Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1897-08-25
WHEAT EASES OFF.
NlOrnSng Trading at Chicago was
on ar Average Basis of
81 Cents.


of seeing wheat go to S.10o the galleries
of the Board of Trade were damned this
morning by sight-seers. But they were
disappointed in this, although witnessing
Il decidedly lively opening.
There was perfect flood Of selling
orders in ali of the grain pits, and this
profit-taking knocked the top off prices
so quickly as to make traders heads
fairly swim.
Opening at from 99IA to 9S1a cents,
Saturdays closing price being the higher
Of the two figures, September wheat tum,
bed to % cents almost before the crowd
realized what had happened. But 1t was
quickly apparent that many expected
wheat to go way beyond the magic dol
lar mark and offerings OF all kind were
eagerly snapped at
The limit to the letting CO. was APP
parently reached when 80 cents for Sep
tember was touched and prices again
bounded, 991b cents beng reached III
almost as quick time as the decline had
occurred.
Again the market turned TAIL this time
a reaction to 9S1A cents occurring. The
December option in the meantime was
not a whit less active, the opening, in
fact, showing rather bewildered feeling
among traders. First offerings of De-
cember which closed Saturday at 1915
cents, ranged all the way from 81 to
971h cents and while September was tax.
ing its tOboggan trip December came
tumbling after, falling to 94A cents.
There it brought up with jolt and re-
bounded to 9914 cents where it struck the
wall again and went back to 9S cents.
On the curb September had sold as high
at $1.021h. Statistics were rather lost
sight of in the opening excitement, but
they soon began to control the market.
I showed advances
of AZ to 415d. Worlds shipments last
week amounted to 100000 bushels, of
which amount 5,21S0O0 bushels came
from America, fact which attracted a
great deal of attention.
Around II o'clock tendency to sag
was becoming quite noticeable and at
11:15 a. M the price for September wheat
was 9715 cents or cents under the top
figures reached on the rally after the
break at the opening. Corn fell away p
cent to 317s cents for September.
At 1:3O p. M. Liverpool cables showed
a decline in some futures but at 2:3O
D. m. nearly all this had been recovered.
A Budapest cable said that Hungary
would be compelled to import much
wheat, and stated that the situation was
unparalleled. This and the Liverpool re-
covery had much to do with the reac-
ton in wheat here. Northwest receipts
were very light 10 cars against $40
y
Corn was not whit less active than
wheat and the pit was jammed with the
excited traders. The sharp advance III
Liverpool cables, I'd to 2%d, coupled
with some poor crop reports. started the
market on rampage. September opening
at from % to b cents. against Saturdays
closing price of 313s to 3112 cents, while
December. in which option trading was
especially heavy, started at 30 TO 3o1a
cents. an advance of 13s to rs cents
But the break in wheat. the milder wealth
er and the enormous local receipts-1193
cars-checked the market after the first
rush. September declining to BIS cents
and December to 1875 cents. When the
bulls took hold of wheat again, corn fol-
lowed, September recovering to 3212
cents and December TO 343S cents. After
that the market quoted down cOnsid-
erably.
Oats were very active and strong at
the opening, the natural result of the eX-
element in the other grain pits. Trad
ers were controlled entirely by the fuctu
atoms in wheat and corn, the influences
controlling those markets being equally
applicable to oats. Local receipts were
heavy-S07 cars. September opened Ii
cent higher, at 20 cents, advanced to 2OA
cents, then settled to 1873 to 1875 cents
December opened u to l cent higher at
2214 cents, and declined to 21as to 2115
cents
Provisions. of all the minor markets,
were the least affected by the excite
ment, the market being strong, but not
especially active. Hogs We're about 3
cents higher. Armour was a good buyer
of September and October product De
cember pork opened ~ to 1912 cents
higher, a SO to S905, and declined to
$3.50. December lard opened 71b cents
higher, at $4.S1, and declined to S4.S5.
September ribs opened cents higher at
S5.35 and declined to $5.3215.
Nnn Il %
Liverpool time reached 5Ad or 6A
cents per bushel over Saturdays latest
When the agitation here had somewhat
quoted down the fluctuations narrowed
considerably and kept for time within
p cent of 90 cents. The ordinary market
news outside of the Liverpool fluctuations
received but Scant attention, and nothing
more clearly demonstrated the emotional
and irrational character of the sudden
changes in sentiment.
Chicago receipts were 1888 cars and the
quantity inspected out OF store was 446,
900 bushels. The quantity on ocean pas
sage increased 100000 bushels. The
visible supply showed a decrease of 49,
OQO bushels. or about half as much as
looked for. Chicago stocks were reduced
535, 600 bushels and there are only 1885,
900 bushels of all kinds here now. The
total in the visible is only 16,729,0OO
bushels against 40 $4,000 bushels a year
ago. i lit i1OSI HOldUle llel1 Ill the uuONe-
ment of wheat at primary Western mar
kets was receipts of 581,S00 bushels at
Kansas City today.
The tone of the trade was decidedly
nervous at the close. The official clos
ing figures were 90 cents September,
net loss of 315 cents bushel, compared
with the close Saturday. September corn
closed at 81 cents, or 70 cent under the
close Saturday.
THE MILWAUKEE MARKET,
Barley was Active, with Large Demand