The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-08-23
COLLAPSED.
Bottom Fell Out of Wheat at
Chicago Today.
Dropped z 1-2 Cents From the
Highest Curb Point.
CORN FOLLOWED SUIT.
Wheat Worked Back Well To-
ward q Dollar
But the Life Had ALI Departed
From the Market.

chicago, Aug. 3.-Ihe nrSL curp quo
tation for September wheat today was
1929, an advance of cents over Sat
urday's closing price. At the same time
1885 cents was bid for September corn,
cents over Saturdays close. Decem-
Der wheat sold between 101A and 1001a
cents, while 35% cents was bid for De-
cember corn.
The news all pointed to an exceeding
1y lively days session in all the grain
pits. LiverpooFs opening wheat ad-
vance this morning was equal to 5@51a
cents per bushel. Saturdays advance
here was cents per busheL The Liv-
erpool advance in corn, equal to 212@
3 1-3 cents per bushel, was considerably
over the local advance, however. A
noteworthy fact was that of the worlds
wheat shipments last week, 100000
bushels, about five-sevenths, or 5,2lS,OOO
bushels being contributed by America
The usual Monday morning crop re-
ports were almost uniformly bad, es-
pecially was this true in corn.
Weather reports showed slightly
higher temperatures west. the 1:5U p
m. Liverpool cables showed accession
of 1 penny in some wheat futures, ana
on this the curb price OF wheat ior
September here dropped to 1OO1a cents:
All the buoyancy was cut out OF
wheat when the opening bell rang on
the regular board The highest price
touched in the initial trading was S912
cents. for September, the exact quota
ton at which the market closed on
Saturday. Simultaneous sales at the
opening were all the way down to a
ce4-. lower A few minutes later sales
were being recorded at 81 and even 9o12
cents Enormous quantities OF wheat
were for sale from every direction II
Iy very scarce. Harris. Counselrnan
and Lind dblom were particular consplc-
uous sellers. 1t looked as If many or
the holders were availing themselves or
the excitement to realize prohtS py SELL
ing.
The lowest point reached was 95
cents for September, a plunge of ~
cents from the high point on the curD
Corn sympathized with the slump in
wheat, and the first regular trading
was at SO, and all the way down to ~
for September, as compared with So7s
on the curb. After the opening rusn
to SELL, there was some recovery, and
al 10 a. m. September wheat was back
to SO and September corn to 32as cents.
So much September wheat was sold
that 1t looked as if the bull crowd had
distributed orders. People found it so
hard to sell the September option that
they turned around and sold December
as a hedge. The bull crowd took up the
market again after the first 80 minutes
and the continued strength at Liver
pool had a steadying influence
Gradually the price worked up to 991a
cents for September and huctuated be-
tween that price and SO cents. People
were satisfied now to trade in ordinary
5000 bushel lots. The break in wheat,
the 1nilder weather and the big re-
ceipts checked the corn market. Ar
mour Smith and Bartlett-Frazier were
large sellers of corn.
Around IL o'clock a tendency to sag
was becoming quite noticeable, and at
HIS a. m. the price for September
wheat was 971a, or cents under the
top figures reached on the rally after
the break at the opening. Corn fell
away IL cent to 317s cents for Septem-
ber
Up to 1 p. m. there was no further
sign of a rally. On the contrary the
final half hour of trading was inaugu-
lower levels. September wheat went
headlong down over a cent in a few
seconds to 961s cents. September corn
slid down to 81 cents.
New York, Aug. 23.-Wheat had an
other sensational opening today, but
less one sided than of late. Bulls were
startled to find heavy selling orders
from foreign and other sources which
broke prices during the first half hour
about 4 cents a buShel from the high
est curb price of Saturday. December
opened at 104, broke to 101A under Wig
orous selling pressure and then re-
bounded violently to 1041a, later weak
ening to 1929. Liverpool cables were
exceedingly strong, 41a@434d over Sat