The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-06-05
SHOT LIKE SEYR|)CEEI
Wheat Ran Gamut of Prices
With Like Decline.
MARKETS CLOSE LOWER
Corn and Oats Market Were
Dull All Day.
MARKETS CLOSE LOWER

Chicago, June 4.-The wheat market ran
the gamut OF prices today, with manip-
ulative liquidation the feature. The July
delivery closed weak and 1G1kc lower.
July corn closed SAKE lower. July oats
&c under yesterdays final price. Provis-
ions closed unchanged 70 PIC lower
There was another exciting session, with
an extremely large volume Of business
In the wheat pit. The remarkable
strength which characterized the mar
ket yesterday was not maintained for a
pyrotechnical advance in the prices was
followed by a decline. which, in the face
OF general conditions was. probably, quite
as sensational, proving that the July
option still IS in the grasp OF manipula-
tors. July wheat opened 1sQ5zc TO 15sQ124c
higher, at Is 70 7919c, under conditions
strongly favoring the nlanipulatOrs
There were good rains in the west and
northwest and everything but wheat re-
spOnded to this influence. Hardly Iecov-
cred from their shock OF yesterday, the
spectators were loath 10 believe the
showers would depress the market, and,
rushing in their buying orders in such
transacted, they ran the price up to
4Ss.c within a few minutes after the
opening. The anxious shorts were then
fed with long lines put out by the com
mission houses which bid UP the price
yesterday and when the source of the
supply became common knowledge, the
buyers Joined the ranks Of the manipula-
tors and began selling. Under the force Of
fresh reports Of general copious precip ita-
n "a .a1,v -s-1-a L ar ~
and other drought stricken localities, and
the enormous offerings by commission
houses the market reacted instantly and
within an hour July wheat was selling
at 1890. the low price Of the day.
Within this range there was little op-
portunity for even the most modest profit
taking for any who bought after the high
price at the opening, but when the mini
mum figure was touched the nanipula-
tive element returned to the buyers side
and the rally which followed carried the
price to 7isc. At this stage the recent
purchasers showed disposition 70 take
profits and thu price reacted, and at the
close was weak end 1q11kc lower at
76%c. The worlds visible supply de-
creased 5.500,e00 bushels. SeabOard clear
ances of wheat and -four were equal to
$1,000 bushels. Ten loads were reported
taken for exports. Primary receipts were
49l 600 bushels. Chicago contract stocks
decreased $4,000 bushels. Minneapolis
and Duluth reported 32S cars, against 1873
last week and 554 a year ago. Local re-
ceipts were ia cars, four of contract
grade.
The corn market was dull and heavy,
with very little interest taken in q spec
uiative way. Rains in the corn belt had
bearish effect and fluctuations were
narrow. July corn sold between AZ and
Age, and closed 4ssQ4s4c lower. at 44AQ
1850. Local receipts were 643 cars, 63 of
contract grade.
Oats had a downward tendency with
the other celeals, Influenced Ike corn,
by the heavy rains in Nebraska. but also
by the increase in the local stocks and
rather heavy selling by longs. July oats
sold between 2S4 and 2S}sc. closing &c
lower, at 2SAc. Local receipts were 434
cars.
The provisions market was quiet, open
ing higher and with some show Of
strength on better prices for hogs, but
weakening later and losing more than
had been gained at the commencement OF
the session. July pork sold between
sl4.4715 and $14.6o. and closed 21ko lower,
at S14 521a; July lard sold between IS. Is
and S. 221s, closing unchanged; July ribs
sold between S7.S21aq7.S5 and S7.S7iz and
closed a shade lower at minimum figures
of the day.
Estimated receipts tomorrow: Wheat,
IS cars; corn. $50; oats, 200; hogs, s.. 600
head.
AAn nonrtf(E nsa1xr-o