The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-01-03
ONE CENT is LOST
WHEAT STRIKES A WEAK SPOT,
CORN AND OATS FOLLOWING.
Days News, Upon the Whole. Favors an
Won't See it That Way-Seiling Slow at
the Opening-SIarkct Further Weak
encd by the Visible and Discouragine
Cabies-Corn Transactions Light, Cash
Demand LackinS-O Oats Slow at Declines
Provisions Advance.

Chicago, Jan. with gold bringing
IL per cent premium in New York To-
day. according TO reports circulating
here, wheat became very weak and
| closed with a loss Of l cent per bushe
! since Tuesday afternoon. Corn and
oats were sympathetically weak, but
/ provisions struck a path for itself and
| closed with gains in all the speculative
commodities in the line of hog products
The buying spirit with which the
wheat market closed the old year had
all disappeared when trading was in
augurated on this, the first business
day Of 1896. May opened at 5914 cents
but very little could be disposed Of al
the u cent reduction and it touched
5SI cents before more buyers than sell
ers appeared in the market. The pri-
mary reason for change in feeling thus
revealed was Bradstreet's increase in
the visible supply for the week, 1,1SI,-
, 900 bushels against $4,000 bushels in
crease in the official statement of stocks
in sight, and the opening quotations
cabled from Liverpool showing only Il
pence advance since Tuesday and the
stocks in that port decrease of only
52S, 900 bushels since Nov. 80. About
noon a report received from New York
that 100000 was coming this way
from London, helped the crowd to real
lie that they had scared too easily at
the opening. The Minneapolis and Du-
luth receipts since Tuesday were given
as only 421 car loads, compared with
1,266 a week gao on the day succeeding
Christmas. Tine total clearances from
the four principal Atlantic ports were
equivalent TO about $4,000 bushels.
Minneapolis wired early in the day
that there were hardly any offerings of
wheat there and the second cablegramS
brought quotations showing another Il
pence advance at Liverpool and a rise
of pence per quarter at London. The
days news as a whole was more favor
able for an advance than decline. but
the spectators We're evidently not in
clined to view it that way, for, after
rallying temporarily from the bottom
of the first break TO $685. cents. it was
down again 10 5S3z cents at 1915 O'Clock
After declining to 5S1a cents near the
end the closing trades were at $3.50
5S$z cents.
Business in corn was light. The feel
ing was heavy on account of lack of de-
mand IN the cash department of the
trade The May price fell from 2S1s
cents near the start, to 277sQ2S cents at
the close.
IraQlnS IN oats was SLOW, anu IHc
range in the price for May was con-
fined to Il cent per bushel. The heavy
feeling in wheat and corn helped to
make oats heavy. Compared with
Tuesdays closing rate May left off to-
day at 3-16 cent decline.
Provisions opened weak, but recov-
cred and became both strong and mod
erately active. Besides some covering
by shorts, there appeared to be some
buying for the long account, the result
of which was the spread of more con-
fident feeling among the traders and
the rise already referred to Is having
followed an early decline. The price Of
pork is higher than ii closed on Tues
day by cents in January and 20 cents
in May; lard is cents higher for jan
uary and 10 cents for May, and ribs are
up cents and IL cents respectively
for January and May.
Estimated receipts for tommorw:
Wheat 125 cars; corn $50 cars; oats 245
cars and hogs $1,000 head.