Kansas City daily journal., 1896-11-05
WHEAT MAKES A GOOD GAIN.
STARTED WITH A RUSH, But
SLIPPED BACK A LITTLE.
Closed Lower Than 1t Opened, but
Considerably Above Mondays
CIose-Corn, Oats and
ProvisiOns Decline.

Chicago. ILL.,, Nov. 4.-The speculative
markets suffered from the selling OF trad
ers who had loaded up in anticipation OF an
election boom Wheat started with rush,
but came down equally as fast, closing at
a net advance of IL cents. The other mar
kets suffered more, corn declining &c, oats
nc and provisions from 21zc to 1oc.
Two factories were influential in causing
the strength with which wheat started. One
was the result of the election, which was
very satisfactory to the majority OF the
traders, but there was much legitimate en-
couragement in the fact that the early
Liverpool cables showed an advance there
since Monday of over sc per bushel. The
Continental markets were also higher. De-
cerl5er, which closed at 75c on Monday
afternoon, could not be bought at the start
for less than 77c, and sellers were able to
obtain TIC in two or three instances. In
five minutes later 1t was down to I614c and
again inside of another twenty minutes 1t
was bringing Tkc. All outside markets
felt the enthusiasm of the moment and
started eff with an upward turn. Advices
said that California wheat had already ar
rived at Calcutta and added that Loo. .0o0
bushels had been taken at San Francisco
for Indian account. But on the advance
the selling quickly assumed enormous pro-
portions; that part of the crowd that had
gone home long Monday. confident that the
election returns would be satisfactory, sold
heavily and took profits at the advance.
New York was the heaviest seller, and
other large commission houses had selling
orders Baker and others of the bull clique
sold though this was doubtful But there
was enough for sale to start the market
on. A sharp break of I'd in Liverpool be
fore noon. equal to 2l4c per bushel, acceler-
1a-% Int,y fk,a
market had a sharp squirt and sold to the
highest price of the day. This was due to
the much smaller increase in the world S
stocks, as reported by Bradstreet's, than
the trade had expected. IT icing only 2,250,-
600 bushels. December reacted to 71ssc. but
there was sufficient selling to cause de-
cline to 761zc before the close.
Corn was quiet. and kept within a mar
row margin. Liverpool prices showed a
substantial advance, and this, with the
strength in wheat, started corn strong anc
higher. Realizing sales by those who load
ed Up before election and a large amount
of short selling brought about a reaction
May started about nc higher at 2SG2s1sc
sold down to 2sssc and closed easy at 29azc
Oats followed much the same path a:
corn. The opening was at slight advance
but realizing by spectators who hat
bought In anticipation of advance soor
brought prices down again. May opened
about nc higher at 22l4 T22i5c. declined Il
2l7sc and closed easy at 217kM22c bid.
Provisions were dull, after the first few
minutes trading. Opening prices were a
irregular advances on outside buying or
ders. but lower lard prices and selling b,
packers on expectations of large hog run
caused steady decline. The closing wa
easy at bottom figures. January pork wa
12Ikc lower at $3.50; January lard 15c lowe
at sii2S: January ribs. 21sc lower at $3.92I
@3.e5.
Estimated receipts Thursday: Wheat, II
cars; corn, 675 cars: oats. 435 cars: hogs
1000 head