The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-24

aSement Comes Over Night From tn
Seaboard Regarding Cable Orders
Market Finishes on Squirt whicl
wIth-Corn, Oats and Provisions.
Chicago, Oct. 23.-Wheat today recov
cred from the panicky condition which
characterized it yesterday, and closed
with the very comfortable advance OF
Z5sc. Unexpectedly strong cables and
hdvices that the money market was cas-
ing were the main causes of the strength
Corn and oats were proportionately
strong, closing 1G17sc higher respective.
ly Provisions advanced 5@12hc.
Wheat opened at quite a material adj
vance from the closing figures of yes
terday. This was no surprise TO many
of the experienced spectators who ex-
pected natural reaction after such
an unnatural decline" as one trader put
II. The tone of the early cables did
not show the weakness that was antic-
tpated. Liverpool reported a decline of
11ad per Genital, or the equivalent of 1$.c
per bushel for futures of red American
wheat at the opening and shortly after
wards cablegrams OF a later time of the
day excited a recovery of more than
one-haf Of the decline it begane it be-
gan with. This caused the early strength.
December which at the end of Tuesdays
session was bringing only 7O1bc, was
wanted as soon as the trading COM
menced at from y to 723sc. These
prices satisfied the first batch of buyers,
out enough selling orders were put on
the market TO cause an immediate reac-
ton 10 7112c. The early advices from
New York were strong. That city re-
ported that last nights cable offers of
wheat and -four to the other side had
been largely increased and that foreign
buying orders for futures We're largely
IN excess of orders TO sell. As these
reports came in there was sharp I'D
turn to prices which eliminated in an
advance to 73c. Fluctuations of this
KIND were frequent all day. The dis
counted on spot wheat at Minneapolis.
compared with the price for December,
mad again widened to &c per bushel indi-
rating a stringency in the money market.
In the local market, however, No.
spring sold at sore discount, against
SMl0c yesterday, and indicated some
easing OF the money stringency. Allan
tic port clearances of wheat were very
small or rather quite insignificant, be-
Ing only 21,000 bushels. Flour, how
ever. was shipped to the extent of 3d.
BOZ barrels, making the wheat and -four (,
together. equal to 260.000 bushels. There I
was sharp, nervous squirt during the !
last fifteen minutes on late cables and !
export business. and December !
sold to 731Ec. The closing was firm at
73hc.
Corn shared in the strength which |
ruled in wheat and was also helped by |
The somewhat higher cables. When the |
upward trend became apparent there |
was a disposition on the part of shorts !
TO cover and this demand was astrength-
ening factor. The export demand was
also encouragingly liberal. but the full /
advance was not sustained May corn
opened 12c higher at CSC. sold up to
S5s02S$.c. split, fell to 2S1sc and closed
lrm al 2S1a@2S5sc.
Oats were firm and higher and a good
business was transacted. While the ac-
ion Of wheat was mainly responsible
-or the strength, there was considera-
Die independence to the market. The
opening strength was a surprise to spec
llators. and shorts soon started buy
ng. The strength was well maintained
o the end. May opened about &c
niger al Else, advanced to DC. eased
'H 10 2l12c and closed steady at 217sc
The provision market was firm and.
lot having a weak wheat market TO
'ontend with. as il had yesterday, the
prices advanced. There was also a no.
1ceable absence Of offerings but, on the
'ther hand. demand was limited and a
narrow range of prices resulted At
he close January pork was 12Iec higher
Il s7.S712, January lard sc higher at
A45 and January ribs sc higher at
3.S215.
Estimated receipts Saturday: Wheat,
90 cars; corn, ESQ cars; oats, 375 cars;
logs, 10000 head.
New York. oct. 2S.-About half of
Yesterdays heavy break in wheat was
egained today. From start 10 finish the
market was a bundle of nerves, that
uickly save away on slight provoca-
ion. TIE traders were very cautious
oday. The downward movement was
hecked by an unexpected firm set OF
ables from Liverpool. accompanied by
goodly array Of foreign buying which
esorbed al the early offeriHss and in
pred local houses 70 follow suit. The
esult was a jump OF 23fc in the first !
.
Gichly by a further rise 10 S0Isc At
Don tight money reports and declining
ASH prices in the northwest led to act
Re selling and a cent decline. From
ais point there was an irregular adj
ance during the afternoon 10 S0Isc.
elped by San Francisco advices report
Ig another cargo taken for Calcutta.
slight setback in the last few M. !
ties closed the market nervous tai solSc
2&2$sc above last night, the greatest !
ivance being on near months. Trad
e during the Gay was less active than
late. but this was Offset by the con-
ant UD and down movement OF pricss
hich kept the pit in an almost perpet-
II state of scalping activity. Sales for :,
Re day footed up 1910, 900 bushels.
SAN FRANCISCO ADVANCE. h
San Francisco. Oct. 2S.-In the local X
arket' today with a reaction in the v
stern markets wheat futures advanced I
x points above the extreme low prices :
yesterday. The call board was :
'eatly excited AZ todays sessions and !
ayers were active and confident. OPP i
,ns OF al kinds rose in response to q [
gorous demand for shorts who want
10 sell and longs who wanted 70 Join
e caravan on its upward whirl. AT {,
Is n the call board there was renewed .
citement. December. which closed d
sterday at about SL34 per Genital open
at s1.35h and closed at sl.S5. MAY
ened at s1.g9 and closed a. H.esz u
1850 December opened at 81. Sos. r2ss
sl.3e3s and CLOSED sin higher. 81 $I.s7IS q
~ opened at $40 and lose 10 81 s1a.
Il:I5 December opened a SlSs ana .,
sed at 81. 1855. AfSy opened 81 S.s2E
,e to s142ss ana closed al Slii& TIE
1t market continues firm. Ii has new V
been weak, even when futures broke o,
badly, Only that buyeae stood oat 10 !,