The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-07-09

Great Measure Ignored - Exporting
Countries Flood the Importing Coun-
tries-visible supply Decrease ID Light
Liberal DISQUALIFICATION WeAkens
Wheat and Wheat Returns the Compli-
ment-Oats Tumble Amid Heavy Trading
Chicago. July s-wheat went down
with a rush today. September closed
SIS cents lower than on Saturday.
Heavy shipments Of exporting coun-
tries. small decrease in the visibly sup
ply and liberal liquidation caused the
decline. The Their markets folliwed
wheat, corn closing Pa cents lower;
oats l cent lower and provisions al de-
clines.
Wheat started weak and even after
the weather service bureau had pre-
dicted frost tonight in the Dako;as,
Minnesota and Nebraska, the price.
which began 10 rally. dropped lower
than ever. The principal reasons for
the ignoring of the Northwestern condi-
tons, which the action Of the market
al that time suggested. was the heavy
quantities of wheat which the other eX-
TO the ports of the important countries.
according 10 dispatch received early
in the day from New York, which put
the quantity shipped during the week
al $50. 900 bushels, while the weekly
requirements of the importing coun-
tries are estimated at not 10 exceed g.
100000 bushels per week The receipts
a Chicago today were 20 car loads. Of
which 81 cars were new and of the lat
ter four cars were No. red and the
remainder No. and 4. One of the
bearish features which contributed TO
the weakness which kept increasing
all forenoon was the estimate of 100
cars of wheat for tomorrows' receipts
here. The new wheat is evidently
about to move and without some ex-
port business the visible supply is not
likely to keep decreasing much longer.
The decrease for last week was 1902
900 bushels instead of over 1.5O0, 900
bushels as had been looked for. The
total visible supply is now o.359. 900
bushels compared with 54,l14.0O0 bush
els year ago and 81 SIS. 900 two years
ago. The amount OF wheat on ocen
passage decreased 1,112,000 bushels
during the week but the fact that Rus
STA was reported to have shipped A.
500. 900 bushels last week. Argentine
nealy 100000 bushels and India l.240.-
900 bushels swept all other existing
conditions out Of sight and were of the
greatest assistance to the bears. The
latter party in the market were en-
couraged to increase their short lines
and the longs We're disheartened and
sold also. From rs cents. which was
realized for few fives at the start.
the price of September had worked
down by successive stages TO 6S24 cents
by about 1920 o'clock. The clearances
from the Atlantic ports and New Or
leans were Insignificant, since last re-
ported, amounting to only 4.243 bushels
of wheat and 1880 barrels of -four.
The market toward the end gave no
evidence of the existence of the slight
est degree Of apprehension regarding
the effect Of the frost predicted for
the northwest. About twenty minutes
from the close the price made another
slump, going down 10 S71s cents at the
time referred 70, and closed at 61&4
cents.
The corn market opened weak and
to some extent assisted in depressing
wheat early in the day. Near the
close wheat became the weaker OF the
two and caused further depression in
corn. The continuation OF the most
promising outlook for an immense
crop was of course the chief cause OF
the weakness. Old corn was said to be
held in liberas luantity where none was
previously supposed to exist Accord
ing to one authority there are about
half million bushels of corn held at
Memphis. which will have TO seek a
market elsewhere than in the south
The receipts today were 107 cars, in
elusive of twelve from irregular city
elevators. After selling as high as 447s
G45 cents near the opening. the price
worked down near the end to 42l4 cents
and closed at 42as cents.
til &c
big tumble today and experienced dur
ing that decline a very heavy trade.
There was considerable long stuff came
off on the market and heavy individ-
ual selling by Cudahy OF May. Counsel
man of September and the crowd in
general OF both deliveries. To some
extent the weakness was in sympathy
with the more important cereals. but
the market was not lacking in indie
pendence. September ranged from "a
TO 221a cents. reacting to 227s cents.
The trade in provisions was light.
Early in the day the market was firm
but later II came under the influence
Of the falling grain markets and
level of Saturdays prices. The de-
cline in pork amounted TO 17i2 cents. in
lard to 10 cents and in ribs 20 12ia
cents The days run Of hogs was 25.-
600
Estimates for Tuesday: Wheat
100 cars: corn 2l0 cars: oats 275 cars:
hogs $1,000 head.