The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-08-24
CORN LEADS DECLINE
Heavily Sells and Closes
| IA Lower.
WHEAT PIT Is DULL
Oats Turned Weak and Closed
Lower.

Chicago, Aug. 2S-Corn was heavily sold
today and led decline Of other grains.
Wheat closed &c, corn nc and oats &c
lower for September. Provisions closed
shade lower to 597Ac higher, after a
fairly active day.
Trade in wheat lacked even suspi-
cion Of animation. The market opened
easy on disappointing cables, September
KGss down at 7o1zc. Selling for the out
side account Influenced a small selling
movement by the bear contingent. When
some Of them attempted to cover a little
later the market suddenly ran UP to 7o&c.
This proved the best price of the day,
and there was scarcely a moment during
the remainder of the session when the
early short sellers could not have covered
at 4 profit. The magnitude Of seaboard
clearances and reports Of good buying in
the cash market caused something Of 4
check on the bears for a time but did not
materially affect prices, and by noon
most Of the pit, Influenced by the outside
liquidation and the corn weakness, Joined
the ranks Of sellers and in consequence
September worked down to roc. The
close was weak, &c under yesterday, at
7ed7o15c. Exporters reported 50 loads Ia
ken; seaboard clearances were 1221 coo
bushels. Primary receipts aggregated l.
OF COO bushels, almost exactly the equiv
alent Of last years Local receipts were
145 cars, II OF contract grade. Minneapo-
lis and Duluth reported SIS cars, making
a total for the three points Of 712 cars,
against 442 last week and 472 year ago.
Argentine shipments we're $50 0oC bushels,
compared with sos, 600 bushels the CORE
spending week a year ago.
Corn gave an exhibition OF its depend
ence upon speculative support, and show
ed how insufficient an undoubtedly strong
situation could be when spectators relax
their efforts to boost prices. The fea-
ture of the days trade was the large
quantity for sale on outside orders. This
was supposedly the response Of the coun-
try districts to the call for more mar
gins out shrdlauupavbgkqpjo pjDjwySqp
gins sent out shortly after the decline
began few days ago. Heavy argentine
shipments coming on top OF a report that
the exportable surplus Of that country
was about exhausted was an additional
factor in weakening the market. The
liquidation was embraced by the bears 10
take = profitable ride downward with
prices, and although there was coRsid-
cradle proht-taking around the bottom,
the selling pressure continued the strong
est and the close was weak. September
sold between 561Zd56Ssc and $3.50 and
closed 1zc lower az 55i55izc Local re-
ceipts were go cars. Argentine ship
ments aggregated 100000 bushels, 1,50o-
600 bushels more than a year ago.
The oats market naturally turned weak
in sympathy with corn. Liquidation was
both for the country and the local &C
count and there were T7lnors that a big
local line had been started for other
hands A more severe drop in prices was
checked by buying by a packing house.
September sold between 50 and 45c and
closed &c down, at s4l4c. Receipts were
PA cars.
Trade in provisions was moderately &C
tive. Prices at the opening were slightly
irregular and a slight decline followed in
sympathy with the surrounding weak
ness. During this time considerable lard
was sold. Following this a better cash
demand was claimed and IS ribs 10 good
quantities were bought by packers prices
recovered and the close was firm Janu-
arv pork closed 5d71.c higher, at Sl5.5ed
i. 52lb; January lard a shade lower, at
S. 50. and January ribs 2lzc higher, az
H.971z.
Estimated receipts tomorrow: Wheat
100 cars; corn, 90 cars; oats, 20 cars;
hogs il COO head.