The Wichita daily eagle., 1897-12-14
THE MARKETS IN DETAIL.

Chicago, Dec. 13.-There were no pre-
monitory symptoms today of the rumpus
In December wheat that shook the pit to
Its center for about fifteen minutes about
an hour from the close of the session.
That delivery was worth from S1.04 1-2
10 s1.05 most Of the morning, and all al
once 1t began to show decided weakness
Before the crowd could realize what was
happening it ives being offered al 81 lie,
and closed at 80 1-2c, or at a decline Of 5
cents bushel since Saturday. May was
comparatively steady, its loss for the
day being only 1-Sc. Both Armour and
the Letter crowd were said to have sold
heavily and this selling was instrument
al in the causing OF the slump. The
large amount of contract wheat which
is arriving in Chicago made the decline
easy. Corn, oats and provisions showed
al the close very little change in prices.
Up to about the noon hour, wheat was
comparatively quiet and steady. May
opened d shade higher, at 81 149s1 3-Sc,
and during the morning f1uctuated be-
tween that price and 81 5-SG913 40. De-
cember, which broke loose during the af-
ternoon, opened 1-2c higher, at s1.05, and
up to 11:45 o'clock had not sold below
S1.O4
Traders were disposed to await the an
nouncement OF the government crop es-
innate before plunging too deeply into
sensitive market. The general impress
sion was that the report would show
much larger acreage harvested last sum-
mer than the department has heretofore
estimated and this had a bearish influ-
ence on the scalping sentiment, although
a firm and slightly higher opening at
Liverpool caused the price OF May 10 ad-
vance somewhat at first The government
report, when finally posted, estimated
the yield at 5So.0O0.000, or from 80, 900 900
10 10000. 900 busels larger than statisti-
clans generally have predicted. But the
report had been pretty generally dis
counted and. followed as 1t was by sur
prise in the shape OF a visible decrease
Of 1900 bushels, where an increase of
1000, 900 bushels had been expected, it
had little or no effect. A feature in the
early market information was the large
quantity OF contract wheat added since
Saturday morning 10 the stock in regu-
lar Chicago houses. From unlicensed
elevators, or mills and clearing houses,
as they are sometimes called. there were
transferred 1877 carloads, and so, 600 BUSH
els ON. l northern spring, by lake 1880
bushels No. ! northern spring, and by
rail 119 carloads No. ! northern and No.
red winter, a total OF about 425, 600
bushels Nearly every receiving house in
the trade was in receipt OF inquiries from
country shippers who had from one car
load 10 10000 bushels which they wanted
sold TO arrive for December. The uncer-
commission men averse 10 selling in ad-
tainty Of its grading, however, made
vance of its arrival and inspection
Northwest receipts were liberal. Mime
apolis and Duluth reported 1,2s4 cars,
a against 1.3l5 cars a week ago. and SO
cars the corresponding day OF 1896. The
total receipts by rail az Chicago were
81 cars and, as already mentioned. 11e
OF them were of contract quality. Not
wlthstanding the heavy receipts on con-
tract wheat here, the trade for time
did not appear TO have and doubt of the
ability of the bull clique TO take care OF
all tha; could be brought in Up 10 the end
OF the month.
About II 80 a. m, the price OF December
began 10 weaken under selling pressure
which was credited TO Armour The de-
cline was slow al first. but as the press
ure increased and the fact developed
that December was receiving practically
no support, the market began 10 slide
off in a way Ihat was sensational in its
Tapidity-
BY Il o'cloek December had declined |
to sl.02, where it remained a short time. |
Suddenly the market began 70 slip away |
Lac and lie at q time, and in fifteen |
minutes the price had struck 81 1-2c. |
Then it rebounded to s1.02 tu.abagni e. |
Then it rebounded 20 si.o2. but again |