The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-21
IT HAS TWO SIDES
LONDON GRAIN BROKER EXPLAINS
THE WHEAT SITUATION.

Supply and L. SoIid-Famine In India
and Scant Russian Supply Reinforced
by Rush Of MiIIers-Dsy's Markets at
Chicago, New York, San Francisco and
Elsewhere
London, Oct. 2o.-At the Baltic today
the wheat market opened pence IN
der yesterdays closing price, but val
ues stiffened later, holders demanding
yesterdays top prices. There was little
doing. however.
A representative Of the Associated
Press had an interview today with the
broker who does the largest business IN
wheat on this side OF the Atlantic, il
regard 10 the situation He said in sub
stance:
In half, the natural half, Of the spec
ulative course, We have only followed
the lead set by the United States where |
spectators are very active. The years |
scarcity. in spite Of the fact that Eng
land had a seven million crop, has in !
duced Spectators TO rush in. RusSa's /
crop is poor and Austria's is practically 4
nil But what is Of great moment, con- !
EuEners having large advance milling 1
contracts also rushed in TO secure sup
plies, even al top prices, which today are
20 per cent higher than last week.
The California wheat sent 10 India 1
Is yet only drop in the bucket, but the
moral effect Of the movement and the
impending famine in Indian has been
very great OF course, if rain fails,
quantities Of California wheat will not
be wanted. But doubt this and, cou-
pied with the viceToy's grave teIe-
grams, il naturally affords spectators
the real element OF uncertainty they de-
light in.
Still, this does not account for more
than half the rise The balance is solid
advance owing to shortness Of supplies.
We shah follow the UnitedA States
closely, however, and the SPECTATORS
who force the market,
a rise in fre.ghts has at all times
been IN advance OF a rise in wheat and
the demand for steamers is most brisk.
The closing Of the sea Of Azov, early N
December, viii free numbers Of ships TO
load elsewhere, though at present the
Azov boats are loading as rapidly as
possible"
LIVERPOOL WHEAT.
Liverpool, Oct 20-The wheat market
here today was less feverish than yes
te-day, when there was great excite
meat and enormous buying. The op-
tion market opened with decline Of Sd
from yesterdays top prices and recover
ed 21zd or good buying. The market re-
manned steady for the rest Of the day.
Spot wheat was firm at I'd advance,
corrpa red with Friday. until the fall IL
American prices sent prices down 2iad-
T'odays business has not been phenome- $
nal and was chiefly for solid trade pur- I
poses 1t is thought that prices viii G
keep high while Russia wfthboldS sup .
plies and that when the latter country S
relaxes. America must follow suit, and
the market will topple down. No lead
ing form, however, would forecast when 2
that viii occur.
CHICAGO GRAIN MARKETS
Chicago. oct. c0.-Wheat opened "a |
~ cent higher this morning, in spite Of :
lower cables, the advance being carried !.
over from yesterdays curb. But the -
market was inclined TO drag. Northwest
receipts were very large. larger than
last year, and this and other evidences c
that wheat is coming into sisat every 5
where on a large scale, created gem Il
eral inclination to sell and take profits G
Opening prices for December were III /
OTIS cents. Later. the price of De s
cembe- shot UP 10 1854 cents Scalpers =
were slow to realize what a good scalp
Ing risk such quick advance vas, but r
when they did they let wheat so in | G.
chunks for about minutes and in that n
time il dropped cent, TO 77A cents. y
That proved to be onIy the middle of
Is little closing turn, however, for in | II
another five minutes ft was up again TO i
,sla and 7S2z was the closing price. Only
few of the Eghtning-chsnge artists
among the scalpers got anything out Of $
The short bear turn. o.
Corn opened heavy, though practical
y unchanged, depressed by lower ca 10
2ses. As long as wheat was willing Il n
.ept with it on the down grade. AS
soon as The latter began - pick itself
~. however, near the close corn rose
With a great deal of energy and got -
back 10 about the opening price. May -
started at 29l2 cents, declined to eSBR -
S9s cents, and closed easy at 29IL cents -
oats. while active 10 2. degree did not -
Lttraot any special attention. The mar ~ ~
let was nervous and unsettled. follow %
ns the action of corn, but received bet ;
er support than that cereal and show u
d more strength During the first part
Z the day the feeling was easy and -
'rGces declined Later. IL advanced and
losed shade higher than yesterdays
nal quotations, after a second drop. p
lay opened unchanged 81 about 2a1 ~
ents. fEctCated between 21ts and 22i. o-
ents ard closed steady a E2Is cents
Provisions showed little activity The J
Dening was easy and at slightly lower re-
-ices On somewhat free packers off
rings. The market firme5 up uOder- !
teiy on buying orders. then declined SIS
sdiu in absence OF support Near the CO
lose nearly all Of the loss was recover "a
I on the sudden advance IN wheat
aruary. pork closed 10 cents lower. at -.
-s71s January lard ~ cents lower az 10'
5ais and January ribs cents lower
, s2.95.
Estimated receipts for Wednesday:
Taeat SD cars; corn $40 cars; cats AZ
AIS; hogs 37.ooo head. NJ
NEW YORK GOALS OFF. l
New York. Oct e0-Wheat opened
IS excited than II did yesterday but
le7e was nevertheless enough trading
run transactions above 6.GJo. 600
1sheis before midday. Weaker Liver !
5ol cables and continental cables in
iced holders 70 throw over large blocks !
heat which fairly swaraped tfsa mar
- for { tine and forced prices down Ne
on Sal cents TO S25< cents FOR. Deem
~. Then came 4 ps@tod Of Gulfr less s
lloved IN TIE afternoon BY 4 general
ampede Of shorts and q wildly fuct1-
ing market. ending n q wh;rF Al 10 -
: cents net advance over last night.
Z the highest point December was 8,
81 I cent under yesterdays top notch .
SIS. cents TIE close was a. So :
atS, although on the curb prices were ans
cked UP - SIS cents for December. To- J.
! sales FOR the day wera Il ASa a-aG J -