The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-31
NEARLY A GENT GAIN
Increase in. Grain Rates and
Export Business,
DRY WEATHER FOR CORN
Closes 1t Higher--ProVisions
Easy and Lower.

Chicago. Aug. 30.-A sudden increase In
the export business following the an
nouncement of an increase nj grain rates
brought the wheat around with a jerk
today, advancing prices nearly a cent
The close was at s-Safb1-2c advance. Corn
was firm on dry weather talk and closed
1-saS-Sc higher. Oats closed 1-Sd1-4c
higher. Provisions showed easiness and
closed lease lower
Wheat displayed more steadiness at
the opening than conditions really war
ranted- Low temperatures were reported
from the extreme northwest, low enough
20 cause some apprehension of damage
by frost in the minds of local traders
and this caused a moderate amount OF
covering by shorts. resulting in a brief
display of strength. September opened
a shade higher at 7097O 1-Sc, December
opened unchanged at nc and advanced
to p 1-Sc. It was evident, however, that
In that section being coparatively weak
and the weather bureau later dispelled
all fears by predicting warmer weather.
The inclination of bears to continue
pounding the market was strengthened
and under rather free selling by the
professional element prices slowly but
surely sagged. The inevitable dull period
during the middle of the session found
the market at Its weakest, prices being
under puts and even then receiving but
little support. Northwest receipts show
ed considerable Increase Minneapolis and
Duluth reporting 373 cars, against It's
last week and 647 a year ago. Chicago
receipts were % cars, 2 Of contract grade
Total primary receipts were So. 600 BUSH
els year ago. December finally sold
down to II 1-2o and September to GO 1-2c,
around which prices the market hung for
some time. Around noon the market
frightened UP a little on the reports Of
export clearances of 7T2O0O bushels and
indications of a good export business for
today and little later the market be-
came positively strong and advanced
rapidly when a sharp advance in grain
rates to take effect September IS was an
nounced This was expected to result in
a heavy cash business before the in
crease went into effect, and started
shorts to covring heavily. It was ap-
parent from the way prices advanced
that the market had been oversold, and
some difficulty was found in covering ex-
tensive lines. Export engagements were
put at 1loads. Over a million bushels
of wheat is said to have been taken by
one firm wiIich was leading seller early
in the session. September advanced to
20 3-S970 lie and closed at 20 3-Sc. De-
cember advanced to p 1-2d72 5-Sc and
closed at 70 1-2c.
Corn was irregular. with a fair amount
of business. The market was weak for
September during the morning on con-
tinued liquidation Later good buying
started on complaints of dry weather in
some of the most important corn-produc-
ing states and on the announcement of
an advance in grain rates. The local cash
demand was slow but the seaboard re-
ported a good export demand. Receipts
were $50 cars. September ranged from
30 5-Sc to sic and closed 1-sc higher at
Sic. December ranged from g 1-2c TO
% 7-Sc and closed 1-4d3-sc higher at
2S 3-Ia2s 7-sc-
with wheat and corn and the influence
of an excellent cash demand kept prices
a little higher during most OF the session.
About $4,000 bushels were worked here.
Receipts 334 cars. September ranged
from 10 7-sc to 20 1-Sc and closed 1-sd1-4c
higher. December ranged from 10 5-S0
10 SIC to 10 7-Sd2Oc and closed 1-Sc higher
at 10 3-4Ei19 7-Sc.
Provisions were heavy and closed at
slight declines. The market was infiu-
enced early by the grain weakness and
poor and Liverpool reported declines.
There was scattered September Hquida-
ton all day. At the close September
pork was &c lower at $50: September
lard i-2c lower at $50; and September
ribs shade lower at $515I517 1-2.
Estimated receipts Thursday Wheat.
rs cars; corn. s25 cars; oats. $50 cars:
hogs, 24.oO0 head.
EASTBOUND GRAIN RATES.
Chicago. Aug. 3.-As a result of a meet
ing Of the Central Freight association.
held here today to consider the question
of grain rates between here and the sea-
board, and to take action on the reduc-
ton on oats made by the Michigan Cen
trail, eastbOund grain rates from Chicago
and the Mississippi river will on Septem-
Der IS. be advanced 3 cents. The advance.
the notice Of which was issued today. az
fects both domestic and export rates on
wheat, corn and oats. The lake rates
were also advanced a quarter-cent today,
the corn rate to Buffalo now being ;
cents 1t is expected that the increased
rates will result in heivy export bust
ness between now and the time the rates
go into effect This belief had n marked
effect upon the speculative markets on
the board of trade today. resulting IN
strong markets all-round toward the close
OF the session.
GRAIN AND PROOCCE MARKETS.