The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-24
QUICK TURN
IN MARKETS
Liquidation by Pyramid
Builders" the Feature.
GRAINS CLOSE LOWER
Provisions Alone Held Up to
High Mark
CORN PIT is THE RULER
Nervous Excitement Prevails
in All Grain Markets,

Chicago, July z3.-IAouidation by "pyr-
amid builders" was the feature of the
grain trade today. September wheat, corn
and oats closing at declines Of 2q2kc,
&c and PIC respectively. The tone was
that Of nervous excitement. Provisions
closed a shade higher to 10c lower In
corn speculative interest conferred as
usual. Before the opening Kansas City
reported scarcely more than a trace of
rain. Feeling, however, was at such a
nervous tension that it threw that por-
ton of the long interest dealing on small
margins into semi-panic and at the tap
Of the opening gong September was for
sale from SO TO sc, the latter figure be-
ing 432c under yesterdays close. The
slump uncovered stop-loss orders which
pyramid builders had put back of
their purchases, and the decline did not
stop till September was quoted at SIC.
II had taken but a few minutes in the
runaway market to send the market
down, and a recovery to $3.50 followed
almost as quickly on the weather map
which came out as dry as heretofore, and
promised no relief. Liquidation, how
ever, continued, as there were not want
ing reports claiming that when the ex-
element was over it would be found that
from one third ID one-half the crops said
to have been wiped out had been saved.
Even these optimists. however, were
compelled to admit that their hopes were
based on immediate rains September
during the afternoon declined to 551zc
and closed weak, 41sc lower, at G5ls 1553Lc
Receipts were 2S3 cars.
For the wheat decline there was more
reason in 4 statistical way than in corn.
Gables were disappointing, receipts heavy
and a vastly more favorable prospect re-
ported from the spring wheat country.
For the Dal1otas and Minnesota there
were indications of rain. Reports claim
ed damages in some instances running
from to Is per cent, while one wire was
to the effect that the spring wheat crop
might turn out to be a bumper" Added
to the influence of this kind of advice was
the corn decline. September opened IS to
1850 lower. at 72Gf71c. Longs eXcitedly
selling The decline continued to T09sc
where local support caused a sharp rally
to ne. Later this support ceased and
under continued liquidation September
worked down to 70Lc and closed weak,
2U21sc under yesterday. at 709sc- Local
receipts were $50 cars against ga a year
ago. Minneapolis and Duluth reported
225 cars, against 200 last week and 226 a
year ago. Primary receipts were $4,000
bushels. compared with Isl. 900 bushels last
year. Seaboard clearances in wheat and
-four were equal to $4,000 bushels Ex-
porters reported s loads taken.
Oats were active and declined in sym
pathy with corn. Country selling from
which source most of the recent support
has come, was the feature There was,
however. considerable local support early
and after the opening decline prices re-
acted. Later, however, the tone became
easier again, September sold between IS
and $50 and closed 2sso lower, at 500
357sc. Receipts were 10 cars.
Provisions were dun, but fairly steady,
considering the decline in the grain mar
kets. September pork closed 10c lower,
at S14.4715; September lard at $500
S. T. and September ribs PC down, at
s7.9715.
Estimated receipts tomorrow; Wheat,
275 cars; corn, 10; oats, 70; hogs. 5000
head.