The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-05
GRAIN AND PRODUCE
PART OF THE LONG WHEAT HELD
BY BULLS GOES OVER.
Which WeAkens the Market, Though the
Rack About Where 1t Found Them
Break on the Unload Threatens for
Break Stimulates Lively oreign De-
mand-Effect of Thsman's Report-Crop
and Movement Statistics,

%
and Movement Statistics.
Chicago, Oct. Part Of the large
long line Of wheat held by the bull eli
que went over yesterday. The selling Of
it caused a weak market, but the strong
situation asserted itself sufficiently to
cause the market 10 close at substan-
TALLY unchanged prices. Other grain
and provision markets were remarkable
chiefly for their dullness, corn closing
were unchanged at the close.
The opening in wheat vas quiet
enough and some strength was shown.
December, which closed Saturday at
81 1-463-4c, started today from SO 1-2@
3-4c. But ten minutes after the opening
the market was treated TO a break
which for a few moments put traders on
the verge OF a panic. The price slump
ed nearly ? cents in about as many min
utes. Ii came SO suddenly that the trade
was convinced that Saturdays curb
stories Of put" purchases Of 5000. 600
bushels had some foundation in fact,
and that the leading bull interests was
getting read to liquljate. These rumors
had the effect Of precipitating general
selling. December dropped like a plum
met 10 81 5-Sc. From this point it raj
lied quickly to So Sac, and soon after
gave indications of settling down
around IS $50, or a cent below the op-
enins price. While the opening Liver
pool cables noted a decline Of 3-Sd from
Saturdays closing. there had been
sharp rally there later. There had also
been a reduction of 225 900 bushes last
week in Liverpool warehouse stocks, on
which there was a very sharp advance
in the stock market al New York. It
was these influences that made the COM
parative strength at the outset, though
receipts at Minneapolis and Duluth were
large at 1,5lS cars, against 1.427 cars last
week. and 1880 last year. The weather
map showed also that the drouth was
partially broken in the northwest by
showers which covered the three big
spring wheat states. The worlds ship
ments OF wheat last week are again
large at 9,244, 900 bushels, against 1901
900 bushels a week previous. Thoman's
October report, reterating mis- former es-
innate Of a total wheat crop of S0,000.-
900 bushels, undoubtedly assisted in in
creasing the pressure on the wheat mar
ket during the early break. The visible
supply increased 1861 900 bushels for the
week. As the day advanced more and
more evident became the fact that large
holdings and long wheat were being
thrown on the wheat market and that
the early surmise Of the trade was SUBJ
stantially correct. The market was met
on every little rally by so much prop
erty that it quickly dropped again.
During the last hour, however, the mar
ket told evidence Of having pretty thor
oughly digeSted the offerings. The
break had evidently stimulated a lively
foreign demand, for before l o'clock ST.
Louis had reported 100000 bushels OF
cash wheat sold abroad. while New
York was reporting sales at forty-two
boat loads there. The closing cables
showed an advance Of I'D and Paris
was also strong. Late in the day when
New York reports swelled the exports
to sixty-five boat loads, there was
stampede am ong shorts who had over
SOLD on the break, whlc.i carried the
price almost up TO openig figures. The
closing was steady al 50 3-Sc.
Corn was disposed to follow wheat.
The market was strong at the outset on
account OF the firm Liverpool cTbles and
the continued dry weather. Prices de-
ollned when wheat took its plunge but
soon recovered, and after that the mar
l.-.r. -, - NIB
Trading was narrow and fluctuations
as a consequence was narrow. Receipts
were LIBERAL 7S9 cars. The visible in
creased 100000 bushels. December
ranged from % 5-Sc to % 1-sc. closing
at % 1-285-Sc.
Oats followed wheat and corn. Ele-
vator interests sold quite freely on the
early decline. about the only business
Of Importance Of the season. Toward
the finish, the market gradually rallied
and closed where it left off Saturday.
Receipts were posted at $50 cars. De-
cember ranged between 19 54Q19 S-Sc,
closing at 10 5-Sc.
Outside OF the selling Of the January
product by a few OF the leading packers
there was very little business done in
provisions. The market was weak early
on the yellow fever news, but firmed up
later on recovery in grain and on
slightly improved demand. Closing
prices were unchanged from Saturday;
December pork $50: December lard
s4.55d4.57 IL, and December ribs s4.75.
Estimated receipts for Tuesday:
Wheat $50 cars; corn $50; oats 400; hogs
%. 900 head.
GRAIN AND PRODUCE MARKETS..
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