The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-08-19
WHEAT TAKES
A FRESH START
Continued from First Page.)

A. todays New York price, the va,ue
Of the silver in the standard silver dol
lar is 40.13 cents.
WHAT WHEAT FIGURES MEAN.
Philadelphia, Aug. 1S.-The Record
says:
This years wheat crop is estimated al
500, 900 900 bushels. Each cent added 10
the price means 5000. 900 poured into The
laps OF the farmers The actual advance
in a year has been about % cents bush
el, OF S125, 900, 900. There was also lef;
over of last years crop 100, 900 600 bushes
10 share in the normous advance IN
price. OF this years crop ony l2.Oo0.OoU
bushels have been sold thus far. All Of
ii has been sold al the advanced prices,
and now that the price is still higher
than it was earlier in the year, with a
good prospect OF further advance, the
farmers are themselves holding no less
than ABS. 900. 900 bushels for future sale.
If they get but so cents a bushel on the
averag>and they are getting more than
tnat-the wheat now in their barns VIII
bring them the enormous sum Of s2l4,-
900. 900 with which TO pay off their debts
and put the money into banks. What Is
| the K.ondike compared 10 this?
THE MARKETS IN DETAIL.
Chicago, Aug. 1S.-September wheat
today sold at an eighth Of cent higher
than the highest point reached since 1891,
and closed amid great excitement al Ss12,
an advance OF 4Ac against yesterday.
The market was strong all day, but the
sensa tional advance al Paris started
regulr stmpede m0ng shorts and SENT
prices I'D like a rocket. Other markets
were dragged along by the whirl of
wheat, corn advancing sc and oats Nc
| Provisions closed at advances ranging
from 211c for lard 10 80 cents for pork.
In wheat, traders were treated 10
surprise at the outset by the action OF
| the Liverpool market, which was totally
unaffected by yesterdays sharp break
here and, before the local opening even,
| showed an advance This was due, il was
| said, to buying in England by the con-
| tinent Of cargoeS of California wheat.
| New York also reported numerous ac-
| ceptances of last nights cable offers.
September, which closed yesterday at
5s6S3Ac, was wanted at the opening
at from S51sc to S5Ac, and sold sparingly
at S53sc al about the same time. There
was naturally great deal OF wheat Tor
sale in so radical n dvnce, nd TX "*'
sic in 50 radical an advance, and before
sellers again fell into a minority the price
! had reacted 70 S45sc. From that point il
began another climb and went higher
than before ere it reached another halt
ing place. Principally 10 the poor crop
reports from the northwest was due he
second advance Not only were th-esn-
ing returns OF what was harvested dis
appointingly light, according 10 these re-
ports, but that part OF il still standing
has deterlorated considerably in the last
three weeks Fields in North Dakota
that three weeks ago looked like produc-
ing from 20 TO % bushels cannot from
present appearances yield over from u
70 Is bushels and the average for the
best part Of the state where the wheat is
still growing is now put conservatively
at no: over II bushels September ad-
vanced 20 S55sc before realizing was suf-
ficient TO send the price down again.
Then for some time the market fingered
around S5bQS5Ac. Chicago receipts
were 1S3 cars, and 100000 bushels were
inspected gu, OF store. Minneapolis and
Duluth got ia car loads. compared with
% a week ago and 346 the corresponding
day OF last year. The primary markets
in the ives. received total of $4,000
bushels. compared with 657, 900 bushels on
the like day OF 1896. Exports from the
Atlantic seaboard were equal in whea;
and -four, to $4,000 bushels.
The sensation OF the day was the great
advance in the Paris quotations. The
August delivery is equal 20 6l4 centimes
per bushei higher than il closed Satur-
day last. Decem5er-February term was
quoted l frame, or the equivalent Of 5l.c,
per bushel higher.
The effect on the market was felt in
mediately. the pit filing with anxious
shorts. and the price jumped TO SEC IN
a very few minutes. Even at that price
little or no wheat was offered for sale,
and the market advanced with extreme
rapidity The close was wild. SSlec be-
ing offered for September. while Deem
Der was practically on an even plane
with II. but was bringing sSas az The end.
Corn was strong. but lis strength was
chiefly a reflection from the bullishness
Of the whea, marks;. The weather vas
too cool 20 be satisfactory, however. and
great apprehension % frost damage
prevails among spectators TIE marke:
ruled easy until the las. hour, when TIE
Wild burst % wheat carried corn along.
the close being strong al close % top
prices. Local receipts were 81 cars. At
!an1ic p0r; clearances were So. 444 bush
els. September opened i.c higher. at
2sSsc. declined under liquidation - Z.7s
a2Sc. and advanced % 2S7sc, closing at
2Ss. q 2s5sc
The trade IN oats was rather sluggish
until the last hal:-hou- Of The session.
when the enliveaing influence or wheat
was tel: % marked extent The mar
Ike: was wiihou. Independent failures.
prices being controlled entirely BIZ other
grain -narkesS. Local rece.pts were 40
cars September opened a shade higher
q; Ia Gl77sc. declined . us GI7&c. and
advanced 70 isc. where Il closed
Provisions were s.s5ag- and a ccns.i-
e-as!e addition 70 The speculative in;s--
es; in them xas evidenced b. he more
than ordinary number o orders from
outside sources Nos; o me trading.
however vas confinai =. nA-k P41ksz.