporting
he market on declines. At the close May
A0Tk was : Ii cents tpNtE- - S-A-Nt -
May lard unchanged, at SSH IL, and May
lbs Ia cents lower. at S5-2S
Estimated receipts Friday: Wheat. .
,ars: corn SIS cars; oats lSo cars; hogs. !
& 000 head.
ADVANCE AT NEW YORK.
New York. Feb. 1.-THE May wheat
shorts were badly squeezed again this
morning. although the process did not
asst long. In fact, It was over in the first
lalf-hour leaving prices for the balance
II the day rather weak and very much
unsettled. Opening figures on May were
3. OF IS. representing . cents advance over
asst niSht It sold Up 70 S1.o2 Ii. where
heavy selling orders were met. partly for
,Iique account. resulting in n cent break
The early bulge was due entirely 20 clique
operations at Chicago. where prices were
'orced up 70 s1.O6 1-2 for May, against
i o. +. last night. breaking from there 10