The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-22
BIG FURRY N WHEAT
Prices Sent Skyward by the
Desperate Efforts
OF A SINKING CONCERN
To Save Itself Part of the Ad-
vance Held.

Chicago, Sept. M-The failure of a
on the selling side made an excited
wheat market for time today and sent
prices skyward. The market later set
tied back into it's old rut, closing at about
5-SQS-4c advance. Coarse grains and pro-
visions were affected somewhat by the
wheat furry. December corn closed a
shade higher. but September lac lower
Oats advanced lac and provisions closed
without material changes.
Partly on account of a misunderstand-
ing in regard to the northwest receipts,
and partly on the advance at Liverpool,
wheat opened strong and at a substantial
advance, December 5-Sc higher at Il ga
al 7-sc and September 5-Sc higehr at
re. Duluth receipts were placed at but
AS cars and the total at both northwest
points at so cars which induced consid-
cradle covering by shorts, the falling off
being totally unexpected. Minneapolis
figures were in error, however, and the
total was corrected to SS4 cars. against
$40 last week and 931 a year ago. This
amount was heavy enough to induce
some selling by the early buyers and
prices sagged for a time, December de-
clining 10 Il 1-2c. About an hour after
the opening, the market, which in the
meantime had been gradually rising on
heavy buying by Barrett & Farnum, who
were said to be heavily short, was start
led nv tho announcement IF tbair faiI,,ra
and in an instant the pit was in an up
roar. 1t was reported that the suspend
ed firm was short at least 5,000,001 bush
els, although heavy buying for their ac-
count was done early in the session and
this fact caused December to jump from
about Il 7-Sc, to which point 1t had pre-
viously advanced, to &c. and then to
73 1-Sc, in an exceedingly short time. For
some time the market ran wild. The
price changed with great rapidity under
an enormous amount of trading, Deem
Der dropping to p 1-4c, back to Y 5-Sc,
then to nc and up again to Y 1-2c. It
was estimated that about 10000 bushels
were bought for the account of the dis
tressed firm in about ten minutes. The
skyward trend Of prices brought all
classes of shorts into the market The
furry over the failure gradually subsidized
and December settled back to II Use.
During the latter part of the session the
market was almost at a standstiIl, and
prices kept within an extremely narrow
range. During the bulge in December,
September had advanced to 70 1-Sc, on a
very small amount of business. Offers
>, ma
brought no bids, and the price was fore
ed down to 20 7-Sc, but it later recovered
TO and closed at 72c. Chicago receipts
were 243 cars, 80 of contract grade Total
primary receipts were 1,246000 bushels.
compared with 1,372,OOO bushels a year
ago. Atlantic port clearances Of wheat
and -four amounted to 7S4, 900 bushels. The
seaboard reported So loads taken for ex-
port December held firm at about Il Use
and closed at that price.
Corn was slightly affected by the ex-
element incidental to the failure, and
fair advances resulted during the morn
ing session. The interest of the sus-
pended firm was small in corn, however.
and later prices settled back Fluctua-
tons were rather small and the trade
limited. Receipts were liberal, 915 cars
Fluctuations in September were wider
than in deferred futures and suggested
the presence of a still considerable short
interest. The export business was good.
New York reporting As loads engaged.
December ranged from % 1-SR29 IA to
% 1-2c and closed a shade higher at
% $50 bid. September ranged from
80 1-2 to 43 lie and closed lac lower at
24c
Oats were also somewhat affected by
the wheat furry, and prices ruled high
er all day. Some evening up trades were
made for the suspended firm, and shorts
were fair buyers. Best pdices did not
hodl. but the market was steady at the
close. Receipts were 274 cars. There was
a fair demand for cash. December rang
ed from 81 7-Sc 10 % lac and closed Lie
higher at % 1-Sc.
Provisions were about steady all day.
with little trading either way. The mar
ket started firm 1t Weakened a little
later on few sales attributed to Bar
rett & Farnum, but later rallied and
closed steady. The cash demand for
meats continued good. At the close jan
uary pork was a shade lower at 1882 L.:
January lard 1-2c higher at s5.15 and
January ribs > 1-2c higher at $500 la
SOS .
Estimated receipts FEiday: Wheat 90
cars; corn, $50; oats. SO; hogs, 1900
head.
GRAIN AND PRODUCE MARKET
CHICAGO.