The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-07-10

HoP LnouSn IN SlSnt ana there's no
Exporting. so Sell Is the Word and Five
and an Eighth Cents Lower Is the
Record for wheat-Corn and Oats
Steadier, but Lower, Too-DecIine In
Pork.
Chicago, July 9-The wheat market
made another sensational break today
which surpassed all other OBJECTIONS in
that direction. Compared with yester-
days closing prices it shows SIS cents
lower for September delivery and is 81.
cents lower than the price it opened at
yesterday morning. The failure Of frost
10 materialize, the expectation of lib
eral crops and the lack of export deliv-
cries caused heavy selling, resulting in
the big slump. Pork followed wheat.
closing at a loss OF So cents. but corn
and oats were compare lively steady,
corn closing but 8 cent lower and oats
4 cent lower.
The weather bureaus prediction that
there would be frost in the northwest
last night just barely escaped being a
false alarm. The only place noted on
the weather map as having had frost
was Yankoon, S. D., and the tempera-
ture there this morning was 46 With
no frost scare, therefore, TO DO battle
with. the short sellers Immediately pro-
ceeded to strike terror 10 the hearts of
the longs and easily succeeded in doing
so. With the pressure of a little short
wheat TO start with, the market swiftly
began TO decline and in about a minute
millions OF long wheat We're wildly Of
fered. The opening price for Sep,em-
Der was from 6SIe to 675s cents and in
the course OF five minutes IL dropped
10 e5%s cents. The last named QUOTA
ton made the decline since the open
Ing or the previous days session Az
cents per bushel After recovery there
was another break before II o'clock 10
6eas cents. making the decline since the
opening yesterday a straight "a cents
per buShel. The shorts showed no gen
eral desire to cover even at the lowest
figures so far recorded above and there
We're no buyers for the long account who
apparently were willing to hold on aga
INST more than 4 cent per bushel loss,
the consequence of which was that the
price or September had another tum-
bic to a still lower point than before.
AT few minutes before L o'clock IL
had declined to 6512 cents. There was
nothing TO support the market in the
news of the day, which as usual took
its cue from the direction of the price.
Foreign markets We're. of couhrse weak
Liverpool declined I'D per Genital and
Berlin was lower by the equivalent of
from is to cents per bushel Antwerp
was given at % centimes. or IL cents
per bushel lower and Paris was IL
cents per bushel over The receipts
here were not quite as heavy as has
been estimated, but of the Sc cars in
spected into store 81 cars were new
wheat and IL of these were of the con-
tract grade. The exports were small
from the Atlantic seaboard, the wheat
from the principal ports amounting TO
only $4,000 bushels and the flour TO $500
barrels. The receipts at primary west
ern markets were small, only 123. 900.
but no attention was given to that in
the absence Of any demand for ship
mentS. BradStreet's made the decrease
IN the visible supply for both coasts
,,3o5,O00 bushels and allowing for an in
crease OF $4,000 in and afloat for Eu-
rope, II gave the world's decrease at
l,91l0OO bushels. but that had no effect
n checking the decline. for another
over level was found after that re-
port was made known. the price about |
2:3O O'Clock having touched 81 cents. |
md even at trifie over that there was |
enough long wheat for sale to satisfy /
shorts. There was nothing apparent |
Y capable Of stopping the decline ex- |
'ept the closing Of the session. and IL 1
vas not until the signal TO stop trade /
vas sounded that the decline was final /
Y arrested. September sold down to !
21s cents and was for sale at s2S cents
II the close.
Corn made a vigorous effort TO main
ain itself. and did hold up we'll during
he forenoon but when wheat showed
tself it was utterly limp and nerveless,
md some OF that feeling communicate
d itself to corn and in the end forced
slightly lower than yesterdays clos
ng price 1t had an early drop from
p. cents and 427s cents to 42k cents,
nd after that began to advance until
reached 43% cents. 1t stopped at
hat and began 20 turn down again,
ut al no time did IL become demor-
liZed as wheat was. The opening
rice OF September was 42% cents and
sold at 1875 cents about the same
lme- After the advance to 43%Iz
ents referred TO above the price de-
lined to and held around 42iz cents
ntil near the close. when a further
rop of II cent took place. The clos
lg price was 42as cents.
Notwith standing the extreme weak
ess in wheat. oats followed about the
purse taken by corn. The market
pened firmer and remained so during
ne greater part OF the session. The
sme parties who were heavy buyers
to be likewise at the start to
ay. A decrease Of 17s. 900 bushels IN
le stocks Of contract oats in store also |
=nded TO create a firm feeling. A few
linutes previous 20 the close. how
yer, the Mrmness gave way and prices
'Ok drop. The heaviness in wheat
as altogether too much for the more
lbmissive cereals. September show ,
slight loss ranging from 23L. az
.nts to 22b cents. closing at 22izGS
'nts.
Provisions were very weak. and were
their weakest as the session was
)ming TO an end There was nothing
sw regarding prospective supplies OF
w material. but the same people who
ere smashing the wheat market were :
so short % provisions and pressed
lie advantage which the demoraIizs-
on IN wheat gave TO them Pork. J
ON si2 at the opening FOR Septem-
r, declined 20 311.25 and after recov-
ing TO 81 S. IL had a quick break .
ar the end 10 81 Is. the decline since :
.sterday being 30 cents per barrel | !
be days decline in lard and ribs was !
light. amounting To :
hts il the former and 10 cents IN the | :
tier. .
Estimates for tomorrow: Wheat. l.
rs: corn. 100 cars: oats. 10 cars. hogs /,
90 head. !
Chicago Market