The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-25
DECEMBER Is DOWN
CLOSE Is Al BIGHTH OF a GENT
BELOW SATURDAYS.

PIe.ty OF Builish News is In Evidence But
the Chance to Take Profits Tempts to
Realizing - Market Feels the Effects
in Very Few Minutes-wheat Taken
for Export and for Eastern MilIers-
New Northwestern Wheat Moving
Freely-Corn IL Dull, Weak and Lower
Oats Neeiecte d-Provisions Lower.
Chicago, Aug. 24.--Heayy realizing
today caused December wheat to close
u cent below Saturdays final figures.
Bull news was plentiful but the temp
tation to take profits was too strong.
Corn and oats were both weak, closing
" to u cent lower, respectively. Provi-
sions closed 5a71z cents lower.
Notwithstanding that it had a great
deal Of encouragement from the higher
cables, wheat had only fifteen minutes
Of firmness before it commenced TO show
the effect of desire upon the part Of
the longs to secure the profit which Sat
urday's 2 cent rise had placed within
their reach. The bulk of the speculative
business is now in the December future
and the opening price this morning was
from S1k to 81 cents. Only one or two
trades were made at the highest Of these
quotations and the bulk of the transac-
tions were at 61A cents, about Il cent
below Saturdays closing. After sell
ing down again to SIN cents. and react
ing to G11a cents, there occurred an ire
gular decline which did not stop until
some few trades had been recorded at
as low as 604 cents. or about u cent
below the price it stopped at Saturday.
A sufficient number of fresh buyers came
in at the decline to cause prices to turn,
up again. The taking of wheat for ex
port and for shipment to eastern millers
was known early in the day to amount
to good round total quantity. Before
noon it was reported at about 250,009
bushels. The Chicago receipts were III
cars, only six of which were contract.
while the out-inspection was 114.195
bushels. Minneapolis and Duluth re-
ceived 554 cars. showing that new wheat
Is beginning to move freely in the north
west. The export clearances from the
Atlantic seaboard We're small at the
equivalent of 49,, 900 bushels in wheat
and -four. The latter item and the clos
ing Of a small private bank over on the
West Side were factors in the early de-
cline. The visible supply decreas ed
687, 900 bushels, in contrast with 1904, 600
bushels decrease year ago. That also
helped in causing an early decline. The
strength of the foreign markets was in
evidence near the close and the market,
which had been gradually working up
ward, became quite strong. About thir-
ty minutes from the end OF the session,
December wheat was bringing 61A cents
but another rush to take profits on Tong
wheat resulted in a set back at the close
to 61k cents.
Corn was dull and weak. The con-
Nnuation of favorable weather and
heavy local receipts were both depress-
ing factors and the general firmness of
wheat was powerless to counteract the
effect. September opened 4 cent lower,
at 22% cents; sold to 227s cents. then de-
clined to and closed weak at 221a cents.
Oats Were practically neglected. The
range OF prices was narrow. and no par
ticular features were developed, the
easier feeling developed being brought
about through sympathy with corn
September opened u cent lower, at 1873
a16a4 cents, and declined to 161a cents,
closing easy.
Provisions started easier and continu-
ed so. The enormous run OF hogs de-
cidedly upset calculations and created a
weak feeling which lasted through the
session. September pork closed ~ cents
lower, at $5.S5; September lard 5 cents
lower at sS.37ha; September ribs cents
lower at s.. 221a.
Estimates for tomorrow: Wheat 275
cars; corn $50 cars; oats 450 cars; hoge
IL COO head.
The leading futures ranged as follows.