The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-01

When Liverpool Comes In Steady and
Unchanged, in Spite of all That's Come
and Gone-Decenber Starts on Jump
ing-Not Seriously Checked, Even by
Proht-TakIng-Closes IS Cents High
er-Other Markets Little Affected.
Chicago, Ill, Sept 30.-The Chicago
wheat pit was today a scene OF turmoil
and excitement such as has been seldom
witnessed since the days wen "Old
Hutch used to make specuatTs writhe.
Since Sept. up to the opening Of yes
terday's board, wheat had steadily risen
until an advance Of nearly IL cents had
been recorded. Yesterday the reaction
was came. The conservative element
had concluded that wheat had risen
about as far as the existing conditions
would warrant and their sentiment was
echoed in the decline of Is cents, which
marked yesterdays trading, due to their
letting go of their lines. Firm convic-
tons existed that 1t would decline fur
Their today. The cables from Liverpool
told that every effort Of what from this
side had been accepted and there was
still a firm demand PriceS( too, were
higher, If anything, In spite Of the de-
cline. Shorts were simply stunned by
this announcement and the effect was
seen In the opening prices, which were
fully &c higher than yesterdays close.
When later cables reported London ex-
cited and prices advancing, the eager
ness to cover became wild scramble to
get wheat at almost any price. By
noon December was selling at 6SA cents,
an advance Of 21a cents for the day.
There was some reaction from the high
point, but the closing was firm and
many spectators prophecy that the
mucf-looked-for dollar mark VIII again
be reached before the advance is final
ly checked.
Chicago, III, Sept 30-The strength
shown by foreign markets in the face OF
the decline here yesterday and the I'M
anfmity with which offerss for export
We're accepted were a tremendous sur
prise to the local wheat operators. 1t
resulted in an advance of Us cents in
the price Of December, that month sell
ing at one time higher than that Corn
and oats were but little affected, but
advanced Il &c respectively. Provisions
CLOSED 2h cents lower to 211a cents higher
The first report received from Liver
pool today quoted that market quiet and
unchanged and such steadiness there
after the weakness developed by this
market yesterday, indicated a strength
Of feeling abroad that the crowd had
not been prepared for. The effect was
marked The opening price of Deem
Der wheat was from 66R@S7A cents, com
pared with 66N@3s cents at the close
yesterday. and 1t sold Immediately at
67S cents. just such a considerable
jump as this was more than an average
speculabor could stand, and their action
took the form Of selling good deal Of
wheat, causing a reaction to 66Z cents
They received some encouragement from
the northwestern receipts, which were
8S1 cars, against 900 last year. This,
however, was a great falling off from
yesterday. That was all the decline
such selling occasioned, however, and
as soon as the tide began to turn, the
buliish sentiment set in again with re-
doubled force. A later Liverpool cable
reported wheat from Il old fliher. This
put the seal on the change of sentiment
from bearishness on the night before to
the pronounced bullishness which mark
ed the session San Francisco added 10
the fever raging in the pit by wiring
that foreign We're buying everything
offered and at cents above yesterdays
ruling prices. A great deal more of SEN
satabnal bullishness was passed around
among the spectators, the consequence
of all which was that the price Of De-
cember wheat had risen to 6SA cents be-
fore II O'Clock. New York wired that
the Liverpool market was excited, high
er and with buyers at the advance, and
that wheat in London was higher than
at any time since 1891 Excitement in
the Liverpool wheat market, which has
always been regarded as the north pole
OF Interchangeable frfgidity, was perhaps
the chief cause Of the burning desire for
wheat, which the rise of 2Z cents per
bushel exemplified. The market con-
tinued very nervous during the last
hour, and fluctuations were frequent.
During the last twenty minutes theer
was a sharp break. due TO urgent realiz-
ing, December declining to 67ss cents,
but reaction occurred, and that month
was selling at the close at 6s1s6K cents
Corn was firm, being Influenced chief
ly by the bulge in wheat The bad
weather is also expected 10 cut off re-
ceipts some and help prices to a GER
tain extent. Trading was very quiet,
interest being confined almost entirely
10 Wlfcdt- May Op1flcu
25h cents and advanced to 25A cents,
where 1t closed
In oats, trading was decidedly limited.
A firm telling prevailing and prices were
higher but not from any independent
course. Wheat and corn Influenced
entirely. May opened a
shade higher at 1872 cents, sold to 1875 |
as cents and closed steady at 1875 cents |
asked. |
The provision trade was largely confn- |
ed to changing Of October contracts 20 |
January. 1t stiu suffered, however, |
from the liberal run of hogs The |
Of wheat helped what appeared |
to be otherwise a very weak market |
Lard closed with some Improvement |
January pork closed 21s cents lower, at |
Sc. e7ls; January lard 2112 cents higher, at |
$40. and January ribs 21s cents lower.
az So 42IzG45.
Estimated receipts for tomorrow:
Wheat. 1S3 cars: corn, 625 cars; oats, 3S5 /
cars: hogs. 5000 head !
GRAIN AND PRODUCE MARKETS