The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-10-03
LIFE POUNDED OUT
WHEAT MAKES ANOTHER BOTTOM
PRICE, CLOSING At LOWEST.
Bull Notions are Smothered Under
An Avalanche of Visible supply
Bears Get on the Market With
Their Feet and Stay There-Corn
Can't Get Storage.

CHICAGO. Oct. 2.-Under the depressing
| influence of big increase in the visibl.
supply, December wheat broke new
ground today, selling at 522& cents a:
| against So cents, its previous loves. price
and it closed at the bottom of the decliat
and x cents lower than it stood at yester-
| days close. Corn began weaker, suffering
to the extent of Is cents. and provision:
acted in unison with the bearish senti
meut prevailing in the grain pits. Dat:
| meekly followed the other grain markets
closing with q cent loss for May. The
struggle in the wheat pit commenced with
the bears on top, and starting with that
advantage they proceed to pound
every remaining vestige of bull life out Of
it, aud succeeded in doing so. There were
seller, of December ut 53$I cents immedi-
ately at the opening. and IN the course ot
an hour and "A half il could be bought al
53L cents. The bullish sentiment which
had prevailed for u couple of days com,
pletely disappeared. The cause of the de-
preston was briefly summarized by the
phrase "too much wheat"
The receipts at Minneapolis and Duluth
numbered LOGS cars compared with 99e
cars a wear ago. The total receipts at the
niue primary markets amounted 10 SIC, 2S9
Dlsutlo. aiC sbOSAS Vi Hbctt III Gut y blitU
Kingdom are reported $500, 900 less tnan at
the corresponding time last year, aud
there were bids from there to New York
houses OF Il cent advance for Manitoba
hard and No. Chicago spring The
shipments for the week from the Baltic,
Black sea, Argentine and other exports
were 3, 360.0OO, exclusive of Iadian ship
ments, wnicn amounted to 1S4 600 Brad
streets visible statement gave an increase
OF 4. 3S5, 0O0 bushels on both sides of the
Rockies and that was signal for further
weakness IL the market here, December
getting down 10 % Cents in about fifteen
minutes after the report was published
The weakness become more pronounced as
the session advanced and December closed
at a low price. 52$I cents.
Corn, aSwell as wheat, WAS a mark for
the hears to shoot at. 1t declined over ! 4
cents per bushel and appeared weak at the
decll1e. The Chicago receipts gave no in
dlcatiOn of what the movement from the
country might become If there were stor-
age room here, and that is the most de-
pressing feature of the present situation,
and the condition OF affairs which more
tnan anything else gives the bears their
present leverage. Receiving houses very
generally report having car loads of corn
still uuloaded which arrived here over a
month ago. Receipts here today Were 100
cars and for tomorrow $50 cars ale eatl-
mated. The market opened weak with
sellers at yesterdays closing prices and
few buyers, except at cent concession.
The first transactions We're at from 80 a
cents to 5015 cents for May and the teu
dency during the remainder Of the session
WAS strongly downward with 49ll cents
ruling near the close. The final trans
actions were 1855 cents for May.
Oats were moderately active, although
trading WIS almost entirely local and scat
tered. The feeling was weak, however,
and prices lower. There was, however,
very little demann and prices declined,
even though the offerings were compara-
lively small. May started from $3.50 @335s
cents and sold gradually down To 341s
cents, where it closed.