The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-11-05
rHE cram MARKETS.

L
NEW YORK, Nov 4-Henry C1ews, in
reviewing the grain and provision mar
| kets. among other things, says:
Considerable irregularity and extreme
| feverishness have characterized the wheat
market during the week just passed.
| The trade are undoubtedly in a rather
nervous condition, and the latest move
ments in prices are an exact reflection of
their erratc temper There seems to be a
kind of contest for supremacy between
the New York and Chicago markets at the
moment, and first one is the leader then
! the other. The effect of the receipts at
western points is naturally more pro-
nounced at Chicago than here, and this
has been an active factor all the week in
tendin to keep that market depressed.
While New York has sympathized, there
has at times been an undercurreut OF
buoyancy in the market not felt in the
west as the result of some foreign buying
and an export demand, though the latter
was not AS large as it was several weeks
ago. The depressing effect of the
heavy receipts had somewhat the
better of it until toward the
close of the week. when cable was
received by our firm. stating that all ex
ports of cereals from Russia mad positively
been prohibited, and this, together with
rumors of damage to the newly sown
winter wheat. brought about sharp
rally, accompanied by free covering of
short contracts. These two reports have
been the only ones received during the
week of a bullish nature, and the market
responded quickly, but as there was no re-
newal of foreign buying in connection
with the report concerning Russia the
story was generally discredited. There
have been so many sensational and untrue
reports ahoat this year regarding Russia
and her prospects that every report IS now
being regarded with suspicion and skepti-
cism, and, probably, nothing short of an
official confirmation of any further re-
ports will have anything but transient
effect Home conditions at present oner a
practically all absorbing subject for con-
slderation, and the continuation or the
heavy receipts is the principal feature.
Our visible supply is piling up at very
rapid rate it being increased by over three
and half million bushels this week. 1t
is now, in round figures, "a, 600 600 bushels,
against 5000, 900 bushels last year at
this time, and it is predicted that by
January l it will be 25,000.6O0 bushels more
if the receipts keep up at anything like
their present figures, as is expected. This
cannot but have decided tendency to de
press prices still further in the absence of
a renewal of heavy export purchases or
unless something further in the way OF
scare from abroad is forthcoming. This
means that our wheat market Will only be
put up by Europe or a continuation of
drought here, otherwise home conditions
are likely to have the opposite effect. The
condition of the new crop at the moment
is the occasion of considerable comment,
as advices from several sections Of the
winter wheat belt report serious damage
by dry weather, aud this has given rise to
numerous conjectures as to the ultimate
outcome of the winter crop, for with de
creased acreage and bad start there Is
slight fear of poor results. However, 1t Is
so early in the season that any decidedly
bullish sentiment owing to this condition
would almost be out of place. Mr.. Prime
SAYS that be has never known the winter
crop to be in such a bad condition at this
time of year While we haven't the slight
est grounds for discrediting his statement,
it is a noteworthy fact that he Is always
bull.
"There is still great deal of uneasiness |
being felt in the corn market. and the old |
crop options retain their undertone of
great strength. The export demand Is
still heavy, and stocks are decreasing |
rapidly in consequence, and they are now |
so small that there are serious doubts OF |
there being sufficient to supply the de |
mand until the new crop comes in, and |
The receipts of old corn are so light as to |
offer no consolation. Some OF the new |
crop Is coming III now, put 1t is OF sucn |
poor quality that the receipts !
cut no figure. For instance, on Tuesday, |
put of 101 cars received at Chicago only |
three cars graded as No. 2 contract corn. |
BY December conditions will undoubtedly |
be greatly improved, but, in the mean
time, supplies go on decreasing, and there |
seems to be actual and legitimate occasion |
for the strength exhibited
Notwithstanding the strong corn mar
ket, hog products have been generally |
weak, owing to another increase in the |
receipts of live hogs. This week they have /
been averaging from $4,000 to $1,000 per
lay, and in view of the already depressed |
condition of the market, as result of |
arge stocks. they have had weakening
effect on prices. The reason assigned for
The sudden increase is the general fear of
over prices among producers and con-
iequent anxiety TO avail themselves of
-uling rates, and there are also reports of
disease among the hogs. The heavier
receipts have resulted in increased packing
operations, and altogether there has been
little or nothing to induce purchases and
much to occasion liquidation"